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.
Like many jurisdictions, New Jersey has enacted laws that prohibit the transfer of assets intended to avoid the reach of creditors. In New Jersey, this law is known as the New Jersey Uniform Fraudulent Transfer Act (“NJUFTA”). The purpose of the NJUFTA “is to prevent a debtor from placing his or her property beyond a creditor’s reach” and from “deliberately cheat[ing] a creditor by removing his property from the “jaws of execution.”
Previously, I had written a blog exploring what at that time was an unsettled area of the law. That blog explored whether you could utilize a preference avoidance action pursuant to 11 U.S.C. § 547 to retain your home after a foreclosure. Recently, the Third Circuit has rendered a binding decision in In re Hackler on a similar issue establishing that you can keep your property even if a property tax foreclosure has been completed prior to your bankruptcy filing. This blog will explore the property tax foreclosure process and what steps you can take to retain your property if you are facing a tax foreclosure or if the tax foreclosure has even been completed.
Accidents involving Uber or Lyft and the insurance issues involved are much different from normal auto accidents especially where you are the passenger in the Uber or Lyft car, a pedestrian struck by one of these vehicles, or driving another car and injured as the result of the negligence of an Uber or Lyft car. In New Jersey the legislature passed a special law in 2016 regarding transportation service vehicles like Uber or Lyft. That law is currently developing and will be interpreted by the courts.