The Cassidy Law Firm Blog

People often struggle for months, even years, with financial difficulties before finally considering bankruptcy as an option. Unfortunately, valuable assets can be lost along the way that could have been saved had the debtor considered bankruptcy earlier. One thing that does finally prompt many debtors to consider bankruptcy is the threat of foreclosure on a home. If you have been threatened with foreclosure in Ocean County, or have actually received notice that foreclosure proceedings have been initiated, you may be able to save your home by filing bankruptcy.

Your Home and Mortgage in a Monmouth County Bankruptcy from Derek Cassidy

Learn more about mortgage in a Monmouth County bankruptcy in this presentation.

If you have questions regarding your home and mortgage when you file for a chapter 7 bankruptcy in Monmouth County New Jersey contact The Cassidy Law Firm to speak with an experienced New Jersey Bankruptcy Attorney.  The Cassidy Law firm is located in Monmouth County New Jersey.  We help clients file for bankruptcy in Shrewsbury, Long Branch, Red Bank, Asbury Park, Monmouth County, Ocean County, and all of New Jersey.  Contact us today for a free no obligation consultation.

*We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Ocean County Prosecutor Joseph D. Coronato recently announced that three men have been charged in connection with the February 6, 2013 drug induced death of 23 year old Jamie Caravella of Toms River. Two of the men, Rufus A. Young, 41, of Freehold and Pedro A. Valentin Jr, 23, of Perth Amboy, New Jersey have been arrested. Warrants have been issued for the third suspect, Paul E. Robinson, 24, of Toms River, New Jersey. All three suspects face serious charges relating to the death of the young woman.

Chapter 12 bankruptcy is a specialized, limited form of business bankruptcy meant for farms and fisheries. It is available for all sizes of farms and fisheries, including small family operations. However, the business filing a petition must be a commercial operation — hobbyist fishermen, for example, who sell a few fish to neighbors for extra money would not qualify.

If the fear of losing your home is a source of hesitation for you, it may help to have a better understanding of how your house and mortgage are handled in a Monmouth county bankruptcy.

People often consider bankruptcy an option of last resort – something they only consider after months, even years, of battling financial hardship. It is unfortunate that debtors wait so long to consider bankruptcy because valuable assets are frequently lost unnecessarily as a result of waiting. One reason that people give for not considering bankruptcy sooner is concern for the fate of their home if they pursue bankruptcy.

Deciding to file for bankruptcy in Monmouth County is never an easy decision. Understanding the process a little better can help though once you have made the decision. The bankruptcy process has multiple steps and can be quite complex. Which chapter you use will determine exactly how your bankruptcy proceeds; however, there are some common steps in all bankruptcies. One of those common steps is the 341 hearing, also known as the meeting of the creditors.

Even the most law abiding citizen should have a basic understanding of illegal search and seizure law in Monmouth County as it applies to your home.

Topics covered in this report include:

• The Fourth Amendment to the United States Constitution
• The New Jersey Constitution, Article I, Section 7
• Obtaining a Warrant to Search Your Home
• Limitations with a Warrant
• When Can the Police Search Without a Warrant?
• Illegally Obtained Evidence  – The Exclusionary Rule

Click here to read the whole article or download the PDF.

Turning to bankruptcy to resolve financial problems is often a difficult decision to make; however, it is frequently the best decision for a debtor who is struggling with no apparent end in sight. If you have made the decision to file for bankruptcy protection the next decision you need to make is which chapter is best for you and your situation. Typically, an individual debtor files either a chapter 13 or a chapter 7 bankruptcy. In some cases though, a debtor actually files both back to back. When this is done the debtor is said to have filed a “chapter 20”.

Once the decision to file for bankruptcy has been made, you must decide which bankruptcy chapter to use to file your bankruptcy case. Most individuals (and married couples) use chapter 13 or chapter 7. A corporation filing for bankruptcy typically uses wither chapter 11 or chapter 7. In a chapter 13 bankruptcy the debtor is required to develop a repayment plan to repay the majority of debts over an extended period of time. In a chapter 7 bankruptcy, most debts are discharged, or eliminated with the need to repay them. Non-exempt assets, however, in a chapter 7 bankruptcy can be seized and sold by the bankruptcy trustee and the proceeds used to repay creditors. For this reason, most debtors filing a chapter 7 bankruptcy have few, if any, non-exempt assets. When assets are available to be sold the case is referred to as an “ asset case ”.

For most people, bankruptcy is an avenue of last resort, only to be considered when everything else has been tried and has failed. It is unfortunate that people view bankruptcy this way as they frequently waste considerable sums of money and even lose valuable assets trying to avoid bankruptcy that could have been protected in bankruptcy. If you are facing financial hardship and are considering filing a chapter 7 bankruptcy you should consult with an experienced New Jersey bankruptcy attorney; however, in the meantime there are some common considerations that may help you decide if filing a chapter 7 bankruptcy is right for you.

Deciding to pursue bankruptcy is never an easy decision. Once you have made that decision you will need to decide which chapter to use for your bankruptcy. An individual (or married couple) can file using chapters 11, 12, 13, and 7; however, most use either chapter 13 or chapter 7. Whether or not you have the option to choose between the two depends on whether you qualify to file a chapter 7 bankruptcy.

A chapter 7 bankruptcy in Ocean County allows the debtor to discharge most debts without being required to repay any of them back whereas in a chapter 13 bankruptcy (as well as in a chapter 11 and chapter 12) the debtor is required to develop a repayment plan that contemplates the repayment f most debts over an extended period of time. Understandably, this makes a chapter 7 bankruptcy the more attractive option for most debtors. When the various chapters were created, the idea behind chapter 7 was that it would be used by low income debtors who did not have the means to repay debts for unforeseen bills such as hospital bills. Unfortunately, debtors who could afford to repay their debts frequently took advantage of the option to file chapter 7 bankruptcy prior to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, or BAPCPA.