Typically in a home purchase closing, the buyers sign a mortgage which gets recorded in the County Clerk’s Office, and the house is rarely sold without paying off the mortgage. The recent unpublished New Jersey District Court opinion in Gianninoto v. Sywilok gives us a look at what can happen when the mortgage is not …
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In Chapter 13 cases, a confirmation hearing is a court hearing required by the Bankruptcy Code. Confirmation hearings are not held in Chapter 7 cases. The purpose of the confirmation hearing is to resolve any objection of the trustee, creditors and other parties to the debtor’s proposed Chapter 13 plan. If everyone is in agreement, …
I receive many calls from people facing the foreclosure of their home. They want to know whether they will remain liable after the foreclosure to their mortgage lender for any part of the mortgage debt. For a period of 90 days after the sheriffs sale, the mortgage lender has the option of filing a lawsuit …
Along with a college education often comes the debt that paid for it. It is not uncommon for graduates to find themselves in six figure debt, and sometimes with no employment opportunities, or in low paying jobs. It would then be logical that bankruptcy could be used to discharge student loans. WRONG! While bankruptcy is …
Certain Chapter 13 filers may be able to get rid of a second mortgage or home equity line of credit (HELOC) (referred to as “lien stripping”). With the real estate market going down over the past few years, some homeowners owe more on their mortgages than their homes are worth. A Chapter 13 bankruptcy may …
Shortly after a bankruptcy petition is filed, the court will appoint a trustee to the case. Trustees are selected from a list maintained by the court and are usually experienced bankruptcy attorneys. The debtor will meet the trustee when s/he attends the meeting of creditors. It is the trustee’s job to question the debtor under oath …
An adversary proceeding in bankruptcy is a lawsuit filed within the debtor’s bankruptcy case. Any party can file an adversary proceeding in a bankruptcy — the trustee, a creditor, or the debtor. The purpose of an adversary proceeding is to obtain some form of relief that requires a judge’s attention and cannot be accomplished through …
Today, many bankruptcy websites offer a free review by having you fill out an online form. In many cases, this is then forwarded to a law firm in your area who you may or may not know. Then at some point after that, you will get a call from some staff employee of that law …
After a Chapter 7 debtor attends the 341 meeting of creditors, s/he may receive a notice in the mail from the court regarding abandonment. This is a great point of confusion for clients so let’s explain. Upon the filing of a bankruptcy petition, the debtor’s assets come under the control of the court and the …
Filing bankruptcy has an impact on your credit score. Your credit score is likely to drop during the weeks and months leading up to bankruptcy. Every defaulted credit card, auto loan, or mortgage payment will negatively affect your credit score. When you file for bankruptcy, your credit score will further decline. A bankruptcy will remain …
Charles D. Whelan III has been committed to excellence for over 30 years. With offices located centrally in New Jersey, he is able to provide businesses and individuals with excellent legal services.
