If you are facing foreclosure of your home, a loan modification may be the answer to your troubles. Before you modify a loan, it is important to understand the pros and cons, including:Pros of Modifying a Mortgage Loan· You can obtain a lower interest rate...
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Divorce, Bankruptcy & How to Time it Correctly
If you are facing divorce and considering filing a Chapter 7 or Chapter 13 case, you may be wondering "when is the best time for me to file my bankruptcy case?" The answer is that it depends on your individual circumstances. Below is some general guidance, but it is...
Will I Still have to Pay my Car Loan after Bankruptcy?
If you are planning to file for bankruptcy protection, you are probably wondering what will happen to your secured debts, such as your home loan or car loan. A secured debt is created by any loan where you have pledged an asset to the lender as collateral. If you fail...
Can I Lose my Bankruptcy Discharge?
Once you obtain your discharge order, can you finally breathe a sigh of relief? In the vast majority of the cases, the answer is "yes." However, there is a small area where a creditor or the trustee can seek to have your discharge revoked. This complaint must be based...
NEW JERSEY COURT RULES TRIAL MODIFICATION AGREEMENTS MAY BE ENFORCEABLE
It is an all too common scenario. A homeowner applies for a modification and receives the letter from the lender congratulating him or her and providing a trial period modification agreement. The agreement says that the homeowner must make three payments and then he...
How are my Assets Protected in Bankruptcy?
If you are planning to file a personal bankruptcy, one of your major concerns is likely what will happen to your assets. Fortunately, bankruptcy law provides numerous exemptions that exclude certain types of property from being included in your bankruptcy estate. In...
Is Chapter 7 or Chapter 13 Better for Keeping My Home?
One of the biggest concerns people have when considering bankruptcy is whether they will be able to keep their home. The good news is that bankruptcy law offers you several options that permit you to keep your house in both Chapter 7 and Chapter 13 filings. However,...
Tax Consequences of Debt Settlement
If you are looking for an alternative to filing for bankruptcy protection, you may be considering debt settlement. In debt settlement, you negotiate with your lender(s) to pay a smaller amount than what is owed as payment in full. While this may seem like the perfect...
Can I Protect my Retirement in Bankruptcy?
If you have spent your whole life working hard and faithfully making contributions to your 401(k) or IRA, and now you are facing financial troubles, you don't want to do anything that could put your nest egg into jeopardy. For many individuals, their retirement...
Can I File Bankruptcy if I am Unemployed?
If you have lost your job, you may be wondering if you can obtain relief from your debt by filing a bankruptcy case. There is no law that requires an individual to be employed in order to qualify for bankruptcy protection. As a matter of fact, loss of employment is...