The decision to file for bankruptcy should not be taken lightly. But bankruptcy is not just a last resort for those who need a life preserver. Some people choose to drown in debt when they should actually file for bankruptcy, because they have been led to believe certain false myths about bankruptcy. Don't let the following myths hold you back from getting your financial footing:
All of us are pedestrian at some time or another. When we’re at a crosswalk or traffic light, its often second nature to follow the flow of other pedestrian traffic or simply walk when the light tells us to do so. But did you know that nearly 3 out of 4 pedestrian deaths occur in urban environments (73%), at non-intersections (70%)? Education is the best way to protect yourself from a pedestrian accident. Check out the safety tips for drivers, pedestrians, parents, and youth groups below.
The statistics on pedestrian accidents and resulting injuries provide insight into the times and environments they’re more likely to occur.
According to the National Highway Traffic Safety Association, the majority of weekday pedestrian deaths occur between 4 p.m. and midnight, but most weekend pedestrian fatalities occur between 8 p.m. and 4 a.m.
Is your debt piling up and becoming overwhelming? Many Americans will unfortunately find themselves in such a situation due to loss of a job, medical bills, credit card debt or other financial difficulties. In New Jersey and across the country, people are often struggling to get a firm footing again.
If you are beginning to feel overwhelmed, there are several things to keep in mind:
A bankruptcy can last on your credit for up to ten years after the filing, but it does not mean that you cannot get credit in those ten years. It may be harder to get credit initially after the bankruptcy, but you can get credit again and there are ways to rebuild your credit more quickly.
Bankruptcy is like being in a lobster trap. They are both easy to get into, difficult to move around in once inside, and difficult to get out of. This concept is particularly true when it concerns a chapter 11 bankruptcy. Filing for chapter 11 bankruptcy requires an experienced attorney at the helm to help steer the debtor around trouble.
Across the country, foreclosures have become an unfortunate reality for many homeowners. Most states, including New Jersey, require a lawsuit to be filed to effectuate the foreclosure process. In other words, if a homeowner stops paying the mortgage, the lender cannot simply show up at the residence without a court approved final judgment and demand the homeowner vacate the premises.
If you have a lien against your home due to an IRS tax debt or a judgment, it might be possible to remove it through filing for bankruptcy. Every situation is different, so it is wise to seek the counsel of an experienced bankruptcy attorney to educate you about your different options. In certain situations, if the lien is totally unsecured or impairing your allowed exemptions, it can be totally wiped out.
It’s not uncommon for debtors to sign personal guaranties before their bankruptcy filing. This is particularly common for business owners seeking operating funds or individuals whose family members or friends ask them to guarantee a loan for a car or similar collateral. Before agreeing to any type of personal guarantee, you should consult with an attorney to determine all your available options.
In the typical will contest, a party seeks to invalidate a decedent’s will due to an alleged lack of testamentary capacity and/or undue influence. The battle is often exclusively fought on these two fronts. For purposes of this article, we shall assume there exists a will meeting New Jersey’s statutory formalities. The good news for those seeking to invalidate a will is that proving undue influence or lack of testamentary capacity is sufficient to prevail. The bad news is that you must overcome the legal presumption that a testator is of sound mind and competent when he or she executed the will.