An average of close to six million car accidents occur each year in the United States. The seriousness of accidents ranges from those only involving property damage to those involving serious injury and death. You should always take minimum steps if you are involved in any type of accident. The below list is not complete, but serves as a recommendation from a car accident lawyer of some of the minimum things to do to best protect your rights after a car accident.
Close to six million car accidents happen each year in the United States. The seriousness of accidents range from those only involving property damage to those involving serious personal injury and death. You should always take minimum steps if you are involved in any type of accident. The below list is not complete, but at least highlights some of the minimum things to do to best protect your rights.
While the following is not a complete list of all issues when deciding whether to file bankruptcy, these are frequent considerations and questions that arise with clients contemplating bankruptcy.
One thing many Hoboken bankruptcy clients have been surprised to find out is that their exemptions increased. On April 1, 2013, the Federal Bankruptcy asset exemptions were increased by Congress. The exemptions increase every three years and just recently adjusted upwards. Some of the most commonly used exemptions under the Bankruptcy Code are now:
Money Proceeds from a personal injury case are exempt up to certain amounts even if you file bankruptcy. For example, if you have a pending personal injury case and have to file bankruptcy, the federal bankruptcy exemptions provide for an exemption of $21,625 to cover those proceeds. You also may be entitled to apply your wild card exemption to cover additional amounts recovered. Only the net award should be considered so that attorney fees and other costs incurred in recovering monies should not be considered part of your recovery.
In Bankruptcy, whether you keep your tax refund will depend upon the amount of the refund and whether it is protected under your allowable exemptions. When you file, all of your assets are protected from the reach of creditors upon the filing of the case. Whether you keep those assets depends upon whether the assets are exempt. If the assets are not exempt, a trustee may take those non-exempt assets and distribute them to your creditors on a pro rata basis.
Many retired persons over 65 and on a fixed income struggle with outstanding debt and have to face the decision over whether to file bankruptcy. The income of many seniors is not going to increase, such as a fixed pension or social security, yet their debt obligations are on the increase. Unexpected events, such as medical debt not covered by insurance or medicare, push those in retirement over the edge and into financial distress. Furthermore, increasing credit card and loan interest on outstanding debt while having only a fixed income can lead to an uncontrollable debt situation.
Filing bankruptcy will protect any assets, such as bank accounts, from creditors up to your allowed exemption amounts. There is both a Federal Bankruptcy Code Exemption scheme and State Exemption Scheme. You have to pick one of the other. Most of the time, in NJ the Federal Exemption scheme is a better choice, but there are exceptions.
Prior to filing consumer bankruptcy you should obtain a copy of your credit report. Our New Jersey Bankruptcy Firm Department's practice is to request a list of creditors and then also order a credit report on the client to make sure all creditors are being included.
NJ Foreclosure numbers have risen 130 percent year over year according to a report from RealtyTrac.
New Jersey Foreclosures on Increase, While Nationwide Dropping
Nationwide the picture is different than NJ. In September, 180,427 U.S. properties reported foreclosure filings - default notices, scheduled auctions and bank repossessions. That amount represented a seven percent decrease from the previous month and a 16 percent drop from September 2011. Last month's total was the lowest for the country since July 2007.