You shipped goods to your customer on Monday like you did for years. You sent the invoice by email on the same day. Again, like you did for years. The products arrived at the customer’s warehouse or shop on Tuesday. On Friday, you received a Notice of Commencement of Bankruptcy Case. Are you out of…
Continue reading ›A business in financial distress does not necessarily need to shut down and it also doesn’t necessarily need to file bankruptcy. Sometimes all a business needs is breathing room and to control some of its creditors so it may reorganize. There are a few paths that it can take. Bankruptcy may be a great option,…
Continue reading ›Are you behind in your mortgage? The first thing to do is to call the mortgage lender or servicer and explain your circumstances. See if you can negotiate a way to get caught up. Be completely candid and explain your difficulties (if they are temporary such as illness or a short-term interruption in employment or…
Continue reading ›Have you had this scenario? You meet with a potential client about a recent auto accident personal injury claim. The client has suffered serious injuries and may be entitled to a significant jury verdict or settlement. However, the potential client does not tell you that he or she is involved in an active bankruptcy case…
Continue reading ›I found the following on the IRS website. Call me if you have questions or want to talk more about IRS letters. Here is what the IRS wants you to know: Getting a letter from the IRS can make some taxpayers nervous – but there’s no need to panic. The IRS sends notices and letters…
Continue reading ›Bankruptcy only removes your obligation to pay the money under the note you signed when you signed your Note and Mortgage. Think of a Note and Mortgage as two chains. The first chain is the Note. Its legal effect is that the bank or other lender has a chain between itself and your wallet. They…
Continue reading ›The Bankruptcy Court has the power to cancel and discharge debts. The bankruptcy filing creates the automatic stay or injunction of collection efforts of debts. Once a bankruptcy discharge is entered, you must wait one (1) year after your bankruptcy discharge before we can file a motion with the State Court to cancel the judgment.…
Continue reading ›To remove a second mortgage, we must prove that your property is worth less money than what you owe on your first mortgage. This means the property is “under water.” If you successfully complete your Chapter 13 plan payments, we may be able to cancel the second mortgage and you will never have to pay…
Continue reading ›The pause in collection of federally-backed loans ended on December 31, 2022. Collectors will start demanding money right after the New Year. Federally guaranteed student loans may be able to be discharged or cancelled in bankruptcy. New Jersey student borrowers who need to cancel student loans backed by the U.S. Department of Education now have…
Continue reading ›THE AUTOMATIC STAY STAY AGAINST USING THE STATE COURT COLLECTION PROCESS This includes law suits, wage garnishments, seizure of your bank account, car, or other property. The County Sheriff cannot sell off your home in a foreclosure. The people who repossessed your car must give it back. The Court Officer who froze your checking account…
Continue reading ›
