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New Jersey Debt Relief Blog

How can I avoid common foreclosure scams?

People will do just about anything to avoid their home being foreclosed upon. This leaves them vulnerable to common foreclosure scams, which prey upon a person's fervent desire to retain their home. Foreclosure scams come in all shapes and sizes, which makes it difficult for homeowners to identify them when they lack the proper information. PennyMac explains a few of the more common scams and how they work so you can be sure to avoid them. 

In some cases, you'll be offered a new mortgage loan with a lower interest rate to take the place of your current one. You'll be asked to fill out paperwork which is claimed to be for the new loan. However, this paperwork is actually being used to transfer the deed for your home to the other person. Once they have ownership, you'll be evicted and the home will be in their possession. Additionally, you'll still be obligated to pay back your existing mortgage loan, leaving you even more at odds financially than when you began.

With Chapter 13 bankruptcy, your assets can be protected

You may not like the idea of going through a Chapter 7 bankruptcy, because it would potentially require you to turn over assets you've accumulated over time. You might not qualify for Chapter 7 based on your income or other circumstances. Instead, you may be hoping that a Chapter 13 bankruptcy will work for you.

With a Chapter 13 bankruptcy, you make payments over time. Usually, you'll make payments for three to five years. After you meet the requirements of the bankruptcy, any remaining debts included in the bankruptcy are discharged.

What are business divestitures?

If there is a certain aspect of a business that isn't performing as well as others, many business owners choose to invest more time and money into it to improve its performance. This isn't always the best strategy, however, as the increased concentration may put other, more successful aspects in jeopardy. In this case, a business divestiture is a group of strategies that allows you to rid yourself of underwhelming assets in an attempt to make the rest of your business stronger. The Balance explains different types of business divestitures and how they work. 

Filing for bankruptcy is a common type of business divestiture. Certain types of bankruptcy entail the liquidation of assets to settle outstanding debt to creditors. While not all types of bankruptcy involve liquidation, Chapter 7 proceedings would require you sell off things like property or equipment. Although Chapter 11 aims to reorganize debt, in some cases it also involves liquidation. 

Tips to avoid foreclosure

Homeownership is part of the American Dream for many New Jersey residents. That dream is often threatened when making mortgage payments is no longer possible. If you are struggling with making the monthly amount, you may believe a short sale or bankruptcy are your only options. At William H. Oliver, Jr. & Associates, we often help clients keep their home out of foreclosure.

For at-risk homeowners with subprime adjustable-rate mortgages, interest rates may reset to significantly higher percentages soon. Americans who took out non-traditional mortgages may also have a rough road ahead. According to FindLaw, there are steps you can take to avoid foreclosure and keep your house.

Fighting the stigma surrounding bankruptcy

There are many reasons why filing for bankruptcy can be a difficult decision to make, whether one is worried about various legal stressors or the different ways in which a bankruptcy filing may affect their lives. However, some people push off the bankruptcy process (or avoid it altogether) because they are concerned about the stigma surrounding bankruptcy. However, you should not allow these concerns to get in the way of what is best for you, financially and in other aspects of your life. Filing for bankruptcy has helped many people who were buried in debt and unable to have hope with respect to their financial future.

First of all, many people are surprised to find out just how common bankruptcy is. Not only do many businesses file for bankruptcy, but personal bankruptcy occurs quite often as well. There are a lot of reasons why people may need to file for bankruptcy, whether they lost their job unexpectedly or their credit card debt ballooned out of control as a result of interest and unexpected life challenges, such as a health crisis. Some people feel ashamed of their financial state, but financial problems have become increasingly prevalent in recent years due to wage stagnation, the recession and a host of other factors.

Who can benefit from Chapter 7 bankruptcy?

When it comes to personal financial struggles, everyone is different. This is why there are so many different bankruptcy Chapters. Each bankruptcy Chapter is designed with certain situations and financial scenarios in mind and is tailored to help specific groups of people.

Chapter 7 bankruptcy is often referred to as liquidation because it essentially uses a debtor's material assets to help pay off the debts that they acquired. Since the bankruptcy Chapter involves no repayment plan, it can be completed in a matter of months, and debts that are not repaid through the liquidation of assets are often discharged. This is why Chapter 7 bankruptcy is such a common choice for many. However, this does not mean that filing for Chapter 7 bankruptcy is right for everyone. The bankruptcy filing is only available under certain circumstances, and will only be optimal for certain people.

Bankruptcy and depression

There are a lot of different factors when it comes to filing for bankruptcy, from the financial benefits of eliminating debt to exploring some of the different types of bankruptcy as well as the benefits of each option. For some people, however, the bankruptcy process can be challenging, especially if someone is dealing with other hardships at the same time. For example, someone who is dealing with depression may have a particularly difficult time while working through their bankruptcy, and it is imperative to take the right approach to bankruptcy if you are in this position.

People become depressed for various reasons, whether they recently went through a difficult divorce or they have depression because of a long-term injury or a traumatic experience they went through. Sometimes, depression lasts for many years and is an ongoing challenge, while other people may struggle with depression temporarily. If you are depressed, it is vital to prevent negative feelings and some of the challenges associated with depression (such as a lack of energy) from getting in the way of your bankruptcy, which could make your life more difficult.

Motor vehicle accidents and bankruptcy

Auto accidents can shatter lives in countless ways. Many crash victims struggle from a physical point of view, whether they are seriously hurt, or they are suffering from a great deal of pain. The mental of an accident can be overwhelming too, and victims should not overlook the financial ramifications of a crash. In some instances, auto accident victims take on high levels of debt due to an accident. After all, with hospital bills, property damage and lost wages due to an injury, there are many reasons why traffic crashes can result in excessive debt. For some people, filing for bankruptcy can not only help eliminate accident-related debts, but help them recover from the crash in other ways.

There are many factors to think about if you are considering bankruptcy following a traffic accident. For example, you may be under a lot of pressure in your daily life, especially if you have mental trauma due to the accident or you are in a lot of pain. Our law firm understands the diverse challenges that auto accident victims struggle with, but it is imperative for those whose lives have been thrown off-course due to a car crash to carefully examine their options on their path to recovery.

Chapter 11 bankruptcy and the debtor in possession

At William H. Oliver, Jr. & Associates in New Jersey, our legal team understands that the language of Chapter 11 bankruptcy is unique. For example, you may wonder what it means to be a debtor in possession.

If you are the debtor who is filing, you will probably be filling this role, so it is important to understand it.

How can I improve my credit score?

While it can help you get a handle on debt, filing for bankruptcy does have a negative impact on your credit score. While bankruptcy will stay in your credit history for a number of years, there are steps you can begin taking right away that will boost your credit score and prevent you from making financial missteps in the future. Nerdwallet offers the following tips to help you get back on track. 

The first step is to check your credit score. Chances are your credit score was poor before filing for bankruptcy, as late and missed payments also have an impact on your credit history. You also want to look for any inaccurate records that might be dragging your score down further. If you notice anything out of place, contact the credit bureau responsible for issuing the report. They can help you remove erroneous items.

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