Dubiln Packard

Todd Murphy

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Student loan write-offs $3 billion in first two months of 2013

Student loan issues are getting more and more attention as students struggle with debt.

A recent Equifax study showed that banks wrote-off $3 billion (that’s billion with a “B”) of student loan debt so far this year.  This figure is 36% more than this time last year.

Graduates remain jobless, underemployed or strapped-for-cash in a still slow economy.

“Continued weakness in labor markets is limiting work options once people graduate or quit their programs, leading to a steady rise in delinquencies and loan write-offs,” Equifax Chief Economist Amy Crews Cutts said in a statement.

Student loan debt reform has become a much talked-about topic since the U.S. Consumer Financial Protection Bureau (CFPB) reported in March 2012 that the total of all outstanding student loan debt rose to more than $1 trillion by the end of 2011.

About 17% of the nearly 40 million student loan borrowers are at least 90 days past due on their payments according to the New York Federal Reserve Bank.

Student Loan Debt Could Affect Economy As A Whole.

The CFPD is concerned that high student loan debt could affect the economy in general as graduates with student loan debt, which is currently not dischargeable in bankruptcy, are so burdened that they cannot make other important purchases such as homes and cars that fuel the economy.

Todd Murphy is a consumer bankruptcy lawyer with offices in  Bedminster, New Jersey.

 

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Chapter 13

Avoid Foreclosure and protect other assets

If you own a home, condo, automobile, or other valuable property, you may want to file for Chapter 13 bankruptcy to protect your assets.

At Todd Murphy Law, we will help you find the right debt solution.

Contact an experienced Chapter 13 Bankruptcy Lawyer if:

  • you want to eliminate taxes owed to the IRS or the state of New Jersey and/or repay taxes without further penalties or interest
  • you want to protect your home from foreclosure
  • you want to recover from debt but want to protect your home
  • you have valuable assets you do not want to liquidate to pay off your debts
  • you want debt consolidation and reduction of your monthly payments
  • you want to prevent repossession or regain possession of your automobile that was recently repossessed
  • you want to eliminate a second or third mortgage
  • you cannot qualify to file a Chapter 7 Bankruptcy

Under a Chapter 13 bankruptcy, you can file a debt reorganization plan to pay back your debt with reasonable payments over the course of three to five years. In this way, you can protect your assets, including your car and home, while repaying your debt, because your assets are not liquidated to pay the debt. Under certain circumstances you may be able to eliminate second or third mortgages.

Restore Your Credit Through Chapter 13 Bankruptcy

Many people think that if they file for bankruptcy, they will be unable to buy a home. Once your debt is removed and you have the opportunity to rebuild your credit score, you will be eligible for several loan types. However, if you do not file, your debt will continue to accumulate, and it is unlikely you will be able to obtain a loan. Work with Todd Murphy Law to file for bankruptcy today! Start fresh so that you can start to rebuild your credit!

call 800-285-1925 for more information and to schedule a free consultation today.

 

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Chapter 7

Chapter 7 Bankruptcy – the total discharge.

Call Todd Murphy Today! 862-217-2361.

We are here to take your call at convenient days and time:
Mon. – Thurs. 9:00am to 8:00pm
Fri. 9:00am to 5:00pm
Saturdays 9:00 to 3:00pm

Is Chapter 7 Bankruptcy Right for You?

Todd MurphyAre you suffering from unmanageable credit card debt, medical bills, motor vehicle surcharges, loans and certain tax debts? Chapter 7 bankruptcy may be appropriate for you.

If you are seeking to eliminate burdensome debt, stop collections, garnishments, harassment calls, repossessions, liens, attachments or account freezes, contact our experienced Chapter 7 bankruptcy lawyers. Get started on a better tomorrow today! Start over debt free. Everyone deserves a second chance!

Do not waste time and resources on debt reduction services.

Many people using profit and nonprofit reduction or counseling services spend years on service fees and still have to file for bankruptcy. Do not invest your time and resources in a futile endeavor. File for bankruptcy now and save time and money.

Chapter 7 Bankruptcy Is An Important Decision.

Bankruptcy Court NewarkFiling for personal bankruptcy is an important life decision. Whether your goal is credit card liquidation, to eliminate all of your debt or save your home from foreclosure, an experienced bankruptcy lawyer at Todd Murphy Law can assist you.

Chapter 7 bankruptcy may be right for you if:

  • You do not have a significant amount of equity in your home
  • You have unmanageable credit card debt
  • You cannot pay your medical bills
  • You do not have valuable assets that you are seeking to protect
  • Your driving privileges have been revoked based on your failure to pay motor vehicle surcharges
  • You cannot pay back personal loans

Todd MurphyYou must pass a “means test” to file for Chapter 7 bankruptcy. You may be able to pass this income test and file for Chapter 7 bankruptcy even if you own a home. If you are a homeowner without a significant amount of equity, you may still be able to file for Chapter 7 debt liquidation.

If you have over a certain amount of equity in your home or in your assets, you may have to file Chapter 13 bankruptcy. We can help you determine which option is best for you.

We Make Chapter 7 Bankruptcy Fast and Easy

Do not be intimidated by bankruptcy. Our law firm can provide you with the bankruptcy information YOU need to make the right decision. If you feel the burden of financial stress, you can relieve yourself of debt and get on with your life.

Do not wait to contact us regarding this important financial matter.

Call 862-217-2361 to find out more and to schedule a free consultation.

Convenient Hours:
Mon. – Thurs. 9:00am to 8:00pm
Fri. 9:00am – 5:00pm
Saturday 9:00am – 3:00pm

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Bankruptcy Basics Videos

This series of videos entitled Bankruptcy Basics is a great resource.

The US Bankruptcy Court has produced a series of nine videos which are useful in helping you understand bankruptcy and whether or not it is right for you.  They really are great.  Take the time to view all nine videos.  Click on the image below to go directly to the US Bankruptcy Court Website.

Bankruptcy Basics Videos Bankruptcy Basics Videos

Bankruptcy, whether its right for you, which Chapter to file, or whether or not to file are all tough questions.  These videos can help.  After you watch the videos, feel free to call Todd Murphy to discuss your specific situation further.

Call 800-285-1925.

We are here to help.

We are located in Bedminster, NJ.  Easily accessible by car, bus or train.  We serve: Essex County, Hudson County, and Union County. In Essex County: Belleville, Bloomfield, Caldwell, Cedar Grove, Orange, East Orange, Glen Ridge, Irvington, Maplewood, Montclair, Newark, North Caldwell, Nutley, South Orange, Verona, and West Orange.  In Hudson County: Bayonne, Jersey City, Hoboken, Union City, West New York, Guttenberg, Secaucus, Kearny, Harrison, North Bergen, Weehawken.  In Union County: Fanwood, Garwood, Kenilworth, Mountainside, New Providence, Roselle Park, Roselle, Elizabeth, Linden, Plainfield, Rahway, Summit, Westfield, Berkeley Heights, Clark, Cranford, Hillside, Scotch Plains, Springfield, Union.

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Bankruptcy Court Newark

2012-10-25 12.37.37

Directions to Bankruptcy Court In Newark

Martin Luther King, Jr. Federal Building
50 Walnut Street 3rd Fl
Newark, NJ 07102
Phone (973) 645-4764

Federal Bankruptcy Court Web Site

From the North:

NJ Turnpike, South to Exit 14. Follow signs for Routes 1&9 and 21&22, Newark. Follow Route 21 North for about one mile. Turn left onto Walnut Street. Proceed one block and turn left onto Mulberry Street. The courthouse will be on your right. Parking facilities are located directly behind the courthouse.

Garden State Parkway, South Take exit 142 onto Route 78 East. Exit left onto Clinton Ave. and follow signs to downtown Newark. Make a left onto Broad Street. Turn right onto E. Kinney Street. After one block, turn left onto Orchard Street. The courthouse will be directly in front of you. Parking facitilies are available behind the courthouse.

From the East:

Route 280 West to Exit 15 for Route 21 South (keep right). Take 21 South past the Penn Station area (about 5-6 lights). At the Hess Gas Station, turn right onto Walnut Street. The U.S. District Courthouse is two blocks up. There is parking behind Courthouse.

Pulaski Skyway go straight onto Routes 1 & 9 South for about 2-3 miles. As Airport aproaches, follow Routes 22 & 21 signs straight for about 1/4 mile to Route 21 sign (McCarter Highway). Follow Route 21 about 2 miles North to the Hess Gas Station; make left onto Walnut Street. The U.S. District Courthouse is two blocks up. There is parking behind Courthouse.

From the South:

Garden State Parkway North to NJ Turnpike North to Exit 13A. After the toll, bear left onto Routes 1 & 9 North. Stay to the left onto Route 21 North (Newark). Take Route 21 over the viaduct onto McCarter Highway, go past McDonald’s to Hess Gas Station and turn left onto Walnut Street. Proceed one block and turn left onto Mulberry Street. There is parking behind Courthouse.

From the West:

Routes 287, 80, 46, and 280. Take Route 287 North to Route 80 East and to Route 280 West to Exit 13 (Newark). Make a right onto First Street, go two lights and turn left onto Central Ave. Continue to Broad Street and make right. Follow Broad Street South and make a left onto Green Street. Turn right onto Mulberry Street. Continue to Walnut Street. There is parking behind Courthouse.

From Penn Station: (Walking)

Exit the front of Penn Station. Follow the street to the left (Market Street). Go two lights up and turn left onto Mulberry Street. Go five blocks and make a right onto Walnut Street, to the U.S. District Court.