Going Bankrupt Isn’t the End of the Line

When you are deep in debt and considering bankruptcy, it can seem almost like the end of the world. With your finances underwater, with more debt than you can reasonably handle, declaring bankruptcy can feel like giving up, and you might not know how to climb back up. Fortunately, however, bankruptcy can be the first step to recovering your financial future, provided you are prudent about how you handle yourself. Continue reading “Going Bankrupt Isn’t the End of the Line”

Bankruptcy, Credit and You

Bankruptcy, Credit and YouWhen you’re deep in debt, it can feel like there’s no way out. Bankruptcy can offer relief by discharging some or all your existing debts, but many people fear the effect that declaring bankruptcy will have on their credit ratings. After all, declaring bankruptcy can impact a person’s credit, making it harder to do things like getting credit cards, applying for loans or looking for a new apartment or home. Continue reading “Bankruptcy, Credit and You”

Generation Xers Have Highest Debt Load

A LightStream Survey conducted by the Harris Poll showed that those in Generation X (ages 36 to 51) carry an average nonmortgage debt load of $30,334 — the highest of any other generation. Boomers (ages 52 to 70) have the second-highest amount of debt with $27,513, followed by Millennials ($22,784) and Generation Z ($6,983). Continue reading “Generation Xers Have Highest Debt Load”

Filing for Bankruptcy in New Jersey

bankruptcy lawyer New JerseyUnfortunately, many individuals across the United States and in the state of New Jersey face extremely difficult financial conditions which significantly affect their way of life. For some, filing for bankruptcy may be the best (or only) option to relieve themselves of their financial burdens. Federal bankruptcy laws allow individuals who qualify to have a fresh start. Continue reading “Filing for Bankruptcy in New Jersey”

Filing for Bankruptcy in New Jersey

bankruptcy lawyer New JerseyUnfortunately, many individuals across the United States and in the state of New Jersey face extremely difficult financial conditions which significantly affect their way of life. For some, filing for bankruptcy may be the best (or only) option to relieve themselves of their financial burdens. Federal bankruptcy laws allow individuals who qualify to have a fresh start. Continue reading “Filing for Bankruptcy in New Jersey”

How Can Divorce Affect Your Credit Score?

Going through a divorce can be a stressful and challenging time. One impact of divorce that is often overlooked is the impact it can have on your credit score. It is common for individuals going through a divorce to focus on figuring out the details of living their lives separately, but figuring out your now individual finances can be difficult.
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Mortgage Modification Agreement is a Valid Contract

Too often homeowners seeking mortgage modifications comply with the requirements of a trial modification, only to find that their mortgage company has refused to modify the mortgage terms. The case of Bloc v. Seneca Mortgage Servicing, could be the beginning of the end of such a frustrating process for homeowners.

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New Jersey’s Foreclosure Rate Exceeds National Average

As some states around the country are seeing their foreclosure rates fall, New Jersey leads the U.S. in foreclosures, according to an article from NJ.com.

During the first half of this year, the number of properties starting the foreclosure process was 17% less than it was the same time last year, according to RealtyTrac. According to the data, 533,813 properties are filing for foreclosure — the lowest levels in 10 years. Meanwhile, New Jersey leads all states with 34,876 properties.

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Assembly Proposes Bill to Codify Foreclosure Mediation Program

A group of New Jersey Assembly members recently proposed legislation which, they said, is designed to help reduce the number of foreclosures in the state and allow homeowners to keep their homes.

The Union News Daily is reporting that Assembly members Mila Jasey, Jerry Green, Jamel Holley and Elizabeth Muoio have drafted a bill that would codify the state’s Foreclosure Mediation Program, with the goal of improving New Jersey’s housing market. Under the bill, at the time the homeowner receives notice of intention to foreclose, they must also receive notice allowing them the option to take part in the Foreclosure Mediation Program. When the mortgage foreclosure complaint is filed, the homeowner must again receive notice of the option to participate in the program. In addition, the bill would authorize eligible homeowners to submit a request to schedule a mediation session with the lender.

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