The April 15th tax deadline is right around the corner, and if you already owe income taxes for previous tax years, you could be facing an even larger tax debt when the dust settles. The IRS is a notorious creditor and if you take the “bury your head in the sand” approach like most people do (unfortunately), the IRS will start garnishing wages, seizing bank accounts, and start levying your home and other personal property. Nevertheless, you still have other options. Bankruptcy is a great tool to help you minimize your existing tax debt and this blog will explore how bankruptcy can help you get rid of some of that unwanted tax debt.
If you purchased a property at a sheriff sale or if you were the owner of a property that was sold at sheriff sale, you may be wondering about the implications of a bankruptcy proceeding. This blog will explore the implications of a bankruptcy proceeding filed while the former owner is still in possession of a foreclosed property.
For most commercial construction contractors and subcontractors, non-payment on a job can cripple business. Non-payment usually stems from a dispute between the general contractor (GC) and the subcontractor regarding the quality of the work. Sometimes, the GC refuses to pay the subcontractor despite still being paid by the property owner. Whether the GC actually believes the work is substandard or is just trying to increase his or her profits, you can use the law to put the world on notice that you haven’t been paid through the filing of a lien. If you are a subcontractor, this article details how to lien property and force compensation for the work performed. Please note, the contents of this article only apply to liens involving non-residential construction contracts.
Unlike other financial issues such as credit card debt, medical debt is not caused by unwise monetary choices, but rather it is often caused by unforeseen circumstances. The issue is cyclical: You are in debt because of unforeseen medical circumstances and the financial stress that comes with these additional medical expenses causes you to get sicker and deeper into medical debt.
When an individual is contemplating the best strategy to keep their residence through a chapter 13 bankruptcy plan, a key consideration is generally whether to pursue a loan modification or a cure and maintain bankruptcy plan. This blog will explore that decision and key considerations in making that decision.
Chapter 11 cases are more complicated bankruptcy cases in many ways and much more is required of a debtor in Chapter 11 than in a chapter 7 or chapter 13 case. The debtor's failure to comply with the operating and reporting requirements set forth below may result in the dismissal or conversion of a chapter 11 case to a case under chapter 7 of the Bankruptcy Code. Perhaps the most important early decision a business can make when contemplating bankruptcy, is selecting bankruptcy counsel that is experienced with successfully navigating a debtor through a chapter 11 case.
If you are contemplating a lawsuit against another individual or entity, you must make sure that you bring your lawsuit prior to the expiration of the applicable statute of limitations. This blog will explore what the statute of limitations is and the statute of limitations for some typical causes of action in the state of New Jersey.
The State of New Jersey does not use the often-heard terminology of “felonies” and “misdemeanors” when classifying criminal offenses. Rather, New Jersey classifies criminal infractions as either indictable offenses (felonies) or disorderly persons offenses and/or petty disorderly persons offenses (misdemeanors). A majority of criminal cases heard in New Jersey are disorderly persons offenses, However, disorderly persons offenses are not considered “crimes” in New Jersey. N.J.S.A. 2C:1-4(c). Despite not being considered crimes, a disorderly person offense conviction will still appear on a criminal background check. Therefore, if you are facing a disorderly persons offense or a petty disorderly persons offense, you should consult an experienced defense attorney.
When a Debtor is Considering Bankruptcy and Maintains a Personal Injury Claim
When individuals file for bankruptcy, they are required to disclose all their assets and liabilities. However, some potential debtors are not aware that he or she is required to disclose potential lawsuits in which the debtor may obtain a monetary windfall. Specifically, if the debtor has a pending personal injury action, then the case must be disclosed. In fact, even if the personal injury complaint is not filed, but the debtor maintains a potential claim, then the asset must be disclosed on the bankruptcy petition. Failure to disclose your assets can constitute bankruptcy fraud.
Life insurance policies are a frequently utilized estate planning tool. A life insurance policy is a contract between the insurer and the insured for the benefit of the beneficiary. Vasconi v. Guardian Life Ins. Co. of America, 124 N.J. 338, 351 (1991). The insurer is the company or entity that issues the policy. The insured is the individual upon who’s life the policy is issued. The beneficiary is the person named by the insured who will receive the death benefit proceeds upon the insured’s death. In other words, as long as policy premiums are paid, upon the insured’s death, the death benefit proceeds are paid to the beneficiary named in the policy.