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Can New Jersey Renters Be Evicted During an Owner’s Foreclosure?
If you are given notice that your landlord’s mortgagee filed for foreclosure on the house or apartment building where you live, it is important that you know your rights as a tenant. First and foremost, you should know that you cannot be evicted simply because your landlord failed to pay their mortgage. Nor do you… Read More »
Does Your Bankruptcy Show Up on an Employer Background Check?
Bankruptcy is intended to give people an opportunity to make amends with creditors and move forward with a fresh start. However, as long as a bankruptcy appears on your credit report, it may negatively affect many of your aspirations, from securing a home loan to achieving certain career goals. It is typical for companies to… Read More »
Can You Buy a House After Filing For Bankruptcy?
Yes, you can still buy a house after a bankruptcy filing. Filing bankruptcy discharges your debt and can make you a better mortgage candidate. There is no law that prevents you from buying a home after bankruptcy. Mortgage lenders want to see a minimum of twelve months of performing credit after bankruptcy. It is this… Read More »
Can You File Bankruptcy If You Owe Taxes?
Yes, you can still file bankruptcy if you owe taxes. You will need to get your tax returns filed, but paying the taxes is not required before you can file bankruptcy. Certain income taxes can be discharged. A chapter 13 plan can allow you up to five years to repay the taxes you owe. Taxes… Read More »
Can You File for Bankruptcy Twice in New Jersey?
Yes, you can file for bankruptcy two or even more times in New Jersey provided that a certain amount of time has passed since your prior filing has been resolved. The exact duration depends on the type of relief you previously received and the chapter you seek to file under now. Bankruptcy is an extraordinary… Read More »
Reverse Mortgages and Bankruptcy
Reverse mortgages are designed to allow you live off of the equity in your home. This type of loan pays off your mortgage, lets you live in the home “mortgage payment free” for life or until you leave the home. Often, these loans require that you pay the property taxes and insurance. Should you fail… Read More »
What Happens to Your 401k in Bankruptcy?
Your retirement accounts (401K, IRA, Roth-IRA) are totally excluded or “exempted” from your bankruptcy. In fact, the law is very clear that your retirement account “stays” yours in bankruptcy. Retirement accounts are a fundamental element of your retirement planning. Creditors have no power to force you to liquidate your 401K or IRA in bankruptcy. Usually,… Read More »
What Happens To Your Credit Score In Bankruptcy?
Active judgments, collections accounts, charge offs and delinquent debts are reported to the credit reporting agencies. These will have a devastating effect on your credit score. Your credit score will suffer greatly, often dropping hundreds of points. The problem is intensified over time as these derogatory reports linger and just sit on your report. A… Read More »
Can You File For Bankruptcy If You Are Unemployed?
You are not required to be employed to file a Chapter 7 Bankruptcy. In fact, depending upon your prior or future income, your period of unemployment may be the only time that you will qualify. Regular income is not required unless your seeking a Chapter 13 Plan of Reorganization. Chapter 7 cases do not require… Read More »
Will Bankruptcy Stop An Eviction?
A bankruptcy filing will stop or prevent an eviction. Upon filing, there is a “Stay” automatically/immediately imposed on all efforts to collect a debt or enforce a judgment. Since an eviction is an action to enforce a judgment of possession, an eviction can be stayed immediately. Depending on the type of bankruptcy you file, you… Read More »