Foreclosure is the judicial process by which a lender takes title and possession to property after a homeowner stops making mortgage payments. Generally, a “mortgage” is comprised of a promissory note (the “Note”) and a mortgage (the “Mortgage”). The Note memorializes the money lent to the homeowner to fund the purchase, the terms of repayment, and the borrowers promise to repay the money lent. The Mortgage is the “security” for the Note i.e. it gives the lender the right to take the property if the Note isn’t repaid. The Sheriff then sells the property at public auction and the money received is given to the lender as repayment for the Note. New Jersey is a judicial foreclosure state, meaning the lender must go through the courts to foreclose upon a property. A lender cannot resort to “self-help” by changing locks or just showing up and demanding the owner vacate the premises.
Every day new companies open their doors, employ a workforce, and provide valuable services and products to help sustain our economy. Clearly, not all businesses are successful, particularly small businesses. Most businesses in operation in the United States are defined as a small business, which the U.S. Small Business Administration defines as an independent business having fewer than 500 employees. Small businesses, which each are commonly undercapitalized and lacking the necessary skills to operate a business, are particularly vulnerable to the incumbent risks that all businesses face. Only about half of small businesses will survive past the five-year mark. So, what does a business owner do when the business no longer can pay its debts as they come do?
One of the most common personal injury actions relate to an individual losing their balance and subsequently suffering injuries from a fall. Generally, when a fall occurs you can’t help but ask yourself, did I trip on something? Did I slip on something? While the distinction between a trip and slip may seem nonsensical, the legal distinction is important for a successful personal injury action. This blog will explore the differences between a slip-and-fall and trip-and-fall case, and how to obtain a successful outcome
In many instances, marital couples intertwine their financial affairs. This causes the vast majority of both real and personal property owned by the marital couple to be jointly owned property. This blog will explore the effect that jointly owned property has on a bankruptcy case for purposes of residential real property and jointly owned bank accounts.
Remodeling or adding to your home is often a necessary undertaking to stay current and accommodate a growing family. It is also a stressful and costly endeavor. During the process, homeowners struggle for months, if not years, over plans, drawings, finances, carpets vs. hardwood, paint color and especially, which contractor to trust with the job. These are just the initial stressors of the undertaking and can be the least of a homeowner’s problems if the wrong contractor is hired. Luckily, the New Jersey Consumer Fraud Act (“NJCFA”) applies to most “home improvement contracts” and can be useful tool in the event of unforeseen delays, defects, disagreements, or rising costs.
Often, individuals who are contemplating bankruptcy have some equity in their residence and are debating whether it will be better to file a chapter 7 or chapter 13 bankruptcy proceeding. This blog will explore what happens when you file a chapter 7 bankruptcy and how you should evaluate your decision making.
According to the Internal Revenue Service, the average refund this tax season has decreased by 8.4%. This, of course, is mainly due to the recent changes in tax laws and the loss of certain tax deductions that were available in previous years. With the April 15th tax deadline right around the corner, this could potentially mean that you could be owing taxes when you really expected a tax refund. And if you already owe income taxes for previous tax years, you could be facing an even larger tax debt when the dust settles. With that said, you still have options, and the filing of a bankruptcy can help minimize your already existing tax debt. This blog will explore how bankruptcy can help you get rid of some of that tax debt.
In personal injuries cases, the courts in New Jersey do not allow the attorney to ask the jury to award a specific amount of money for pain and suffering or non-economic losses. For example, an attorney cannot argue that my client should be entitled to 2 million dollars for her permanent back injury that required a fusion surgery and has limited her life in all ways. In some states the attorney can argue in that way and suggest a specific number.
One of the more difficult issues that can evolve during a personal injury case is the assertion of liens by a healthcare insurance carrier and provider, Medicaid and Medicare, and workers’ compensation insurance carrier, or for past due child support obligations. In short, liens are a property interest held by a third-party against the financial recovery awarded for personal injury settlement or final judgment obtained. In other words, a Plaintiff may be required to pay a portion of their settlement proceeds to a third-party for a related lien.
This can sometimes be a surprise to an injured party, because after years of litigation they believe the fight it over. However, counsel for the plaintiff may need to challenge and negotiate down a lien to ensure a larger net recovery for the injured client. This article will discuss some of the common liens that may affect the potential net recovery by a plaintiff in a personal injury case.
According to a recent study conducted by the Federal Bank Reserve of New York, 7 million Americans with auto loans were 90 or more days delinquent in 2018. More importantly, the study demonstrates that majority of those who were delinquent on their auto loans were low- to middle-income borrowers, under 30 years of age, and with subprime credit scores (credit scores of 620 and lower).