New Jersey Bankruptcy Blog

Can Someone In Bankruptcy Get Back Their Repossessed Car in New Jersey?

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A New Jersey bankruptcy filing requires the auto finance company to turnover possession of a repossessed vehicle to the debtor (person filing bankruptcy), under certain circumstances.
If the repossessed auto is not sold by the finance company at the time of the bankruptcy filing, the company is required to turnover the vehicle to the debtor. This means that if the auto was transported to another state for auction, the vehicle must be returned after the filing.
However, prior to returning the vehicle, the finance company will require proof of adequate auto insurance coverage that includes the company as the lien holder or loss payee. The required insurance covers the company in the event of damage or loss.
Additionally, as a condition of obtaining possession of the repossessed vehicle, the debtor must have filed a chapter 13 bankruptcy case, and not a chapter 7, which provides for payment of the arrears through a bankruptcy plan over 36 to 60 months. Please note that, although unusual, under certain circumstances, it may be possible to obtain possession of a vehicle in a chapter 7, if the debtor has the ability to redeem the vehicle or pay to the company the total value of the auto.
If you wish to obtain possession of an auto that has been repossessed – and want to speak with a New Jersey Bankruptcy Attorney with almost two decades of experience- give my office a call at 866-503-5455.

Can Filing Bankruptcy in New Jersey Save My Home?

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A Chapter 13 Bankruptcy case can save a house from foreclosure. Immediately upon the filing of a chapter 13 the foreclosure action stops immediately. The total amount of the mortgage arrears must be paid to the mortgage company through a monthly trustee payment.
In addition to the trustee payment, the debtor must continue to pay their monthly mortgage payments directly to the mortgage company. The trustee plan payments should last for approximately sixty months. After the completion of the bankruptcy plan, the debtor should be current with all mortgage arrears.
If you have questions about bankruptcy and wish to speak with a bankruptcy attorney in New Jersey, please contact me at (856) 797-1500 for a free consultation.

Means Testing and Qualifying for Chapter 7 Bankruptcy in New Jersey

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Filing for bankruptcy under Chapter 7 of the bankruptcy laws is a good option for some people, if their assets and debts fit the requirements for a Chapter 7 filing. One of the ways the bankruptcy courts determine whether a person is eligible for a Chapter 7 bankruptcy is through means testing. Means testing looks at the filer’s financial situation and determines whether they fit the requirements for Chapter 7.
There are many bankruptcy court forms that will need attention during the filing process. Means testing usually begins when the filer, often with help from their attorney, files bankruptcy form 22A, titled “Statement of Current Monthly Income and Means Test Calculation”. The form asks for several different items of information, including the filer’s monthly income, the size of the family and its needs, the median income where the filer lives, and various other pieces of tax information. The person filing the form will have some of this information in their own records, but other items must be obtained from the Census Bureau or the Internal Revenue Service (IRS).
Since means testing paperwork helps determine whether an individual can file under Chapter 7 or not, it is important to ensure that all the information on the form is as complete and accurate as possible. Experienced NJ bankruptcy attorney Robert Manchel has helped other clients complete these forms and help them navigate through the process and filing for personal bankruptcy protection. To learn more about how Robert Manchel’s skills and experience can help you, call 866-503-5655 today.

Attorneys Provide Valuable Help With Chapter 7 Bankruptcy Filings in New Jersey

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Filing for bankruptcy under Chapter 7 of the federal bankruptcy laws is the right choice for many debtors, especially those with few assets apart from their personal belongings. Since a Chapter 7 bankruptcy seems simpler than filing for a Chapter 13 bankruptcy, many people may be tempted to try carrying out their bankruptcy case on their own. However, the U.S. Bankruptcy Courts in New Jersey strongly recommend that anyone considering a Chapter 7 filing work with an experienced bankruptcy attorney to ensure the process is completed correctly.
An attorney with bankruptcy experience can tell you whether Chapter 7 is in fact the best option for you. If it is, the attorney can also make sure that you meet all the requirements before beginning the bankruptcy process. For instance, debtors filing for Chapter 7 bankruptcy must first go through credit counseling with an approved credit counseling agency, or their cases may be dismissed. If you are eligible to skip credit counseling because you fit one of the specific exceptions in the bankruptcy laws, your attorney can advise you, and explain your situation to the court.
A highly skilled bankruptcy attorney will also make sure that all of the proper bankruptcy forms are filed and that they contain the right information. Forms that are filed too late or with missing information, can have serious consequences.
Experienced New Jersey Chapter 7 bankruptcy attorney Robert Manchel can help you choose the best course of action and avoid costly mistakes in court if you are facing bankruptcy in New Jersey. To learn more, call The Law Offices of Robert Manchel today at 866-503-5655. We can discuss your personal situation and how bankruptcy protection may apply to your financial circumstances.

Study Shows Consumers Choosing to Pay Credit Card Bills Over Mortgages

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As the U.S. economy continues to struggle, consumers are being forced to choose whether to pay their mortgages or their credit card bills. According to a new study by TransUnion, a credit management company, consumers are increasingly choosing to pay their credit cards before they pay their mortgages.
In the last quarter of 2010, 7.24 percent of homeowners were delinquent on their mortgages, but current on their credit cards. Only three percent of Americans chose to fall behind on their credit cards but stayed current on their mortgage payments. The study found that shortly after the 2007 recession, Americans began to switch their priorities to paying their credit cards rather than their mortgages.
A major reason why many homeowners opted to fall behind on their mortgages in favor of credit cards was the collapse of the housing market, which left many homeowners owing more on their homes than they are worth. At the end of 2010, almost a quarter of all homeowners in the U.S. owed more on their homes than they were worth. At the same time, credit is tightening, and consumers are realizing that keeping a line of credit can be a necessity in tough times.
Are you struggling to stay current with your credit cards, as well as your mortgage? Do you feel like you are getting further and further behind each month? If so, you may wish to consider bankruptcy. Contact New Jersey bankruptcy and credit debt lawyer Robert Manchel at 866-503-5655 to learn more about your debt relief options.

New Jersey Bankers Predict Improved Economy, But Bankruptcy Filings Will Continue

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New Jersey bankers believe that better times are ahead for the state’s economy, according to a recent poll by the New Jersey Bankers’ Association. In fact, bankers are sufficiently confident that the economy will improve that they are prepared to lend money – despite the fact that few people are trying to borrow.
The poll, which surveyed 120 bankers in the state of New Jersey and surrounding areas, found that just under half of them rated the current economy as “fair” or “poor.” Nevertheless, one-quarter of the bankers surveyed said that they also believe the economy’s health is no longer declining, and that in fact, the nation’s and New Jersey’s economies should begin improving again shortly, with interest rates holding still or even going down in the near future.
Although banks are ready to make loans to qualified customers, most of the bankers surveyed predicted that demand for commercial loans and for refinancing of homes would not increase any time soon. With the unemployment rate in New Jersey stuck at nine percent, most of the bankers surveyed believe that, in the short term, consumers will be filing for bankruptcy more often and also facing more foreclosures.
In a precarious financial situation, loans or refinancing may make your situation worse than it already is. If you’re thinking about filing for bankruptcy in New Jersey or want to know more about how bankruptcy works, please don’t hesitate to contact the experienced New Jersey bankruptcy attorneys at The Law Offices of Robert Manchel. Our experienced lawyers will examine your situation carefully and help you understand your legal rights and options. Call 1-866-503-5655 to learn more.

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