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Over the past two weeks I have discussed 6 things that I advise entrepreneurs to keep in mind when starting a new business: 1) Keep your business finances separate from your personal finances; 2) Be wary of giving personal guarantees; 3) Talk to your accountant and insurance advisor; 4) Think carefully about the prices you…

In my last post I described the first three things that lawyers want you to know about starting a new business: 1) Keep your business finances separate from your personal finances; 2) Be wary of giving personal guarantees; and 3) Talk to your accountant and insurance advisor. Now we turn our focus to things to…

If a court officer or a creditor has seized money in your bank account AND you can prove those funds came from social security payments or other protected payments, a state court judge may well order the funds given back to you. Even after it has been paid to a debtor, money obtained from social…

My last post described your rights under the Fair Debt Collection Practices Act (FDCPA). The general types of debt collection practices that are prohibited by this law include harassment, abuse, misrepresentation and deception. Did you know that a debt collector must send you a written notice stating the amount of the debt, the name of…

There are times in life where nothing seems to go right. One problem after another lurks in the near future. Each one has something to do with just not having enough money to handle everything you need to cope with. You feel like “the goalie on the dart team.” Then you get pulled over by…

My clients are often surprised to learn that the Chapter 13 bankruptcy laws may be used to remove a second or third mortgage from their homes. The process is called “lien stripping,” “cramming down,” or “lien avoidance.” Many homes are worth less money than is owed on first or second mortgages. In many cases we…

Tax season will soon be upon us. The April 15, 2016 deadline falls on a Friday. I am not a tax lawyer or an accountant. Often, when I meet with someone they are surprised when I tell them that their income tax debt may be discharged in a bankruptcy case. Accountants are also surprised to…

If you have received a foreclosure notice such as a letter from your mortgage lender or court papers such as a Summons and Complaint in Foreclosure you should not ignore these important documents even though you might not be able to resume making your mortgage payments or catch up on missed payments right away. There…

Chapter 13 debt limits are set by the federal Bankruptcy Code. Congress requires these limits for Chapter 13 Bankruptcy cases to be adjusted (usually upward) every three years based on the Consumer Price Index. The current figures were established in 2013, and the next Chapter 13 debt limit adjustment will occur on April 1, 2016.…

Desperate for small amounts of quick cash, many people take out pay day loans. These are relatively small cash advances of $500 to $2,000 borrowed over the internet or by telephone from lenders who are usually outside of New Jersey, and sometimes even outside the United States, and come due on the borrower’s next pay…