I. Mark Cohen Law Group, Bankruptcy Consultation NJ.
A personal bankruptcy in New Jersey can be the best way to get a handle on your finances, strategically wipe out debts, stop lawsuits, judgments, wage garnishments, and bank levies forever. When a bankruptcy is filed, federal bankruptcy law mandates that all collection efforts on unsecured debts cease forever. Unsecured debts include: credit card debts, medical debts, account balances, and personal loans.
Personal bankruptcy is almost always necessary if you own or owned a business and plan on a business bankruptcy filing or have a business that is no longer operating. Chances are, you have co-signed business debt obligations and have left yourself exposed so that business creditors can seize your personal assets to satisfy business debts.
In addition, a personal Bankruptcy in New Jersey can be the path to a permanent mortgage modification. Banks tend to be more willing to entertain loan modifications after a bankruptcy case has been filed. The bankruptcy court also has a program called Loss Mitigation that works in conjunction with a personal bankruptcy filing. The Loss Mitigation program is specific to New Jersey Bankruptcy filings in the New Jersey Federal Bankruptcy Court.
If your home is worth less than the amount you owe on your first mortgage, and you have a second mortgage or home equity line of credit (HELOC), a New Jersey personal bankruptcy provides the opportunity to “strip off” the second mortgage or HELOC.
Is your car worth a substantial amount less than the amount of your car loan? If you purchased your car 910 days before your personal bankruptcy was filed, the New Jersey bankruptcy rules provide the potential to “cram down” or “strip off” a portion of your car loan, leaving you to pay back only the clean Kelly Blue Book or clean Edmunds value of the vehicle.
These are only a few examples of how personal bankruptcy can help you. I look forward to meeting with you to discuss your situation in person. Every case is different and the bankruptcy code can be used to alleviate your debt obligations and anxieties.
Also Read – Personal Bankruptcy Filings NJ