Levitt & Slafkes, P.C.
Get The Fresh Start You Deserve
Se Habla EspaƑol
View Our Practice Areas

Essex County Bankruptcy Blog


  can a lender foreclose-thumb-300x200-87706.jpgThe home is where the heart is, often filled with many of our life's memories as well as offering a treasured place of comfort and security. When that becomes threatened, you may find yourself exploring and exhausting every option before giving in to foreclosure.

How Bankruptcy Stops Creditor Harassment

how bankruptcy stops creditor-thumb-300x449-86351.jpg

If you have decided to file for bankruptcy, most likely you've been under financial duress for months now, or maybe even years. Medical debt is usually the number one reason given for filing bankruptcy, whether in Chapter 7 or Chapter 13. Unemployment comes in as a close second. You may also have suffered through a difficult and financially draining divorce, or perhaps you are struggling due to a hefty student loan payment that is due each month. Whether one or more of these unexpected events hit you hard, they are probably accompanied by escalating credit-card debt as well.

Bankruptcy and Divorce

bankruptcy and divorce-thumb-300x300-86350.jpg

It's common knowledge that money issues often lead to divorce, so it's not surprising that bankruptcy may be looming while couples are splitting up, whether for one spouse or both. If you and your spouse know that you both need to file, the process will be more affordable and expedient if you work together. It will also be easier if you file together before divorce, taking advantage of a discounted fee for filing jointly, along with enjoying the possibility of more exemptions. Further, by filing jointly before the divorce couples can eliminate the marital debt and simplify the property division in the divorce.

While communication is often not good between divorcing couples, if you are planning to file for Chapter 7, waiting out the three to six months to have your debts discharged might not be so difficult. However, if you both plan to file for Chapter 13, this merits some consideration as completing the repayment plan will take three to five years. If you are in a moderate hurry to file for divorce, Chapter 13 may be one of the things you want to handle separately later.

Forgiveness of Debt Income

forgiveness of debt-thumb-300x199-86372.jpg

Being in debt can cause terrible stress which unfortunately does not disappear overnight. This problem cannot be ignored - as tempting as it would be to take those bills and literally shove them under the rug or toss them out. While millions of other Americans may be in the same boat, you must take control of your situation and sort your finances out, whether by negotiating with your creditors or exploring other debt relief options, to include bankruptcy.

You may be feeling great-and long overdue-peace of mind after seeing substantial debts squared away. You may have refinanced, completed a short sale, or even suffered through an unfortunate foreclosure. Or perhaps, with the help of an experienced debt relief attorney, you settled all your debts for less than originally owed. And while the priority is to take care of debts and seek closure, it's very important that you understand all the ramifications of short sale or foreclosure, as well as any debt solution program.


The New Jersey Foreclosure Sale Process-thumb-250x312-86230-thumb-250x312-86243.jpgIf you have been experiencing extreme financial distress, it was most likely caused by an unexpected event or series of life events such as illness or unemployment. Unsecured debt like credit cards may have spiraled out of control. Aggressive debt collectors may be calling and hassling you daily, with their activity and threats escalating as they generally have little to take from you except for your credit rating.

The mortgage lender is another story, since they have a secured debt in the form of a lien on your home. If financial troubles have caused you to miss numerous mortgage payments, you are probably worried about losing your home to foreclosure. If so, it's important to understand how the New Jersey foreclosure process works. It is also important to find an experienced foreclosure defense attorney who can review your case, answer your questions, and help you move forward with your best interests in mind.

Avoiding Loan Modification Scams

avoiding loan mod.jpgIf you are currently in danger of losing your home, most likely you are exploring all options while still attempting to tread water financially. Fear of foreclosure can cause a substantial amount of stress for any homeowner, increasing as you try to go it alone in seeking a viable solution. Consult with an experienced mortgage modification attorney who will review your case, explain your options, and help you fend off foreclosure.

Understanding How Chapter 13 Works

understanding how chapter.jpgMost people who file for bankruptcy have been struck by an unexpected event that caused severe financial challenge. Illness or injury and medical bills may have eaten right through all your savings and extra income, or unemployment may have stopped you in your tracks. Whatever the case, bankruptcy can act as a powerful financial tool for getting back on track-especially with the help of an experienced attorney from a law firm like Levitt & Slafkes, PC.

Retail Bankruptcies Hit All-Time High

Thumbnail image for retail bankruptcies.jpgMost shoppers enjoy a sense of comfort in knowing that when they go to a retail center they are likely to see some of the stores that have been there since they were kids. Stores such as Radio Shack or Payless ShoeSource are perfect examples. But today, if you are looking for an electronics component or kit, you might be surprised to see that the Radio Shack location you've taken for granted over the years is now closed, and just when you needed it! As the electronics retailer files for bankruptcy a second time this year, you may find yourself turning to Amazon for good-just like so many others. Payless has also recently announced that they are filing for Chapter 11 and shutting nearly 400 stores in the US and Puerto Rico.

Our bankruptcy attorneys will help you escape debt and
face the future with optimism.

Email Us For A Response

Begin Your New
Financial Life

Office Location

Levitt & Slafkes, P.C.
515 Valley Street
Suite 140
Maplewood, NJ 07040

Phone: 973-323-2953
Fax: 973-313-1240
Map & Directions

google map