The Cassidy Law Firm Blog

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”.

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.

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.

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.

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?”

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.

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.

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.

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.

If you are an out of state resident with an outstanding warrant in the State of New Jersey you are at risk. If you are stopped by police officials in your home state they may see that you have an outstanding warrant and may take you into custody. Therefore, it is important that you do not ignore the fact that there is a warrant out for your arrest. The fact that you are living outside the state of New Jersey does not mean that the warrant will not appear if local law enforcement officers, or potential employers, do a background check. The fact that the warrant has been outstanding for a long period of time does not mean that the warrant does not exist or that it has simply been lifted by the state of New Jersey.

What should you do if you have such a warrant? You should contact a licensed New Jersey legal professional for guidance. They can help you negotiate a safe surrender and help you to resolve the underlying legal issue. If your warrant is for a non-violent crime some New Jersey jurisdictions have safe haven programs where you can come and turn yourself in to satisfy the warrant without risk of detainment. It is also possible for an attorney to negotiate a plea deal with the prosecutor and have you come into Court and satisfy your Warrant at the same time that you resolve your underlying legal issue.

When the unanimous decision of the New Jersey Supreme Court in the Baby M case was published, the Court held that surrogacy contracts were in violation of every statute and public policy of our state that dealt with the rights of mothers, the rights of children, the issues dealing with adoption and termination of a mother’s rights.

At the end of that opinion, our Supreme Court observed that the case highlights many of the problems and evils of surrogacy – including the potential exploitation of women – but that the people and the culture must determine if our policies and laws, after careful consideration, should be changed subject to constitutional constraints.

As a result of that decision, the Governor and the Legislature asked the New Jersey Bioethics Commission to study the issue of whether laws should be changed to create an enabling statute.