Many law firms in New Jersey will tend to focus on specific areas of the law. At William H. Oliver & Associates, our focus is on bankruptcy law, along with foreclosure law and the law as it relates to consumer debts like credit cards.
The recent proposal by the Obama administration to provide for two years of free college education illustrates the increasingly important role that education plays in the present day of higher-than-usual unemployment and the need for those seeking work to hone their employability by getting more, or better collegiate-level credentials. More and more people are taking college courses, and many of them are paying for it at least in part with student loans.
There are two types of foreclosure laws in the United States. About two thirds of the states allow for a procedure known as "foreclosure by power of sale." Under this method, a mortgage holder can sell property subject to foreclosure without needing to resort to court supervision. About two-thirds of states allow for the use of foreclosure by power of sale, which allows for faster and less formal home foreclosure sales. New Jersey, however, is not one of them.
There is an old saying among actors: "Dying is easy, comedy's the hard part." In a similar vein, for many people - whether it's here in New Jersey or anyplace else - obtaining a credit card and running up a balance can be easy to do, and finding yourself with a balance so large that it has you struggling just to make your minimum monthly payment is not difficult to accomplish, either.
Consumers in New Jersey stung by the downward economic spiral in recent years managed, along with households across the country, to eliminate debt by curbing their borrowing habits. It now appears as though old borrowing practices might be returning.
One of the biggest issues people have with bankruptcy is the realization that creditors may obtain access to their assets or income streams. Though there is some truth to this, there are also protections in place to prevent creditors from simply seizing whatever property they choose. These protections exist in the federal and New Jersey property exemptions.
Homeowners struggling with the financial challenges of rebuilding their homes in the wake of the devastation that hurricane Sandy brought to New Jersey recently received some welcome news from the U.S. Senate.
No one wakes up one morning and decides to file for bankruptcy for no apparent reason. The decision to file for bankruptcy can arise from several scenarios. Two of the most common are the failure to manage debt effectively over a period of time and facing unexpected financial obligations.