I Am Facing Foreclosure, Can I File Bankruptcy To Stop it?

New Jersey foreclosure lawyer

The potential loss of your home may present a situation that is so difficult that you do not know what to do next. If you are already in foreclosure and are considering bankruptcy, you likely have many different concerns on your mind. You may be wondering whether or not the lender may still be able […]

Minimum Payments Delay Improving Your Financial Health

At the Law Office of Joel R. Spivack, when addressing the financial strategies of my clients, one recurring issue that presents itself is the practice of only making the minimum payments on credit card balances. It is imperative to understand why this approach can be detrimental to one’s financial health. The interest rates associated with […]

Top 10 Benefits of Consumer Bankruptcy

Top 10 Benefits of Filing Consumer Bankruptcy Bankruptcy, often viewed as a last resort for consumers, can actually be a powerful tool for individuals overwhelmed by financial challenges. As a bankruptcy attorney, I’ve witnessed firsthand how the structured avenues of Chapter 7 and Chapter 13 bankruptcy can provide not just legal solutions, but also much-needed […]

What Are Executory Contracts in Bankruptcy?

  An executory contract is a contract where both parties still need to fulfill important promises. If either party doesn’t keep their promise, it would be considered a big deal and could lead to legal trouble. Examples of Executory Contracts: Lease Agreements: Like renting an apartment, where the landlord provides a place to live, and […]

Getting a Mortgage After Bankruptcy: The Letter That May Make the Difference

Since filing for bankruptcy protection may shave more than 200 points off your credit score (more if your house was foreclosed on!), it stands to reason that you may not be the picture of a good risk when applying for a mortgage. However, that doesn’t mean you can’t get a loan approved; a good letter […]

How to Choose the Right Bankruptcy for Your Specific Situation in NJ

One of the largest differences between Chapter 7 and Chapter 13 bankruptcy is that, with Chapter 7, most of your debts are discharged. Under Chapter 13, you get to live in the same way you’ve become accustomed to (for example, keeping your house and vehicles) and you pay back your debt over a longer period […]

5 Reasons Your Chapter 7 Bankruptcy Case in New Jersey Could Be Denied

The rejection or denial of a Chapter 7 bankruptcy case is very unusual, but there are reasons why a Chapter 7 bankruptcy case can be denied. Many denials are due to a lack of attention to detail on the part of the attorney, errors made on petitions or fraud itself. The attorney has to be […]

What Gets Discharged in Chapter 13 Bankruptcy?

In a Chapter 13 bankruptcy, your debt will be broken down into: Secured debts Priority unsecured debts, and Non-priority unsecured debts For secured debts guaranteed by collateral, you will have to pay or surrender them if the collateral secures your obligation. This is usually property like a car or house. Priority unsecured debts don’t go […]

What Is the Bankruptcy Credit Counseling Requirement in NJ and PA?

Before you can file for Chapter 13 or Chapter 7 bankruptcy protection in either New Jersey and Pennsylvania, you have to consult a non-profit credit counseling agency. This is required by law and the primary purpose of such a consultation is to figure out whether or not there is way for you to handle your […]

10 Common Bankruptcy Myths Debunked: What You Need to Know

10 Common Bankruptcy Myths Debunked: What You Need to Know Consumer Bankruptcy is a legal process that can provide individuals with a fresh start when overwhelmed by debt. However, there are many myths and misconceptions surrounding bankruptcy that often prevent people from considering it as a viable option for resolving their financial troubles. In this […]

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