Car accidents are stressful, and they can result in expensive damages and painful physical injuries. Thankfully, the vast majority of car accidents do not result in life-threatening injuries. Nonetheless, even a minor fender-bender can shake you up and cause long-term physical and emotional problems.
Small Claims is a division of the Special Civil Part Court in New Jersey. The Small Claims Section is a forum where a person can sue another person or business to attempt to collect a small amount of money. The proceedings are truncated and cases are usually resolved quickly without incurring a large expense. The cap on damages in Small Claims is $3,000. An exception of $5,000 is reserved for suits premised on the return of a tenant’s security deposit. A person seeking to file suit in Small Claims must be 18 years of age or older, otherwise the suit must be filed by a parent or guardian.
Credit Cards and Chapter 7 Bankruptcy
Personal Credit Cards
A common question that many individuals contemplating bankruptcy ask during our firm’s free consultation is whether they can retain a credit card during bankruptcy. In almost all cases, once a credit card institution receives notice of the bankruptcy filing, it will almost immediately cancel the debtor’s credit card.
Due to unforeseen life circumstances, many individuals fall behind on mortgage payments, which will eventually lead to foreclosure proceedings. In order to avoid foreclosure, or during the foreclosure process, an individual may seek a loan modification from the lender. A loan modification is a permanent restructuring of the mortgage terms to provide a more affordable payment to the borrower. In general, the primary goal is to help the borrower reduce their monthly mortgage payments to 31% of their gross income.
If you are in a financial state where you have considered filing for Chapter 7 or Chapter 13 bankruptcy, you may also be worried about how you will afford a reputable New Jersey bankruptcy lawyer. This classic catch-22 can be difficult to sort out in any situation but is made worse by the fact that filing fees and attorney fees can sometimes tally up to hundreds or even thousands of dollars. So what are you supposed to do when bankruptcy seems like your best option and you’re unsure of how much it will cost to work with the right team of bankruptcy attorneys?
The Supreme Court’s landmark decision of Till v. SCS Credit Corp., 541 U.S. 465 (2004), took up the issue of the proper method of selecting an interest rate sufficient to pay present value under section 1325(a)(5)(B)(ii). The Court considered and rejected the coerced loan, presumptive contract rate, and cost of funds approaches, and instead settled on a formula approach. Under this formula approach, the interest rate is determined by starting with a national prime rate and adjusting upward to account for greater risk of default.
Chapter 13 bankruptcy is often the best choice of debt relief for individuals and families who don't qualify under another bankruptcy chapter or would be unable to completely eliminate their unsecured debt under the new bankruptcy laws of 2005. Chapter 13 can also be an excellent way to prevent foreclosure and repossession while restructuring your monthly debt payments into a supervised installment agreement.
What could you and your family do with a fresh start from your credit card debt and other loans? Chapter 7 bankruptcy may be the best option for helping you get out from under your burden of debt, while keeping your house and family car.
The meeting of creditors, also called the 341 hearing, is a required appearance by all debtors in a bankruptcy case. The debtor’s appearance is required pursuant to section 341 of the Bankruptcy Code. Within a reasonable time after the bankruptcy case is filed, the United States trustee will convene and preside at a meeting of creditors. See, 11 U.S.C. §341(a). Normally, the meeting takes place approximately 30 days after the bankruptcy petition is filed. There is no judge at the meeting of creditors, although the debtor is placed under oath and is asked a series of questions. The meeting usually takes 10 minutes but can vary depending on the complexity of the case. Debtor’s counsel is present with the debtor during the meeting.