The Cassidy Law Firm Blog

Tuesday, May 27, 2014

Free Report: Your Home and Mortgage in Monmouth County Bankruptcy

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.


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Tuesday, May 27, 2014

What is a Bankruptcy 341 Hearing? (Meeting of the Creditors)

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.


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Monday, May 26, 2014

Free Report: Illegal Search and Seizure of Your Home

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.


Thursday, May 22, 2014

What Is a Chapter 20 Bankruptcy in Monmouth County?

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”.


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Tuesday, May 20, 2014

What Is an Asset Case in Monmouth County?

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 ”.


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Thursday, May 15, 2014

Should I File Chapter 7 Bankruptcy in Middletown?

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.


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Tuesday, May 13, 2014

Do I Qualify to file a Chapter 7 Bankruptcy in Ocean County?

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.


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Thursday, May 8, 2014

Monmouth County Bankruptcy: Does My Spouse Have to File Bankruptcy If I File?

Debtors who could benefit from bankruptcy often hesitate to consider bankruptcy because of the numerous myths and misconceptions about the process and about life after bankruptcy. One common misconception that people have is that if one spouse files for bankruptcy the other spouse is required to file as well. The truth is that your spouse does not have to file for bankruptcy just because you file; however, your filing could directly impact your spouse if you have co-signed for credit or if you jointly own property.

If you choose to file for bankruptcy protection there is no legal requirement that forces your spouse to file a joint petition along with you. Often, only one spouse needs bankruptcy protection. If your spouse does not need to file bankruptcy there may be no reason for him or her to do so; however, it is important to understand how your bankruptcy can affect your spouse.


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Tuesday, May 6, 2014

Monmouth County Chapter 13 Bankruptcy: Can It Be Used to Refinance a Mortgage?

In recent years the number of people filing for bankruptcy in the United States has reached historic proportions. The overall economic crisis in the U.S. has largely been to blame for the record number of debtors seeking protection from creditors through bankruptcy. For many debtors, the single largest bill they face each month is their mortgage payment. If the mortgage was taken out when interest rates were high, the monthly payment can be a significant source of strain on the budget each month. In some cases, bankruptcy can result in a lower monthly mortgage payment by re-financing the mortgage during or after the bankruptcy.

In Monmouth County, individual and married debtors typically use either chapter 7 or chapter 13 when filing bankruptcy. Chapter 7 can only be used by a debtor who passes the “means test”. In essence, this means that a debtor’s income must be at or below the median for the area. In addition, a chapter 7 should not be used when the debtor has valuable non-exempt assets to protect. In that case, a chapter 13 is the better option because assets are not at risk of being sold to pay off creditors because the debtor pays off most debts over an extended period of time.


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Thursday, May 1, 2014

The Punishment for Drug Trafficking in Monmouth County

In Monmouth County, New Jersey, the penalties for a conviction of trafficking drugs are harsh and frequently involve a lengthy term of incarceration. For this reason, it is crucial that you consult with an experienced Monmouth County criminal defense attorney early in the prosecution of a drug trafficking case. There are often several viable avenues of defense available to an individual charged with trafficking a controlled substance; however, the longer you wait to begin working on your defense the less chance you will have of success.


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Tuesday, April 29, 2014

Will I Lose Property If I File a Chapter 7 Bankruptcy in Monmouth?

In Monmouth County, most debtors are hesitant to consider bankruptcy as a solution to their debt problems because of the various misconceptions people have about the bankruptcy process and life after bankruptcy. If you are among the millions of people who have been struggling with debt in recent years, it may be time to clear up some of those misconceptions and start considering bankruptcy as a long-term solution. One of the biggest misconceptions people have about bankruptcy is that a debtor who files a chapter 7 bankruptcy in Monmouth will lose all of his or her assets during the bankruptcy. This is simply not true.

One of the reasons people are concerned about losing assets is that a chapter 7 bankruptcy is often referred to as a “liquidation” bankruptcy. The name can be misleading. Although the bankruptcy Trustee in a chapter 7 bankruptcy does have the authority and obligation to take possession of non-exempt assets and sell them to raise funds for the repayment of creditors, most chapter 7 debtors are able to protect most, if not all, assets by using the exemptions available to them.


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