new jersey bankruptcy law

While the U.S. Department of Housing and Urban Development is doing what it can to offer assistance to those in danger of losing their homes to foreclosure in New Jersey, there are still far too many people losing their houses each day because they are unable to make their mortgage payments. According to an nj.com news article, HUD’s neighborhood stabilization program is now allowing some low to moderate income individuals to purchase homes rather than lose them, all in hope that such action will help revitalize the housing market. To date, a total of $122 million in aid has been provided by the federal government to assist individuals with their housing needs.

Currently, the stimulus program is in its third phase, with $2 million being funneled to the community of Newark alone. To date, a total of 47 houses have been purchased throughout Newark using HUD funding. More specifically, these homes were purchased by the nonprofit organization HANDS Inc., which did repair work on the houses prior to selling them at discounted prices to program qualifying families. According to one fortunate resident who has benefitted from the program, “The prices of the homes are low enough where people — working people — could buy them.”

While government assistance is certainly key to helping the economy recover, many individuals may still require even more help in getting their finances back on track. In some cases, the best option available to an individual may be filing for bankruptcy protection under New Jersey law. However, the details surrounding the filing process can be complicated, so it is highly recommended that individuals thinking of filing for bankruptcy in New Jersey consult an experienced bankruptcy attorney as soon as possible. In some cases, individuals facing foreclosure may even be able to remain in and save their house via filing for bankruptcy.

At the Law Offices of Robert Manchel, our New Jersey foreclosure attorneys can assist you with all matters pertaining to your house’s foreclosure. For more information about foreclosure and bankruptcy protection in the New Jersey area, please contact our offices today at 866-503-5655.

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Federal bankruptcy law is generally the same in all 50 states, and federal law typically has precedent over state laws. However, bankruptcy law may be applied differently in New Jersey, as compared to other states in connection with three separate matters. While these differences may not be apparent to the average lawyer, an experienced New Jersey bankruptcy law attorney will understand these issues and ensure the optimum application of the local laws for the best results for a client.

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.

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