We hope that everyone reading this is safe and is healthy. If you have lost your job or been furloughed because of the COVID-19 crisis, you are beginning to make the difficult choice of deciding what bills to pay first. You might not have money to make your car loans...
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Levitt & Slafkes, P.C.
Six Helpful Strategies for Dealing with Income Loss Due To the Coronavirus
We as a society are currently facing an unprecedented threat to both our physical and financial health. The internet and airways are full of offers of advice to help us protect our physical health. Not much has been written to address the severe financial hardship...
How to Get the Most Out of Your First Consultation with a Bankruptcy Attorney
Curious about how bankruptcy works and if it may be right for you? Your first step is to set up a consultation with an experienced bankruptcy lawyer. Many people are nervous about meeting with a lawyer for the first time; especially when it involves discussing...
FORGIVENESS OF DEBT INCOME EXCLUSION RENEWED AND EXTENDED
There is some good news for homeowners who have received and will receive debt forgiveness from their mortgage lenders in connection with mortgage modification, foreclosure or a short sale. The Qualified Principal Residence Indebtedness (“QPRI”) exclusion which...
5 Mistakes to Avoid when You’re in a Foreclosure in New Jersey
Just because you are behind on your mortgage it does not necessarily mean you will lose your house in a foreclosure. What happens often depends on how you respond to your situation and if you do so in a timely manner. Here are five mistakes to avoid that could help...
3 Things You Must Know If You Are Married but Want to File Chapter 7 Bankruptcy Without Your Spouse
You Can File Bankruptcy Individually Even if Married It is a common misconception that both spouses must file bankruptcy together. Married couples can choose whether to file for bankruptcy together or individually. If, however, both spouses want to file for...
NEW SMALL BUSINESS BANKRUPTCY LAW COMING SOON
Businesses experiencing financial difficulties have long been permitted to seek the protection of Chapter 11 of the Bankruptcy Code to attempt to reorganize their debt. Unfortunately, as many of those businesses find out, a Chapter 11 restructuring normally proves to...
It’s the New Year. Get a Financial Fresh Start
As 2020 approaches, you are probably thinking about your New Year’s resolutions. This year, consider making a resolution to lose your debt! When you file a Chapter 7 or Chapter 13 Bankruptcy, you are able to eliminate the majority, if not all of your debt. Just think,...
Can I Surrender up My Car in a Chapter 7 Bankruptcy?
If you don’t want to keep your car (and the debt) in a Chapter 7 Bankruptcy you can give up the car. One of your largest monthly expenses maybe for a car loan you can no longer afford or on a car that is worth much less than you owe on it. If so, you can surrender...
Can I Keep My Car if I File Chapter 7 Bankruptcy in New Jersey?
Most people who we meet with ask if they can keep their car if they file Chapter 7 bankruptcy because they need it to get to work, to school and in general to live their life. Whether you can keep your car in a Chapter 7 depends upon many factors including whether...