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Did the shutdown wipe you out financially?

If you are a federal worker in New Jersey, this most recent government shut down might have wreaked havoc with your finances. But you don't even have to be a government employee to be adversely affected by this work cessation.

For instance, if you operated a food truck that served lunches daily outside of a federal courthouse that was shuttered or operating on only an unpaid skeleton crew, it's quite likely you took a hit just the same as the federal workers. For those Americans who are teetering on a financial brink and living paycheck to paycheck, an event like a government shutdown can be devastating to their financial security.

Are your personal assets at risk in a business bankruptcy?

If your New Jersey small business is struggling financially, you may wonder if filing for bankruptcy is a wise decision, or, more to the point, if filing for bankruptcy would jeopardize your personal assets. Intuit QuickBooks explores circumstances in which your assets may be at risk and what you can do to protect them in the event that your business defaults.  

The article suggests that you should only consider filing for bankruptcy on behalf of your business if your personal assets are at stake. If you do not have personal assets at stake, it may be best to close your businesses doors and walk away. Creditors then may seize your company's assets, but because you no longer run the company, it causes you no real harm.

Am I at risk of foreclosure?

Losing your home to foreclosure can be a devastating prospect. In some cases, there may be signs indicating a foreclosure is on the horizon and recognizing these signs will help develop a plan and potentially prevent the process from occurring. The U.S. Department of Housing and Urban Development offers the following tips, so you can identify signs of trouble before this situation becomes much worse.

Your spending habits are a prime indicator of future troubles. For instance, using credit to purchase everyday items like groceries usually signals a serious issue. Also, failure to pay recurring bills, such as utility payments, is another common sign of money problems. Even if you’re financially sound right now, the onset of a serious medical condition or the loss of employment can also play a role in future financial stability.

How can I save money during the holidays?

For people in Monmouth County experiencing financial instability, the holiday season can be stress-inducing. Proper money management is crucial this time of year, as overspending on gifts and entertainment can leave you struggling once the new year arrives. The Balance offers the following budgeting tips, so you can enjoy the holidays without breaking the bank.

Put a limit on spending

Making the most of a tough situation

Divorce and bankruptcy often arrive together in New Jersey. Generally speaking, personal financial problems tend to come along with other major life events — it would be perfectly acceptable to feel overwhelmed, were it to happen to you.

The key would be to make your unmanageable dilemma into something you could handle. At the offices of William H. Oliver, Jr. & Associates, we make it a priority to offer advice that reduces these large, complex situations to actionable sections.

What your bankruptcy attorney wishes you knew

So, you've bitten the bullet and decided to file for Chapter 7 bankruptcy to resolve your intractable debt problems. That's the first step toward fiscal solvency.

But there are a few things to keep in mind that you may not have considered — and which your bankruptcy attorney might not tell you but wishes you knew. Below is a short list.

How lien stripping may save your home from foreclosure

Sometimes, having a good job and a solid income is not enough to keep a person in New Jersey afloat financially. In fact, if you are struggling to pay all your bills every month and still have enough left for the necessities of life, you are not alone. We at William H. Oliver, Jr. & Associates often advise our clients about how lien stripping may be the solution to their debt problems.

Lien stripping is something that can occur when you file Chapter 13 bankruptcy if you owe more than your house is worth. There are many benefits to lien stripping, the most obvious being that you can prevent your second mortgage holder from foreclosing on your property. Lowering the amount of your monthly debt can also help you get control of your financial situation.

Should I choose Chapter 7 or Chapter 13 bankruptcy?

When you decide to file bankruptcy in New Jersey, you must first decide whether you will file Chapter 7 or Chapter 13. This choice will affect many aspects of your case. You could preserve your assets or lose them all. You could wipe your debt clean quickly or have to make repayments and not end your case for years. This decision needs to be made carefully, so you ensure you make the correct move.

The American Bar Association explains that Chapter 7 is the quickest option. Plus, it allows you to remove your debts without having to repay them, but your assets may be taken to repay your creditors. However, you must meet a means test, which means you cannot have a significant amount of income. You also cannot have filed a Chapter 7 bankruptcy within the last eight years.

Unpaid vendors demand compensation as Sears declares bankruptcy

When a company is facing an uncertain financial future, they have a couple of options to consider in revitalizing their structure and recovering from the restraints of debt. Struggling companies in New Jersey may be able to develop a plan for consolidating their debt, renegotiate contracts with creditors to extend their payment period or file for bankruptcy to try and recover as many of their assets as possible. 

In a story that has taken the nation by storm, the once popular retail giant Sears has recently announced its decision to file for Chapter 11 bankruptcy protection. While their decision does not come as a surprise to some, it has still led many to question the brand's leadership in years past that ultimately led it to its demise. Recent reports detail how the company's supply chain is falling apart as more vendors express their dissatisfaction with not receiving the payment they were promised in exchange for product shipments. 

How long can I stay in my house after foreclosure?

When you fall behind on your house payments, your lender will start the foreclosure process. While you will not have to leave right away, you should be aware that eventually you will likely be forced out of the home. It is best to know ahead of time how long you will have so you can find a new place to live and be ready when the time comes to leave.

According to New Jersey Courts, you do not have to leave the home until after the sheriff's sale. This can be some time after the foreclosure process begins. The process begins when your lender files the foreclosure with the court. Then, you will have 35 days to file your answer. The court will take time to review your answer and the information filed by your lender. During this process, it can take weeks or months for the court to make a determination on whether your case will go on in the process.

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With offices in Toms River and Neptune, attorney William H. Oliver is ready to answer your questions and help you find the right debt relief solution. Evening and Saturday appointments are available. Call local: 732-988-1500 or fill out our contact form.

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609 Main Street
Toms River, NJ 08753

Fax: 732-775-7404
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Neptune Office
2240 State Route 33
Neptune, NJ 07753

Phone: 732-341-1550
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