Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. By Tim Grant / Pittsburgh Post-Gazette David King grew up on public welfare as a young man in Ambridge. Five years ago, he got married and moved his wife into a low-income housing project in Imperial. He was only earning $7.40 an hour at a part-time job. […]
Bank of America and JPMorgan Chase Agree to Erase Debts From Credit Reports After Bankruptcies
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. Two of the nation’s biggest banks will finally put to rest the zombies of consumer debt — bills that are still alive on credit reports although legally eliminated in bankruptcy — potentially providing relief to more than a million Americans. Bank of America and JPMorgan Chase […]
How Avoiding Bankruptcy Can Backfire
Submitted by the Law Offices of Lee M. Perlman. In the world of personal finance, credit concerns and debt issues, there is no single issue that is more misunderstood than bankruptcy. Recently the Federal Reserve Bank of New York came out with an exceptional report on the bankruptcy reform of 2005 — which made it […]
Mortgages After Bankruptcy
A personal bankruptcy stands out as a conspicuous blemish on a consumer’s credit report for as long as 10 years. But the barrier it presents to obtaining a mortgage doesn’t have to last that long. Many individuals who sought bankruptcy protection during the recent recession, which officially ended in 2009, may now be eligible to […]
EDITORIAL: Student Loan Debt Should not be Exempt in Bankruptcies
Published in the New Haven Register here. In this July 18, 2013, photo, U.S. Sen. Tom Harkin, D-Iowa, chairman of the Senate Education Committee, announces to reporters that a bipartisan agreement was reached on rates for government student loans in Washington. From left are Sen. Tom Carper, D-Del., Harkin, Sen. Joe Manchin, D-W.V., Sen. Angus […]
Someone Else’s Debt Could Ruin Your Credit Rating
Debt collectors are pursuing one in seven Americans—and often screwing up Last month, Amrit Singh, an adjunct professor at Hostos Community College in the South Bronx, received a letter from the New York City Marshal, advising him that he owed $10,000, due within 20 days. If Singh did not pay, the letter said, money would […]
Avoiding Tax Liability on Short Sales and Foreclosures
Insolvency can leave a homeowner with little hope and few options of ever meeting their financial obligations to their lenders. Given the ongoing foreclosure crisis in North Jersey, it may be appropriate to mention two avenues in which lenders and homeowners can deal with the populaces increasing inability to pay off their debts. Two methods […]
Fraud and its Exception from Discharge
Generally the ultimate goal of a debtor who files for bankruptcy is to receive a discharge of his debts in order to get the coveted fresh start offered through the process of Bankruptcy. However in certain scenarios a debtor may not be entitled to a discharge of his entire debt if a creditor can make […]
Continuations of Proceedings could Violate the Automatic Stay
It is well known throughout the legal community that when a debtor files for bankruptcy everything surrounding the bankruptcy comes to a halt. This includes any other cases or hearings that are brought in state court or otherwise. In a recent case an overzealous creditor learned the consequences of pursuing litigation against a debtor who […]
Post Petition Inheritance May be Property of the Bankruptcy Estate
In a recent Chapter 13 case, a Trustee’s motion to modify a debtors confirmed plan to include a debtors post petition inheritance was granted. The debtor with a monthly income of $2,096, who had unsecured debt amounting to more than $20,000, had notified the bankruptcy court that he would be receiving between $25,000 and $40,000 […]
