One of the major concerns that face homeowners that are delinquent on their mortgage is that in addition to losing their homes they may also face a deficiency judgment. A deficiency after a foreclosure is the difference between what is owed on the mortgage and what the bank recovered on the house after a sheriff sale. The problem in the current economy is that many houses are upside down in that more is owed than the home is worth, thus leaving a borrower exposed to a significant liability after the bank takes the house to sheriff sale.
No matter the size of a business or company, financial problems could present themselves. New Jersey readers of this blog might be familiar with the issues surrounding the Revel Casino in Atlantic City. While the business bankruptcy proceedings were initiated awhile back, the casino is still dealing with complications regarding its sale.
The banks are not stepping up and making a high enough percentage of mortgage modifications permanent. Our firm represents many individuals on loan modifications and it is becoming increasingly difficult to successfully obtain favorable and permanent loan modifications. The banks are giving these trial modifications, but then not making the loan modification permanent.
Bicycles are one of the most vulnerable vehicles on the roads and are even more vulnerable than motorcyclists. In 2010, almost 800 bicycle fatalities were reported with an estimated 515,000 bicycle related injuries. Owing to the gravity of the problem, New Jersey law makes a lot of provisions regarding bicycle safety norms.
Initial Supreme Court Opinion Protecting ERISA Retirement Plans
The law has been well settled since 1992, by a Unites States Supreme Court decision, shielding debtors' interests in qualified Employee Retirement Income Security Act (ERISA) plans. Stated clearly, creditors could not touch ERISA retirement plans in bankruptcy. Thus, this Supreme Court opinion was used by bankruptcy attorneys to argue that other related retirement plans were also exempt from the reach of creditors.
Wayne, New Jersey, resident would agree that injury from a sudden accident can have a severe impact on a person's physical as well as emotional well-being. In addition to the physical and emotional trauma, accident victims and their families also deal with financial difficulties that arise from lost income and expenses incurred for medical treatment.
One can suffer injuries of any nature. What if the injuries that one has sustained are due to someone else's negligence? Injuries of such a nature are not uncommon in New Jersey or elsewhere around the U.S. One can always file a complaint against such injuries and demand compensation. Premises liability laws provide a safety net for people injured in someone else's property.
New Jersey families driving certain motor vehicles may have almost met their end on the road without even knowing it. General Motors, one of the largest automakers in the United States, has been accused of failing to correct a serious product defect in several lines of cars dating as far back as 10 years.
Many people in Wayne, New Jersey, might remember the famous McDonald's "hot coffee lawsuit" that occurred in 1994. In that lawsuit, a 79-year-old woman accidentally spilled hot coffee, which she bought from McDonald's, on her lap and suffered burns. She sued the restaurant chain and a jury awarded her $2.9 million in damages. However, the judge reduced the compensation to $400,000 and the woman and McDonalds settled the matter out of court, for an undisclosed amount.
Residents of New Jersey know that many of us are dependent on drugs and medical devices to ensure a healthy lifestyle. While some drugs are administered orally, others are administered through other methods. But no matter what method is used, consumers expect the pharmaceutical products they take to be safe.
Recently, Merck, one of the largest pharmaceutical companies, agreed to pay $100 million to settle thousands of products liability lawsuits pertaining to the safety of its NuvaRing contraceptive device. According to reports, more than 200 lawsuits have been consolidated in New Jersey, all of which claim the company knew that NuvaRing posed a higher risk of heart attacks and blood clots compared to its competitors.