eNewsletter for Morris County Bankruptcy Attorney

Loan Workouts for People Facing Foreclosure or Repossession

One of the major components of President Obama's economic recovery plan is the federal Home Affordable Modification plan. The plan aims to help those facing home foreclosure who have been unable to refinance or get a loan workout for their mortgage with their creditor. It caps mortgage payments at 31% of a homeowner's gross monthly income, provides interest rate reductions and offers monetary incentives to creditors who participate in the plan. For each month that the homeowner makes payment on the modified loan, he or she receives additional credits towards paying off the loan balance.The Home Affordable Modification plan may not be available to all homeowners, however. There are criteria involving overall debt, payment amount and income level. Even if you are not eligible for this...

The Stresses of Asset Protection

When an individual files for bankruptcy protection, one of the main points of stress is the uncertainty of whether certain assets can be kept after the bankruptcy is discharged, or whether these key assets need to be handed over to the bankruptcy trustee for dispersement to creditors. However, under a Chapter 13 repayment plan, there is no need for uncertainty. Any assets, like a home in foreclosure, can be kept by the debtor, because under a Chapter 13 repayment plan, any debts owed are restructured and repaid over a period of three to five years. Certain assets under a Chapter 7 bankruptcy can also be kept by the debtor. However, most big-ticket items under Chapter 7 liquidation must be handed over to the bankruptcy trustee for sale and dispersement to creditors. Debt Consolidation Debt consolidation is a key element of a Chapter 13 bankruptcy repayment plan. A Morris County debt consolidation attorney can work with a debtor to make a list of all debts...

Keeping Your Vehicle in a New Jersey Bankruptcy

No matter what type of vehicle you own or what condition it may be in, your car provides a vital means of transportation for you on a daily basis. Without the dependable income that comes from holding a job, getting back on one’s feet following a bankruptcy is nearly impossible, and without a car, getting to work is a challenge. It is no wonder that those who consider filing for bankruptcy are often preoccupied with whether the bankruptcy court will allow them to keep their vehicles. The good news is that you do not automatically lose your vehicle when you decide...

Reestablishing Credit After Bankruptcy

Bankruptcy provides people with a fresh start by allowing them to reorganize their debts and discharge certain liabilities. Even though bankruptcy enables you to take control of your finances, it does take a toll on your credit rating. Over time, your credit rating will begin to improve, especially if you take steps to rebuild your credit. A knowledgeable Morris County bankruptcy attorney can help you understand the bankruptcy process and explain how filing bankruptcy will affect you.Pay Bills by the Due DateOne factor that impacts your credit score is...