Foreclosure Solutions for New Jersey Residents
February 18, 2023
Foreclosure Solutions For New Jersey Residents
If you are a New Jersey resident facing the possibility of foreclosure, you may be feeling overwhelmed and unsure about what to do next. Filing for bankruptcy can be a great way to prevent foreclosure and protect your property, but it is not the only option. In this blog post, we will discuss some of the other options available to New Jersey residents who are facing foreclosure.
Negotiating With Your Mortgage Lender
If you are behind on your mortgage payments, one way to avoid foreclosure is by negotiating with your mortgage lender. You can contact your lender directly and explain your situation in order to come up with an agreement that works for both parties. This could involve extending the loan term or coming up with a payment plan that allows you to make smaller payments over a longer period of time. Keep in mind that if you enter into any agreement with your lender, it should be made in writing so that both parties have a record of the agreement.
Seeking Professional Guidance
When facing foreclosure it is important to seek professional guidance from an experienced attorney or financial counselor who can provide advice and assistance regarding foreclosure solutions. A qualified attorney or financial counselor can help guide you through the process of filing for bankruptcy or negotiating with your lender in order to find the best solution for your situation. Additionally, they can advise on other legal matters such as eviction prevention and debt negotiation strategies.
At Garden State Bankruptcy we specialize in helping New Jersey residents navigate their foreclosure issues and work towards finding the best possible solution for their particular circumstances. We understand how stressful this process can be, which is why our team of experienced attorneys and counselors strive to provide personalized attention and compassionate guidance every step of the way.
Being faced with foreclosure is never easy but there are several options available to New Jersey residents when it comes to addressing their mortgage woes. Negotiating with your lender, seeking professional guidance from an experienced attorney or financial counselor, and filing for bankruptcy are all viable options that should be considered depending on each individual’s unique circumstances. At Garden State Bankruptcy we specialize in providing personalized attention and compassionate guidance when it comes to helping individuals in New Jersey navigate their foreclosure issues and take control of their financial future again. Contact us today if you need assistance navigating through this difficult process!
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A Guide to Filing for Chapter 7 Bankruptcy in New Jersey
Financial difficulties can be overwhelming, but bankruptcy offers a way to regain control and achieve a fresh start. In New Jersey, the two most common types of bankruptcy for individuals are Chapter 7 and Chapter 13. Each has its own benefits, requirements, and implications. At Carroll Law Firm, P.C., we specialize in helping clients navigate the complexities of bankruptcy law. Here’s a detailed look at the differences between Chapter 7 and Chapter 13 bankruptcy, and how each can help you achieve financial stability. What is Chapter 7 Bankruptcy? Chapter 7 bankruptcy, also known as liquidation bankruptcy, allows individuals to discharge most of their unsecured debts, such as credit card debt and medical bills. In exchange, the debtor’s non-exempt assets are sold to repay creditors. Advantages of Chapter 7: Quick Process: Chapter 7 bankruptcy typically takes about 3 to 6 months to complete. Debt Discharge: Most unsecured debts are completely discharged, giving you a fresh financial start. No Repayment Plan: Unlike Chapter 13, there is no need to create a repayment plan; the process focuses on liquidating non-exempt assets. Disadvantages of Chapter 7: Asset Liquidation: Non-exempt assets may be sold to repay creditors, which could include valuable property. Impact on Credit: Filing for Chapter 7 bankruptcy will negatively impact your credit score and remain on your credit report for 10 years. Eligibility Requirements: Not everyone qualifies for Chapter 7 bankruptcy. You must pass a means test to demonstrate that your income is below a certain threshold. What is Chapter 13 Bankruptcy? Chapter 13 bankruptcy, also known as reorganization bankruptcy, allows individuals to keep their assets while repaying a portion of their debts over a 3 to 5-year period. This type of bankruptcy is suitable for those with a regular income who can afford to make monthly payments. Advantages of Chapter 13: Asset Protection: You can keep your property, including your home and car, as long as you comply with the repayment plan. Debt Consolidation: Chapter 13 allows you to consolidate your debts into a single monthly payment, making it easier to manage your finances. Stopping Foreclosure: Filing for Chapter 13 can stop foreclosure proceedings and allow you to catch up on missed mortgage payments. Disadvantages of Chapter 13: Longer Process: Chapter 13 involves a 3 to 5-year repayment plan, which is a longer commitment compared to Chapter 7. Regular Income Requirement: You must have a regular income to qualify for Chapter 13, as you need to make consistent monthly payments. Debt Limits: There are limits to the amount of debt you can have to qualify for Chapter 13 bankruptcy. As of 2021, these limits are $419,275 for unsecured debt and $1,257,850 for secured debt. Choosing Between Chapter 7 and Chapter 13: The choice between Chapter 7 and Chapter 13 bankruptcy depends on your specific financial situation and goals. Here are some considerations: Income Level: If your income is below the state median and you pass the means test, Chapter 7 may be the best option. If you have a regular income and can make monthly payments, Chapter 13 might be more suitable. Asset Protection: If you have significant assets that you want to protect, Chapter 13 allows you to keep your property while repaying your debts. Type of Debt: If you have primarily unsecured debts and no substantial assets, Chapter 7 can provide a quicker resolution. If you have secured debts and want to avoid foreclosure or repossession, Chapter 13 can offer better protection. Understanding the differences between Chapter 7 and Chapter 13 bankruptcy is crucial for making an informed decision about your financial future. At Carroll Law Firm, P.C., we are dedicated to providing compassionate and effective legal representation to help you navigate the bankruptcy process and achieve financial stability.
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Understanding The Benefits Of Chapter 11 Bankruptcy In New Jersey Facing financial difficulties can be overwhelming, but it's important to know that there are options available to help you get back on track. One such option is filing for Chapter 11 bankruptcy, which can provide individuals and businesses with a path towards financial stability. In this blog post, we will explore the benefits of filing for Chapter 11 bankruptcy, who should consider this option, and how Garden State Bankruptcy can assist the New Jersey public with their Chapter 11 bankruptcy matters. Chapter 11 bankruptcy is often referred to as reorganization bankruptcy because it allows businesses and individuals to restructure their debts while still remaining operational. One of the main benefits of filing for Chapter 11 bankruptcy is the ability to continue operating your business while developing a plan to repay creditors over time. This can provide much-needed breathing room for businesses that are struggling financially, allowing them to focus on turning their operations around without the constant pressure of mounting debt. Another benefit of filing for Chapter 11 bankruptcy is that it gives individuals and businesses the opportunity to renegotiate their debts with creditors. Through the process of restructuring their debts, filers may be able to reduce the total amount owed, lower interest rates, or extend repayment terms. This can make it easier for filers to meet their financial obligations and ultimately emerge from bankruptcy in a stronger financial position. Chapter 11 bankruptcy also provides protection from creditors through an automatic stay, which halts all collection actions against the filer. This means that creditors cannot pursue legal action, garnish wages, or seize assets while the filer works on developing a repayment plan. The automatic stay can provide much-needed relief from creditor harassment and give filers the time they need to assess their financial situation and come up with a viable plan moving forward. Who should consider filing for Chapter 11 bankruptcy? Businesses that are struggling financially and facing insurmountable debt may benefit from this type of bankruptcy as it allows them to reorganize their finances while remaining operational. Individuals who have significant assets or income may also find Chapter 11 bankruptcy beneficial as it provides them with a structured way to repay their debts without having to liquidate all of their assets. Filing for Chapter 11 bankruptcy can provide individuals and businesses in New Jersey with a fresh start when faced with overwhelming debt. By allowing filers to restructure their debts, negotiate with creditors, and continue operating their business, Chapter 11 bankruptcy offers a path towards financial stability. If you are considering filing for Chapter 11 bankruptcy in New Jersey, Garden State Bankruptcy is here to assist you every step of the way. Our experienced team can help you navigate the complexities of Chapter 11 bankruptcy proceedings and develop a plan that suits your unique financial situation. Don't let financial difficulties hold you back – contact Garden State Bankruptcy today to learn more about how we can help you achieve financial freedom through Chapter 11 bankruptcy.
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