Dubiln Packard

Bankruptcy Basics Videos

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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.

 

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Bedminster Office

bedminster-office-photo

Todd Murphy Law

Here are directions and contact information for our Bedminster, NJ office location.

Suburban Office
Todd Murphy Law
90 Washington Valley Rd
Bedminster, NJ 07921
800-285-1925

Directions to
Bedminster Office
By Road:

From the North

  • Take Route 287 South To Exit 22 – Bedminster/Pluckemin
  • Take jug handle to 202/206 South.
  • At 3rd light, make left onto Washington Valley Rd.
  • Go 1/3 mile and make right at the Verizon Wireless sign.
  • Make 1st right into the parking lot (marked 90 Washington Valley Rd.).
  • We are the one story building in front of Verizon Wireless.

Also From the North

  • Take Route 202-206 South, Pass Route 287, pass ‘The Hills’ shopping plaza on your left.
  • At next light, make left onto Washington Valley Rd.
  • Go 1/3 mile and make a right turn at the Verizon sign.

From the South:

  • Take I-287 north to Exit 22A, Follow directions above

From Newark Airport:

  • Take I-78 West to I-287 North, follow above directions

 

 

 

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What is the automatic stay in bankruptcy?

The automatic stay in bankruptcy is perhaps the single most important provision of the bankruptcy laws that stops creditors from attempting to collect debts – immediately.

A Powerful Tool

The automatic stay in bankruptcy is a tremendously powerful tool available to all people who file a bankruptcy petition. Whether you are filing Chapter 7 bankruptcy or Chapter 13 bankruptcy, It is one of the biggest benefits available for all people who file bankruptcy and the reason many people choose bankruptcy over any other method of resolving debt issues.

How Quickly Can I Be Protected By The Automatic Stay?

The automatic stay goes into effect immediately when a person files with the bankruptcy court. If you have a judgment against you and the creditor is threatening to levy your bank account of garnish your wages, that stops immediately.

The Automatic Stay and Foreclosure

Many homeowners have been able to stop foreclosure because of the power of the automatic stay.  If there is a Sheriff’s sale scheduled to sell your home, the automatic stay in bankruptcy will stop the sale immediately.

Call 800-285-1925 to schedule a free consultation to find out more.

 

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Are Credit Settlement Companies A Good Deal?

Many of you may be wondering “Are credit settlement companies a good deal?”  Maybe you received a letter like the one pictured below.  Letters like this one arrive in your mail box looking very official so you will be compelled to open them.  And, once opened, the notice takes on a “government issued” look – something you can feel safe about and shouldn’t ignore. This organization calls itself the “New Jersey Assistance Center” “RE: Dept. of the Treasury Publication 4681” printed in bold on the top line.

But, what are these companies actually offering? And, are they a good deal?  Yes, that’s what these letters are: very aggressive sales offerings.  Let’s look closely at the offer below.  This one is not much different than many of the others being sent to people with credit issues.

First, how did you even get this letter?  Probably because the company has purchased a list of names of people with high credit balances and/or late payments on debts found on their credit reports.

Once opened, the letter pictured below starts off in bold on the top line “RE: Dept. of the Treasury Publication 4681.”  A Google search of Dept of Treasury Pub 4681 brings one to a page at the IRS.  See IRS Publication 4681.  The letter directs us to the “insolvency” section of publication 4681 which states in simplified form that if you are deemed insolvent, any debt cancelled by a credit card company or other creditor, may not be included in your taxable income. There is a worksheet to determine whether or not one is insolvent.

Next, the letter states that the person the letter is addressed to owes $48,928 and that the credit settlement company can settle the debt for $19,571.  They base this claim on “past results.”

Then, the hard sales pitch really ramps up as the letter states “your creditors have taken action by increasing your interest rates.”  And, that the company can help you “avoid any pending legal action from your creditors such as wage garnishment, levy of funds from bank accounts, or liens placed against property.”

All of this seemingly for no charge.  “The letter states New Jersey Assistance Center does not charge a fee for its services.”  Does that seem realistic to you?

Of course there is a deadline which is less than one month form the date the letter was sent to get you to call fast.

Credit Settlement Solicitation Letter

 

Here are some questions I would want to have answers to:

  1. While the publication referred to is legitimate, what does it really have to do with your credit problems?
  2. What guarantees are there to back up the claim of settling the debt for $19,571 which is more than half of the claimed balance?
  3. How long does it take?
  4. Can creditors still sue or take other collection actions while the company is settling your debts?
  5. What appears on my credit record after these debts are settled?
  6. Is there really no fee for your service?  That seems unrealistic.

Here are what I believe would be answers to these questions:

  1. The publication lets consumers know that if they do indeed settle debts, they won’t be taxed on the forgiven amount if they can be deemed insolvent.
  2. There are no guarantees that we can settle your debts for his amount or any amount.  We will try our best.
  3. We can negotiate with the creditors in a matter of weeks but you may be paying the agreed amounts for two or three years
  4. During the time you are repaying, nothing will stop the creditors from taking other action.  and, if you miss a payment, or stop paying completely, the creditors have every right to come after you for the original balance and unpaid interest at their very high rates usually +/- 30% plus late fees, lawyers fees.  And, they can get a judgment against you and garnishment of your wages, levy your bank account, or take other actions to collect their outstanding debts.
  5. Your credit will be affected negatively with notations about settlement.
  6. These companies ARE paid a fee for their services.  Sometimes they are paid a commission on how much they save you. These fees are paid as part of your settlement payment to the credit card company.

Are these credit settlement companies a good deal?

For most people, the answer is simply no.  While I can’t say these companies aren’t helping to negotiate the debts of some, they aren’t doing anything you can’t do yourself.  And, most importantly, they are not utilizing any of the protections available to an individual through the bankruptcy laws. Most importantly – the automatic stay in bankruptcy.

The bankruptcy laws guarantee that you will be protected form all collection actions by any creditor.  Whether you qualify for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, the bankruptcy laws legitimately allow an individual to discharge certain debts, re-negotiate others and in all cases, you will not have to pay tax on any debts forgiven even if you are not deemed insolvent.

Bankruptcy is a very smart choice for most individuals who are having trouble with too much debt. It is a government sanctioned program designed to help you while giving you every protection available under the law.

Before you sign-up with one of these companies, call to investigate all of your options under the bankruptcy laws.

Call today: 800-285-1925.