Dubiln Packard

Bankruptcy as an Option

by

Can Bankruptcy Stop A Foreclosure?

Yes – in many cases.

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.

One benefit of filing for Chapter 13 bankruptcy is that it can stop foreclosure.  Chapter 13 bankruptcy can even stop a foreclosure on the night before it is scheduled to happen.

Each foreclosure situation is different, so speaking to a New Jersey bankruptcy lawyer is the best way to determine if filing for bankruptcy is the best way for you to prevent foreclosure of your home.  Chapter 13 bankruptcy is designed to help you reorganize your finances, and in the process can help stop a scheduled foreclosure.

 

by

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.

 

by

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.