2010 May Archive

Although the economy seems to be slightly recovering, one major problem regarding New Jersey citizens relates to the growing number of individuals who have experienced an absolute crumbling of equity in their homes. This results with the mortgage payoff exceeding the fair market value of their homes. Whether the inability to fulfill mortgage payments is due to poor budgeting, excessive spending, failed investments, or unemployment, those facing foreclosure have various options in achieving foreclosure resolution.

While understanding the foreclosure process in New Jersey to its full extent is something that cannot be done in a matter of minutes, for those facing foreclosure, it helps to be familiar with a few important points. First of all, it usually takes two to three weeks after a foreclosure complaint is filed with the court for the lawsuit papers to be served to you or someone at your residence. Once you have been given the legal complaint, you still have some time to devise a valid and effective plan to save the property before the sheriff’s sale. Although, the foreclosure process, from the time of service to the sheriff’s sale, may take in excess of one year, the homeowner, should explore their resolution options immediately.

The first page of the mortgage foreclosure document, is called a summons, which briefly explains the homeowner’s rights, including the fact that the court permits the individual 35 days in which to file a response. Most people do not believe that they have a valid defense to the lawsuit because the foreclosure action is due to a default on the payments. However, their may be a valid defense that is unknown to the homeowner.

To learn more about what your potential options are for foreclosure resolution in New Jersey, please visit www.bankruptcylawyer-nj.com for more helpful information. As an experienced Camden County foreclosure attorney, Robert Manchel can help you decide what the best option is based on the circumstances surrounding your financial obligations. Call 866-503-5655 today.

Being faced with unsecured consumer debt from accumulated personal spending is enough to make anyone lose sleep, especially when it is your spouse who is in debt and you are not sure what your legal obligations may be – but it doesn’t have to stay that way. Consumer bankruptcy in New Jersey may be the answer.

Consumer bankruptcy is distinguished from a business bankruptcy case, in that the debtor(s) who is filing the petition is an individual with mainly consumer debt, such as credit card debt, instead of business-related debt. There are a number of bankruptcy laws that relate to only consumer debt cases and not business debt matters.

One spouse does not owe the debt of the other spouse solely due to the marriage. The law in New Jersey holds that only the individual who contracted to pay the debt, is liable for the debt. Therefore, if only one spouse contracted with the credit card company / bank for the credit card, only that spouse owes the debt. Under this scenario, the bank may sue only the one spouse that is liable for the debt and not the other. If both spouses contracted with the creditor for a loan or credit card, than the debt is joint and the creditor may sue both spouses. Under this scenario, the debtor may obtain the money from either spouse, but only to the extent of the amount due. In other words, the creditor may obtain 50% from each spouse, or 60% from one and 40% from the other.

A joint bankruptcy case can only be filed by a husband and wife. There are numerous reasons why one spouse would file alone as opposed to filing jointly. If both spouses owe a debt jointly and only one spouse files for bankruptcy protection, the creditor may sue the non-filing spouse. However, if only the filing spouse owes the debt, the entire debt will be eliminated or resolved, as the non-filing spouse is not liable for that particular debt.

Filing for bankruptcy in New Jersey is a process that requires substantial personal and financial information / documentation, time and patience. Prior to filing, each spouse should be counseled on the advantages and disadvantages of filing alone or jointly.

As a Board certified consumer law bankruptcy attorney by the American Board of Certification, Robert Manchel has assisted numerous individuals in filing for bankruptcy in New Jersey. To learn more about how New Jersey bankruptcy lawyer Robert Manchel can help you with your particular situation, please call 866-503-5655 today.