Nobody wants to file bankruptcy. On either a personal or business basis, no one manages their finances or starts their own business with a vision of financial turmoil. Rather, we work hard, take risks, and do the best we can to provide for our families. Unfortunately, things happen along the way that can send us spiraling down a financial path we did not want to travel.
Do you share a bank account with another person? Has a creditor levied upon that joint account to satisfy a judgment that was entered against one of you? Are you afraid that your money in that joint account will go towards paying off the other person's debt? If so, a recent Appellate Division ruling will come as good news.
Attorney Shelley Slafkes recently spoke as a panelist in the Financial Reform Summit, hosted by New Jersey Citizen Action Education Fund (NJCAEF). The NJCEF is a non-profit organization dedicated to the financial empowerment of low income and moderate income people in New Jersey. Together with community leaders, the summit brought together advocates, students, elected officials, financial institutions, small business owners and other stakeholders to hear experts and leaders talk about some of the most pressing economic issues facing New Jerseyans.
In a new twist on the student loan crisis, this year has seen a growing number of students paying on their parent's loans. The problem started with the Parent PLUS loan system, a system that is notorious for granting parents large amounts with few strings attached.
You've found the one. You've planned the wedding. You're ready to walk down that aisle, but you want to know, when your officiant asks "if you take this person to be your spouse, for richer or for poorer," what are you agreeing to?
If you are a business owner who is drowning in debt, it may be time to consider filing a business bankruptcy. Depending upon the financial situation your company is facing, you may want to reorganize or liquidate the business.
According to the Consumer Financial Protection Bureau (CFPB), a student loan debt relief scam has illegally been tricking borrowers into paying for federal loan benefits. Student Aid Institute, Inc., misrepresented to consumers that it was affiliated with the Department of Education.
If you are considering filing for bankruptcy relief and you have recently inherited an individual retirement account (IRA), it is imperative that you seek advice from a seasoned bankruptcy attorney. The United States Supreme Court made a ruling in 2014 that a debtor seeking debt relief in bankruptcy must forfeit all funds from an inherited IRA to pay creditors and settle debts.
If you are like many of our clients who are struggling to make ends meet, you are not sure where to start when it comes to obtaining the help of a debt relief expert. If creditors are taking aggressive collection tactics against you, it can be tempting to hire the first attorney you find. However, it is important to understand that selecting your Chapter 7 or Chapter 13 lawyer is one of the most important decisions you can make, so you want to get it right.
If your holiday spending got out of control and you are wondering how you are going to pay your credit card debt, you are not alone. In fact, it has been reported by NerdWallet that the average American household has approximately $15,000 in credit card debt. But how do you payoff your credit card debt and still afford the necessities and save for your retirement? There is no easy answer.