Personal Bankruptcy

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?”

On February 9, 2012, the Federal Government and 49 States reached a settlement agreement with the nation’s five largest mortgage servicers. The settlement addresses mortgage servicing, foreclosure, and bankruptcy abuse. The settlement covers home owners and mortgages serviced by Bank of America, JPMorgan Chase & Co., Citigroup Inc., Ally Financial Inc./GMAC, and Wells Fargo & Company. If you have a mortgage serviced by any of these banks, or if you lost your home to foreclosure between January 2008 and December 2011, either you or your attorney should contact your bank to see if you are eligible for relief.