The findings of the study, set to appear in the September issue of the American bankruptcy Institute’s ABI Journal, show that the number of bankruptcy filings belonging to individuals between the ages of 55 and 64 increased by 65% during the five year period of 2002-2007. Comparatively speaking, the number of filings belonging to individuals 25 years of age and younger decreased by 60% during the same time period.

Variable mortgages are cited as one possibility for why Baby Boomers were hit so hard financially in recent years. Reportedly, many mortgage companies targeted older individuals with offers of low mortgage payments, which have since increased due to variable mortgage rates, a process that has been extremely scrutinized as of late. However, Baby Boomers are certainly not the only age group that has been adversely affected by the declining economy or may be sorting out New Jersey debt after bankruptcy.

At the Law Offices of Robert Manchel, our experienced New Jersey bankruptcy attorneys have assisted many individuals with the important decision as to whether bankruptcy is in their best interest. We will also guide you through the process and explain the disadvantages of New Jersey bankruptcy. If you’re thinking of filing for Chapter 7 or Chapter 13 bankruptcy protection, please contact our offices for more information. Call 866-503-5655 to speak to one of our skilled bankruptcy attorneys today.

Although filing for bankruptcy commonly has a negative impact on a credit rating and FICO score, a person considering filing for bankruptcy in New Jersey must consider the present credit score condition. That is, the majority of people contemplating bankruptcy are in serious financial debt, which probably means that their financial position has already negatively impacted their credit rating. The lower your credit score at the time of the filing, the less of an impact the bankruptcy will effect the score. Also, on a positive note, the lasting impact of bankruptcy is positive, with the discharge marking the beginning of the road to credit score recovery.

The poor state of the economy, together with the country’s present limited money supply, results in difficulty forecasting the future impact of bankruptcy on an individual’s ability to obtain credit. Recently New Jersey mortgage companies have been requiring a debtor to wait about three years to refinance or obtain a new mortgage, after receiving a chapter 7 bankruptcy discharge. Mortgage companies require twelve months of continuous and timely trustee and mortgage payments, as a condition to obtaining refinancing or a new mortgage, in connection with a New Jersey chapter 13 bankruptcy.

Filing for bankruptcy and New Jersey bankruptcy filing costs has an immediate impact on a consumer’s life. Not only will creditors stop contacting you, but they will no longer be able to file suit or take any other legal action against the bankruptcy debtor. Upon the bankruptcy filing, a creditor may not garnish your wages, levy upon your bank accounts, or continue and/or commence a foreclosure action. Furthermore, your home’s utilities cannot be shut off and repossession attempts on your vehicle will be stopped.

While all of the above sounds wonderful given the stress that debt creates, there may be unforeseen negative consequences associated with filing for bankruptcy due an individual’s particular circumstances. That is why any individual considering bankruptcy must seek counsel with an experienced New Jersey bankruptcy attorney.

The skilled New Jersey bankruptcy lawyers at the Law Offices of Robert Manchel will examine your financial situation and help determine whether or not filing for bankruptcy in New Jersey is right for you. For more information, please call us today at 866-503-5655.

Firstly, debtors are allowed to claim exemptions under the federal bankruptcy code. However, New Jersey permits debtors to choose between exemptions allowed by federal law, and those allowed by New Jersey. Depending on the circumstances, one of the advantages of New Jersey bankruptcy is that an individual may benefit by choosing the state exemptions, although it should be noted that the majority of filers in New Jersey still choose and benefit by selecting the federal exemptions over state.

Another aspect of federal bankruptcy law and state law that could lead to discrepancies amongst states is the fact that the federal bankruptcy code relies on state laws and courts to define certain terms of the bankruptcy code. New Jersey’s courts may establish a different meaning to certain terms that are in the bankruptcy code, as compared to other states. For example, the term “judgment” may be defined differently in New Jersey than elsewhere. Finally, the bankruptcy code may be interpreted differently by a New Jersey trustee of judge, than in other states. The bankruptcy laws are voluminous, complicated, and open to various interpretations, which are subjective based on the judge or trustee assigned to the matter.

In any event, bankruptcy laws are difficult to understand. Individuals seeking to file for bankruptcy in New Jersey should retain the services of an experienced bankruptcy attorney in New Jersey who can help explain the different options that are available. For more information about filing for bankruptcy in New Jersey, please call the Law Offices of Robert Manchel at 866-503-5655.

On the other hand, chapter 13 bankruptcy requires an individual to pay a monthly payment to a trustee for a period of thirty six to sixty months. The monthly payment is based on asset values, monthly income and expenses. A debtor may file under chapter 13, instead of a chapter 7, for various reasons, such as the inability to meet the chapter 7 criteria or to save a house from foreclosure. Chapter 13 requires a debtor to pay to a trustee all disposable income for the entire plan period. A chapter 13 may permit an individual to eliminate all unsecured debt, like a chapter 7, in addition to providing other benefits.

While many people adopt the approach that filing for bankruptcy in New Jersey will ruin their credit score, they fail to realize that large amounts of debt can wreak havoc on one’s ability to obtain credit. Although bankruptcy will negatively affect a credit score, an individual who obtains a chapter 7 or chapter 13 discharge may reestablish and repair their credit, within a reasonable time period. While filing for bankruptcy is not necessarily an option for all people, it is the most viable option for some.

In order to determine whether or not filing for bankruptcy in New Jersey is right for you, it may be in your best interest to retain the services of an experienced New Jersey bankruptcy attorney who will examine your financial situation and help you make the best decision. At the Law Offices of Robert Manchel, our legal team will walk you through the bankruptcy process, ensuring that you understand every detail along the way. To find out more about filing bankruptcy in New Jersey, call us today at 866-503-5655.

While this approach may cut banks loose from customers who are unable to pay, it does not let those customers off the hook. Reportedly, these collection agencies, which are not governed by the same regulations as the lenders, are resorting to aggressive tactics as a means of collecting debts in full. Essentially, this trend represents banks and other financial institutions giving up on their customers, no longer wanting to work with them, and simply settling for minimal payment from debt collection agencies.

Despite many financial institutions declaring that they want to work with their customers to resolve their mortgage arrears and reinstate their mortgages, there are a number of financial institutions that are resorting to tactics that result in defeating the homeowners ability to modify their loan or successfully resolve mortgage foreclosures. In some cases, filing for bankruptcy protection may end up being the best option for an individual or family, but all options should be carefully considered nevertheless.

To find out more about the process of filing bankruptcy, resolving tax liens, and resolving mortgage arrears or foreclosures under New Jersey state law, please contact experienced New Jersey mortgage foreclosure attorney Robert Manchel. Mr. Manchel will examine your specific situation, and will help you make the best decision possible for your financial future. For more information about how bankruptcy may be a beneficial option, please call the Law Offices of Robert Manchel today at 866-503-5655.

Statewide in New Jersey, more than 4,100 bankruptcy cases were filed in the month of March – the highest single month total in recent years, since federal bankruptcy laws went into effect. Businesses are unable to secure lines of credit, homeowners are unable to meet their payment requirements of adjustable mortgages, and the number of individuals living paycheck to paycheck is growing at an alarming rate. If you choose to file for bankruptcy, whether you are an individual consumer filing a Chapter 7 or Chapter 13, an experienced New Jersey bankruptcy attorney can help sort through the numbers and get your finances back in order.

If you live in New Jersey and are experiencing financial hardship, filing for bankruptcy may be your best option. To find out more about the process of filing bankruptcy under New Jersey state law, please don’t hesitate to contact the Law Offices of Robert Manchel. Our experienced legal team will examine your specific situation, and will help you make the best decision possible for your financial future. For more information about effectively filing for bankruptcy, please don’t hesitate to contact Robert Manchel today at 866-503-5655.

It is important to note that although the Chapter 13 bankruptcy plan in New Jersey must specify how each creditor is to be treated (paid), the debtor may not be required to make payments to certain creditors, such as unsecured creditors, (i.e. credit cards). Unlike unsecured debt, the debtor must pay priority debt, through the bankruptcy plan. Priority debt can be an income liability or child support arrears. The bankruptcy trustee monitors the debtors’ monthly payments to ensure that payments are made, each month, on a timely basis.

Chapter 13 bankruptcy process in New Jersey is very flexible. The debtor is permitted to sell their house and modify their mortgage loan through the plan. Also, an individual is permitted to surrender their automobile and possibly discharge the loan balance. Furthermore, the debtor may request to modify their bankruptcy plan for any legal reason, that is approved by the trustee, who is administering the case.

To access more helpful information regarding whether filing for Chapter 13 bankruptcy in New Jersey is the best solution for you, please call New Jersey Chapter 13 bankruptcy attorney Robert Manchel at 866-503-5655 or visit http://www.bankruptcylawyer-nj.com.

First and foremost, when filing for bankruptcy, the debtor must disclose on the petition all financial information, including assets and their values, liabilities, list of creditors, present and past income and expenses. The debtor may not pick and chose which creditors he wishes to include. The petition must reflect the estimated fair market value of the automobile. The New Jersey Bankruptcy Court accepts the NADA Guide auto values. However, an expert auto appraisal may provide an appraisal or testimony regarding an autos value.

Under Chapter 7, if your automobile is financed, the auto value may not be considerably greater than the loan payoff. The debtors’ bankruptcy attorney and the appointed interim trustee will perform an analysis to determine if the auto’s value is in excess of the allowable amount. Also, typically, but not always, the debtor must be current with the finance payments. Also, typically, but not always, the monthly auto finance payments after the filing must not result in an “undue hardship”, as determined by the court. The debtor may return the vehicle and eliminate the debt.

In a chapter 7 bankruptcy in New Jersey, it is easier to keep a leased vehicle as compared to a financed vehicle. The main reason for the difference is that a financed vehicle is owned, while the leased vehicle is not owned. The value of the leased vehicle is irrelevant. Typically, the only criterion is that the debtor is current with the payments. The debtor may return the auto and eliminate the lease debt.

The only criterion determining, whether a debtor may keep their vehicle, with no financing or lien, is based on the excessive value basis that is explained above, in connection with the financed vehicle.

While most debtors in New Jersey are usually able to keep their vehicle, it is worth the time and effort to get in touch with an experienced Salem County New Jersey bankruptcy lawyer. At the Law Offices of Robert Manchel, our legal team will inform you as to how bankruptcy can help you in relation to your personal needs and finances. Please call Robert Manchel today at 866-503-5655 for more information.

An article in The Wall Street Journal discusses the details surrounding former National Basketball Association star Antoine Walker’s recent bankruptcy filing. Based on the article, the former NBA player owes casinos $1.27 million and owes creditors $12.7 million, while only possessing $4.3 million in assets. Mr. Walker filed for Chapter 7 protection in Miami at the U.S. Bankruptcy Court in which he will liquidate his assets to repay creditors.

While filing for bankruptcy or facing foreclosure is not something that most people anticipate they will ever experience, it is important to become as familiar as possible with the ins and outs of these processes.

The laws and guidelines surrounding bankruptcy and foreclosure resolution may vary on a statewide level. For instance, in New Jersey, if an individual who qualifies to file for bankruptcy under Chapter 7, may be able to retain all of their assets, while simultaneously eliminating the burden of debt. This may sound simple, but the truth is that this process is complex. Fortunately, New Jersey Chapter 7 bankruptcy lawyers are available to guide and advise those hoping to get a fresh financial start, which includes the elimination of: credit card debt; harassing telephone calls; collection letters; filing of liens; wage garnishments; and, much more.

For additional information regarding whether or not you qualify to file for Chapter 7 bankruptcy in New Jersey, please contact skilled Ocean County bankruptcy attorney Robert Manchel. Mr. Manchel has successfully assisted numerous individuals through the bankruptcy process. Mr. Manchel will help you determine the best course of action, based on your particular financial situation, assets, disposable income etc. Call 866-503-5655 today or visit http://www.bankruptcylawyer-nj.com/ to learn more about your bankruptcy filing options.

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.