The Cassidy Law Firm Blog

Monday, March 24, 2014

Middlesex County Chapter 7 Bankruptcy: What Is the Means Test?

If you have made the difficult decision to pursue bankruptcy as a solution to your financial troubles, you likely arrived at that decision after careful consideration and contemplation. The next decision you need to make is which chapter to use for your bankruptcy. As an individual (or married) debtor you could use chapters 11, 12, 13, or 7. Most individuals who are eligible choose to file a chapter 7 bankruptcy because it results in the majority of your debts being discharged, or eliminated, at the end of the process. In order to file a chapter 7 bankruptcy in Middlesex County, however, you must first pass the “means test”.

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Thursday, March 20, 2014

Monmouth County Chapter 7 Bankruptcy: What Is the Role of the Trustee?

When you file for bankruptcy in Monmouth County the court handling the bankruptcy will assign a Trustee to oversee your petition. Though the court will remain in control of your petition, you may never step foot in the courtroom and will likely never meet the actual bankruptcy judge. The Trustee, however, will be an important party in your chapter 7 bankruptcy.

Unless you own a small business, farm or ranch, or are a family fisherman, you will choose between a chapter 13 and a chapter 7 bankruptcy when you get ready to file. Most debtors who qualify file a Monmouth County chapter 7 bankruptcy unless they have valuable non-exempt assets they wish to protect in which case they will have to use chapter 13. In a chapter 7 bankruptcy, non-exempt assets can be sold and the proceeds used to repay creditors.

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Tuesday, March 18, 2014

Bankruptcy in Monmouth County: What Is a 341 Hearing?

Over the last several years the number of bankruptcy petitions filed across the United States has reached historic levels due, in large part, to the recession the country has suffered through. If you are one of the millions of people who has been adversely affected by the economic downturn, bankruptcy may be your best long-term solution as well. For a debtor who has never been through the bankruptcy process it can be confusing and a bit intimidating. Knowing what to expect can help. Though every bankruptcy is as individual as the debtor filing the bankruptcy, there are some common steps that most debtors go through. For example, all debtors in Monmouth County and throughout New Jersey will need to attend a “341 Hearing”, often referred to as a “meeting of creditors”.

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Thursday, March 13, 2014

Monmouth County Bankruptcy: Will It Affect My Credit Rating?

For most people, deciding to file for bankruptcy is a decision that is not reached easily. On the contrary, most people try various solutions and explore numerous other options before finally deciding that bankruptcy is the best long-term solution. One of the reasons why people hesitate to consider bankruptcy as a solution to their financial problems is because they are concerned how bankruptcy will affect their credit rating. While this concern is understandable, the reality is that for most people their credit rating only suffers momentarily.

Most debtors who get to the point of filing bankruptcy have already seen their credit score suffer. Some, however, do manage to maintain a decent credit rating despite financial troubles that are significant enough to warrant filing bankruptcy. Regardless of where your credit score is when you file for bankruptcy, it will likely drop right after filing. Those with a higher score at the time of filing will see the most noticeable drop after filing. On average, a debtor will see a drop of 50-150 points in his or her credit score right after the petition for bankruptcy is filed. The good news, however, is that this drop in your credit score is usually only temporary. In fact, for many debtors their score will start to rebound within a few short months after filing.

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Tuesday, March 11, 2014

Middlesex County Chapter 13 Bankruptcy: Removing a Second Mortgage

A homeowner in Middlesex County may take out a second mortgage for a variety of reasons. Sometimes it is done to free up cash for renovations on the home. Other times the funds are needed to pay for college while still others take out a second mortgage because an emergency has caused a financial crisis and liquid assets are needed just to pay the monthly bills. If the homeowner then files for bankruptcy at some point down the road it may be possible to “strip”, or remove, the second mortgage as part of that bankruptcy.

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Friday, March 7, 2014

Ocean County Bankruptcy: Common Terms Explained

The bankruptcy process can be an intimidating process for the average debtor. As is the case with most legal procedures, bankruptcy is full of legal jargon and legal terms with which most people are unfamiliar. If you are considering bankruptcy as a solution to your financial problems, or have already begun the bankruptcy process in Ocean County, the following list of common Ocean County bankruptcy terms may be helpful.

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Wednesday, March 5, 2014

Can I File a Chapter 7 Bankruptcy in Middlesex County?

Regardless of how dire your financial situation is the decision to file bankruptcy will likely not be an easy one. If you are considering bankruptcy in Middlesex County New Jersey, or have already reached the conclusion that bankruptcy is your best option, you will need to decide which chapter to use when you file. Most individual (or married) debtors filer a chapter 7 or a chapter 13 bankruptcy. As a general rule, most debtors who qualify to file a chapter 7 bankruptcy choose to do so because a chapter 7 bankruptcy typically does not require the debtor to repay debts. This leads to the question “Can I file a chapter 7 bankruptcy in Middlesex County?”

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Wednesday, March 5, 2014

Monmouth County DUI: What Happens If I Did Not Take the Breath Test?

Even if you have never been stopped for a DUI before most people know that it is standard procedure for a suspected drunk driver to be asked to take a breathalyzer test. What happens if you are stopped on suspicion of driving while intoxicated and your refuse the breath test? You do have the right to refuse the test; however, there are consequences if you do not take the breath test.

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Wednesday, February 5, 2014

Who Needs Estate Planning?

Countless people make the mistake of believing they don’t need an estate plan. After all, only the extremely wealthy have an “estate”… right?

You might be surprised to learn that you have an estate—at least you do if you have:

  • investments,
  • a house,
  • a car, or
  • a savings account.

Don’t have any of those? How about personal possessions? If you have clothes on your back, you have an estate.

We all want to know that our wealth—whether that’s an investment account or a beloved collection of dog-eared books—will go to the right people when we’re gone.

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Wednesday, February 5, 2014

Succession Planning for Your Family Business: Start Preparing Now!

Every owner of a closely-held family business wants to know the business will continue—even thrive—once they’re gone. A well run, well managed family business can provide for you and your loved ones long after you’ve stepped down from its operation. It can even support your family after you’re gone. Most owners I talk to expect that their business will continue long into the future.

The reality, though, is less encouraging. According to the Family Business Institute, only 30% of family businesses survive into the second generation—most often due to a failure in the succession planning process on the part of the business owner.

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Sunday, June 24, 2012

Harold Cassidy’s Press Release in Response to the July 24, 2012 Eighth Circuit en banc Decision

Re: Decision of the en banc Court of the United States Court of Appeals for the Eighth Circuit:

Planned Parenthood v. Rounds, Alpha Center, et al

Docket Nos.: 09-3231/3233/3362

What: US Court of Appeals en banc Court declares that South Dakota’s statute that requires abortion doctors to disclose to pregnant mothers that an abortion places the mother at increased risk for suicide ideation and suicide constitutional because the disclosure is truthful, non-misleading, and relevant to the pregnant mother’s decision of whether or not to consent to an abortion.

From: Harold J. Cassidy, Esq., attorney for Intervenors Leslee Unruh, President of Alpha Center, Sioux Falls, SD and Stacy Wollman, President of Care Net, Rapid City, SD.

Read more . . .

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