Filing for bankruptcy can be a daunting decision, especially when it comes to understanding its implications on your financial obligations, such as your mortgage. When you file for bankruptcy, it initiates a legal process that can impact your debts and assets. Many homeowners have concerns about what happens to their mortgage in this scenario. Impact on mortgage payments When you file for bankruptcy, your mortgage does not disappear. However, the way you manage your mortgage payments may change. Depending on the type of bankruptcy you file for—Chapter 7 or Chapter 13—the treatment of your mort ..read more

On a daily basis, you might use social media to talk to friends, connect with relatives, entertain yourself and more. Like most people, social media has become a normal part of your daily life. During your divorce, you may wonder if you should continue to use social media or not. While you do not need to quit using these sites entirely, you should use caution to protect your interests. Think before you post Before sharing anything on social media, consider how it may impact your divorce case. Avoid posting negative comments about your ex-spouse or details about the divorce process. Update your ..read more

In a New Jersey divorce, a Case Information Statement plays a key role in the legal proceedings. This document provides detailed financial information about both spouses, including income, expenses, assets and liabilities. The CIS serves as a comprehensive financial snapshot that helps the court make informed decisions regarding alimony, child support and division of marital property. Financial disclosure The main purpose of the Case Information Statement is to provide full and accurate financial disclosure to the court. Both spouses must complete a CIS and provide supporting documentation. Th ..read more

When someone falls behind on their financial obligations, their creditors may take legal action against them. Those who have missed credit card payments or who have medical debts they cannot pay off rapidly often worry about how creditors may attempt to collect what they owe. What begins with phone calls and letters can eventually lead to litigation. Debt collection can go from being frustrating and inconvenient to financially devastating in a matter of weeks. Collection companies and creditors unable to force someone into making payments sometimes decide to take legal action by suing a debtor ..read more

Mortgage insurance is an important factor to consider when purchasing a home in New Jersey. Whether it is necessary or required hinges on the type of loan and factors related to the purchase. Understanding the role and need for this insurance can aid potential homebuyers in making informed decisions. Conventional loans In New Jersey, if you secure a conventional mortgage and make a down payment of less than 20%, mortgage insurance is generally required. This insurance, known as Private Mortgage Insurance, becomes a safeguard for the lender, mitigating the risk associated with lower down paymen ..read more

Divorce is a challenging process that is likely to raise many questions. One question you and your soon-to-be ex-spouse might have to answer is whether to sign a separation agreement before finalizing the divorce. Weighing the pros and cons of this decision is worth your time. It is a significant choice with many implications and potential benefits. Understanding separation agreements A separation agreement is a legally binding document that outlines the terms and conditions of a couple’s separation. It covers various aspects, including the division of assets and child custody arrangements. Th ..read more

Buying real property in New Jersey requires a lot of planning, especially if people want to use the home to serve as their primary residence. There may be repairs or modifications to make, as well as moving plans to solidify. Home buyers need to time things carefully so that they don’t incur too many unnecessary expenses while they transition from one living arrangement to another. It can often take a month or longer after a seller accepts someone’s offer to actually close on the transaction. Depending on the terms set during negotiations, the seller might potentially retain possession of the ..read more

Understanding the distinctions between Chapter 7 and Chapter 13 bankruptcies is important for those facing financial challenges. Both chapters of bankruptcy offer a path to financial relief. However, they operate differently and cater to distinct financial situations. Exploring the key differences between Chapter 7 and Chapter 13 empowers individuals to make informed decisions about which bankruptcy option aligns with their circumstances. Chapter 7 bankruptcy Chapter 7 bankruptcy is a “liquidation bankruptcy.” It involves the sale of non-exempt assets to discharge outstanding debts. This form ..read more

When you follow bankruptcy procedures correctly, you avoid delays in your case and even legal sanctions that could endanger your bankruptcy. This is definitely true when you attempt Chapter 7 liquidation and must list your assets. Your assets become a part of your bankruptcy estate, which your bankruptcy trustee will oversee for the duration of the case. When filing for Chapter 7 bankruptcy, you must disclose all assets you own or have an interest in. There are a variety of asset types that you should account for. Personal property Personal property encompasses material goods like clothing, fu ..read more

Divorce proceedings involve many considerations. One important aspect is the division of marital assets. In the state of New Jersey, the principle guiding this division is “equitable distribution.” Equitable distribution Equitable distribution does not imply a strict 50/50 split of marital assets. Rather, it underscores the notion of fairness. In essence, the court endeavors to distribute assets and liabilities in a manner that is just and equitable, considering the unique circumstances of each case. Factors include the duration of the marriage, the standard of living during the marriage, the ..read more