new jersey bankruptcy lawyer

With the holiday season in full swing, it can be easy to be swept into the frenzy of gift buying, partying, decorating, and traveling. Expenses can quickly skyrocket, and add even more financial strain on a person who may already be facing monetary troubles.

It can be very tempting to start charging everything to your credit card during this time, but you should avoid the temptation as much as possible.

If you are considering filing for bankruptcy in New Jersey, and use your credit card to survive the holidays, depending on when you file for bankruptcy, creditors may challenge your right to a bankruptcy discharge of your debts. Running up your credit card bill in anticipation of filing for bankruptcy is never a good idea and can pose many problems. If you manage your finances wisely, you could avoid having to file for New Jersey bankruptcy and/or foreclosure.

Try to avoid purchasing extravagant gifts for friends and family. Also, use cash as much as possible when buying presents. If you don’t have the money, don’t spend the money. Talk with your family about doing a gift exchange so you only need to purchase one present this year, instead of many. If you need to buy multiple gifts, make something homemade, which can save you a lot of money.

According to the U.S. Department of Energy, the average home in America uses about six times as much electricity as a home did 20 years ago. Lighting costs account for approximately 10 percent of your electric bill, which is sure to increase during the holiday season, with the addition of outdoor and indoor Christmas lights. Set your lights on a timer to make sure you don’t forget to turn the lights off, when you leave the house or go to bed. You can also purchase LED lights to save on your electrical bill. LED lights only use about 10 percent of the amount of energy of regular lights.

Another money saving tactic during the holidays is to purchase a fake Christmas tree instead of the real thing. Real trees can be exorbitantly priced and last just a few weeks, whereas an artificial tree can last for many years. Or, you can forego purchasing a tree, real or fake, completely. In 2002, about 32 percent of Americans did not have a Christmas tree. This percentage is sure to increase due to our country’s current economy.

You can also start planning ahead for next years’ holiday by setting aside money now. If you set aside just $20 a week, you will have $1,040 to spend during the Christmas season next year. Furthermore, seasonal holiday paraphernalia may be purchased at a deep discount, for next year, after the holiday has passed.

Practicing good management of your money cannot only relieve you of financial stress, it can also potentially help you avoid having to file for bankruptcy in New Jersey. However, every financial situation is different, and in many cases, it could be in a person’s best interest to file for bankruptcy. Talking with a New Jersey bankruptcy attorney can help you determine whether bankruptcy is the best course of action for your particular circumstances. The lawyers at The Law Offices of Robert Manchel have helped guide many people through the bankruptcy process in New Jersey. We can answer your questions and help you during this difficult time. Call us today at 866-503-5655.

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A recent article on CNN.com discussed guidelines that many states in the U.S. issued shortly before this past election, regarding the complex subject of voting while someone’s home is in the foreclosure process. Normally, people register to vote in whatever county they reside, but residency can be difficult in the midst of foreclosure. Often, individuals going through foreclosure drift from rental house to rental house or often live with friends or family.

While each state in the U.S. has its own laws regarding this topic, typically, if an individual owns a home that is in foreclosure, it doesn’t affect their right to vote, but it could affect where they vote. In a recent report, over 3 million homes in the U.S. are going through the process of foreclosure, and that’s a lot of potential votes that could sway an election.

The U.S. Election Assistance Commission issued guidelines on how to register to vote for individuals who are going through foreclosure:

• If you have recently moved, you will have to re-register, if you’ve moved out of county or state. If you have moved within your county, you will need to update your address.
• In most states in the U.S., you can change your address until Election Day, or you can vote with a provisional ballot, if your name isn’t on the voter rolls.
• If the foreclosure process commenced against your home, but you haven’t moved, you are still registered to vote within that precinct.
• If the foreclosure process is finished, you will need to update your voter registration with your new address.
• If you don’t have a permanent address, most states permit you to use the address of the foreclosed property.

Going through foreclosure can affect a person’s life in many ways, besides just dictating where someone votes. It can impact an individual’s health, as the complex process brings added stress into their lives. Foreclosure can also affect a person’s personal life and strain their relationships with family and friends. With the holidays approaching, foreclosure can also determine whether a family is able to travel due to tightened finances.

Foreclosure is a decision that must be made carefully. It could be a wise decision to talk with a New Jersey bankruptcy attorney to learn how filing for bankruptcy can affect all aspects of your life. For more information, contact the Law Offices of Robert Manchel, and our lawyers can help you decide the best course of action during these hard times. Call us today at 866-503-5655.

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In our last blog post, we featured tips from an article from CNN Money about how Americans can manage their money better, particularly during these trying economic times. We covered good debt versus bad debt, how you should pay off your debts, and using your credit card smartly. Taking control of your finances and watching your spending habits can help prevent you and your family from falling into serious debt and potential bankruptcy in New Jersey.

The article also discussed several other money managing tips. They caution against falling into “the minimum trap,” which is when you only pay the minimum amount on your credit card bill. Paying your bill in this manner will hardly cover the interest charges and will take you months, if not years, to pay off your total balance. In the end, if you only pay the minimum, you will spend much more than the original amount you charged to your credit card.

You should also be aware of where you borrow your money to pay off debt. While it could be convenient to borrow against your 401(k) or your house, doing so can be very risky. You could potentially lose your home in a New Jersey foreclosure.

One of the most important recommendations the article makes is to plan for the unexpected. Start creating a safety net of a few months of living expenses in case of any emergency. Not having a disaster fund can seriously cripple your finances, if you suddenly have an expensive car repair or something of that nature that requires immediate action.

If you have a mortgage, one shouldn’t be so quick to pay down the mortgage instead of paying down the credit card debt, as a mortgage is likely to have a lower interest rate. Also, one is able to deduct the interest paid on the first $1 million of a mortgage loan, which can be very helpful. However, if your mortgage happens to have a high interest rate and you need to lower your monthly payments, you may want to consider refinancing your home.

If you find that you are still struggling with your debts, you should get help as soon as you realize the necessity. There are many debt counseling agencies with a good reputation that could help you consolidate your debts and help you manage your finances better. But be careful—there are also many disreputable debt counseling agencies.

Being smart about your finances can save you from many headaches and improve your quality of life. However, depending on your situation, it may be a good idea to file for bankruptcy in New Jersey. Every bankruptcy case is different, so you might want to consult with a New Jersey bankruptcy attorney to learn about your options. At the Law Offices of Robert Manchel, our lawyers have helped countless individuals navigate through the New Jersey bankruptcy process. If you have questions about filing for bankruptcy in New Jersey, please contact our office to talk with one of our knowledgeable and experienced bankruptcy lawyers. Call us today at 866-503-5655.

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Bankruptcy does not discriminate. Regardless of which walk of life a person may come from, anyone can find themselves having to file for bankruptcy protection. According to a credit.com article, the number of individuals filing for bankruptcy protection continue to rise, and the demographics associated with those filings continue to change. That is, while the previous median age of those filing for bankruptcy in 1991 was 36.5 years old, the most recent data, collected from 2007, shows the median age to have risen to 43 years of age. Furthermore, reports are also showing the elderly Americans, who once made up a mere 2.1% of bankruptcy filings (1991) across the country, currently make up 7%, according to 2007 figures.

Elderly Americans, who generally have less disposable income due to their limited earning power, cite credit card debt, as the primary reason why they are forced to file for bankruptcy. Unfortunately, data shows that many elderly Americans use credit card debt to pay for everyday purchases, particularly since social security checks, personal savings, and pensions are insufficient to fully support themselves. Also the elderly must foot the cots of medical bills and medication costs. Analysts project that the overall number of bankruptcy filings will continue to rise through the end of 2010, and that rate of filings by elderly Americans will increase as well. While the economy continues to slowly recover from its economic downturn, 1.3 million Americans are expected to file for bankruptcy.

The bankruptcy process can be quite complicated, and it is always advisable to seek the assistance of an experienced bankruptcy attorney if you are thinking of filing. At the Law Offices of Robert Manchel, our skilled New Jersey bankruptcy lawyers will examine the circumstances of your situation and help you determine what the best course of action should be in regard to your finances. For more information about filing for bankruptcy in New Jersey, please contact our offices today at 1-866-503-5655.

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On Wednesday, March 24, Bank of America announced that it would eliminate as much as $3 billion in principal owed by thousands of delinquent homeowners whose mortgage balance was at least twenty percent greater than the value of their house. Bank of America’s new program is directed at borrowers who received high-risk loans form Countrywide Financial, a company purchased by Bank of America in 2008.

Bank of America’s newly announced loan modification program both differs from, and supplements, the government’s own modification program announced in 2009, in that it provides a reduction in principal owed, rather than merely a lowered interest rate. With home sales and prices dropping substantially, some commentators have welcomed this shift toward principal reduction, while others are more cautious, emphasizing that this represents yet another temporary fix to a larger crisis.

Bank of America will directly contact borrowers it deems eligible for the program. Eligibility is established where borrowers can demonstrate a hardship in making current payments, are at least sixty days delinquent on their loan payments, and owe at least 120% of the outstanding loan balance. The plan is designed specifically to address troublesome loans such as option ARMs, or adjustable-rate mortgages, of which there are an estimated 900,000 currently in existence.

If you are burdened with a high risk home mortgage, and are having difficulty making regular payments, this is certainly welcome news. However, there are many Americans who either will not be afforded access to this program, or will find that even with a mortgage modification they are unable to avoid a foreclosure action. In which case, it is time to call the Law Offices of Robert Manchel at (866) 503-5655. Our New Jersey bankruptcy attorneys can provide options for saving your house from foreclosure, with or without bankruptcy protection. Contact Robert Manchel today for a free consultation.

Source:http://www.nytimes.com/2010/03/25/business/25housing.html

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As the sixth post in our 10 Reasons to Hire a New Jersey Bankruptcy Attorney blog series, we will present how an experienced, knowledgeable, and compassionate New Jersey bankruptcy attorney can provide strategic guidance, not just to help you and your family get out of debt, but also to help you channel energies in a more constructive way. Search for an attorney with these attributes:

1. Credentialed – Hucksters and scam artists regularly take advantage of desperate debtors. No one wants to get involved with a scam artist. But it can often be difficult to tell these people apart from genuinely experienced agents. Remember: just because someone has good credentials doesn’t mean that he or she can deliver. However, if a debt relief agent lacks good credentials, that should be a red flag.
2. Specialized – Many NJ bankruptcy lawyers are “jacks of all trade, masters of none.” In other words, they tackle all kinds of cases, including consumer bankruptcy, white collar crime, fraud, criminal defense, and so forth. This lack of specialization can hurt you. After all, if you’re not constantly paying attention to the evolution of bankruptcy NJ law, you could miss important subtleties that could help your clients.
3. Accessible – A proactive New Jersey Bankruptcy lawyer should take your calls and emails and provide attentive service. Unfortunately, many attorneys and other debt relief professionals fail to listen effectively to the needs of debtors and thus create needless stresses and anxiety.
4. Knowledgeable – New Jersey bankruptcy law is always changing. The federal bankruptcy code and federal rules of bankruptcy procedure likewise evolve at a rapid clip. Ideally, you want an attorney who keeps pace with changes in the field.
5. Experienced – A limited number of judges, trustees, and agents of the court, handle the majority of New Jersey bankruptcy cases. Ideally, you want to retain a lawyer who has good relationships with these people and who knows how to negotiate with them effectively on behalf of clients.
6. Proven – A lawyer may be a financial wizard and a keen student of the law, but if he or she hasn’t demonstrated practical results over many years, this should give you pause. After all, you don’t want to be a test case. You want to work with someone who has demonstrated success time and again in cases like yours.

To explore the philosophy, process, and credentials of the attorney Robert Manchel, please browse his site or dial his hotline now at 866-503-5655.

Please refer to our next post to find out how failing to hire a NJ bankruptcy lawyer can lead to problems.

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As the third post in our 10 Reasons to Hire a New Jersey Bankruptcy Attorney blog series, the focus will be on how to get the most out of the effectiveness of your New Jersey bankruptcy filing.

First of all, a savvy New Jersey bankruptcy lawyer can maximize the benefits you get out of your bankruptcy NJ filing. With enhanced efficiency, you can protect more of your assets, excuse more of your debts, and move past your bankruptcy faster and more effectively. Moreover, you will be better prepared to build a sustainable financial future and to avoid subsequent NJ bankruptcies. Here are few of the benefits of improved efficiency:

1. Your attorney (and/or his or her staff) can do paperwork for you – The paperwork and petitions that a debtor must file – even for the simplest New Jersey bankruptcy cases – can be overwhelming. Without an attorney helping you, you can easily get snowed under by these technical forms. Moreover, if you make mistakes – for instance, leave out certain assets or debts or provide inaccurate numbers – these inaccuracies can haunt you later and complicate your filing.
2. Maximize your exemptions – New Jersey bankruptcy laws are always changing. Rules governing what assets can be exempt are also constantly shifting. Only an experienced and up to speed attorney can advise you properly about your best strategy for protecting as many of your assets as possible. Believe it or not, subtle changes in how you declare your property, for instance, can radically alter the outcome of your filing. You may be able to protect a car, a house, or other major asset. Moreover, even small ‘victories’ in terms of maximizing your exemptions can pay dividends that can easily compensate you for your legal fees and then some.
3. Your time equals money – In any financial transaction, you should strive for cost efficiency. You must invest something – be it money, time, or energy – into any given project. You also should expect some return from that investment. When you hire an attorney, he or she can tackle a variety of processes that would likely eat up tremendous amounts of your time. If, for instance, you earn fifteen dollars an hour doing your job and you waste 100 hours filling out NJ bankruptcy forms (probably ineffectively), that’s $1,500 dollars in potential income you have lost. On the other hand, if you essentially “outsource” that work to a respected New Jersey bankruptcy attorney, you can use that time to earn more money or otherwise get your finances/ life in order.
4. Prioritizing equals money – A New Jersey bankruptcy attorney can help you prioritize your next actions, so that you attend to the important aspects of your filing when they need to be attended to. For instance, you won’t waste time attending to a particular creditor while ignoring key filing deadlines. An experienced attorney can keep you on the straight and narrow and make sure that you follow a time-tested strategy for getting your finances under control.
5. Fair and easy legal fees save you money – Reasonable legal fees help you optimize your reorganization. Thus, you need not worry about yet another expense on top of all your other expenses.

To learn more about the reputable and respected attorneys here at the Law Offices of Robert Manchel, dial 1-866-503-5655 right now. Attorney Manchel is certified by the American Board of Certification as a consumer law New Jersey bankruptcy attorney. He has been helping clients in New Jersey discover relief via bankruptcy since 1992.

Please read our next post to find out how you can prevent mistakes from happening when filing for a New Jersey bankruptcy.

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To begin our Ten Part Blog Series discussing the 10 Reasons to Hire a New Jersey Bankruptcy Attorney, we will address how you can go about protecting yourself from uncertainty and unknowns.

Should you hire a New Jersey bankruptcy attorney to help you and your family get out of debt, avoid foreclosure, and deal with other loose ends? Perhaps. After all, unless you are an experienced NJ bankruptcy attorney yourself, you likely face a variety of unfamiliar issues:

1. NJ bankruptcy law changes – Unless you invest time and energy to keep up with the latest and most critical changes to New Jersey bankruptcy law, you could accidentally flounder your attempts to file correctly. Not all nuances in bankruptcy law will be applicable to your situation. But if you fail to notice certain subtle points of law, your filing could run into serious trouble.
2. Unknowns lead to anxiety and fear – Social psychologists have demonstrated time and again that uncertainty creates fear, anxiety and even depression in individuals. The less you know about your rights, options, and obligations, the more anxiety you are likely to feel. If you hire an experienced New Jersey bankruptcy attorney (like Robert Manchel of the Law Offices of Robert Manchel), you will likely substantially reduce feelings of regret, remorse, and anxiety about the future, and so forth.
3. If you don’t know what you are doing, you could end up in the wrong hands – Bad advice about New Jersey bankruptcy abounds. If you are in desperate financial straits, you could easily make bad decisions that could land you even in hotter water and potentially compromise your options. Scam artists abound, as do bad, incompetent, and even unethical attorneys. Retaining a trustworthy New Jersey bankruptcy attorney can protect you against getting involved with these hucksters.
4. New Jersey bankruptcy law is impossible to learn ‘on the fly’ – Even if you are an experienced lawyer in some other domain, it can take years, if not decades, to develop finesse with respect to New Jersey’s bankruptcy laws. It can be tricky to figure out what kinds of debts are dischargeable and what aren’t. Also, your creditors must follow certain rules of protocol mandated by both federal and state laws. If you don’t know precisely what those rules are, you can have a difficult time stopping creditor harassment.

To eliminate uncertainty and to wrangle the unknowns that are keeping you up at night, contact the experienced New Jersey bankruptcy attorneys of the Law Offices of Robert Manchel. As a Camden County native and a practicing bankruptcy and foreclosure attorney for nearly two decades, Mr. Manchel provides all clients with experience, expertise, accessibility, and reasonable fees. Please dial 1-866-503-5655 for more information.

Please refer to our next post to learn how you can establish a buffer between you and other parties when handling bankruptcy matters.

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