It seems that people will always find a way to cheat or rig something. You would hope that when a home goes up for foreclosure that the bidding would be fair. What happens when “friends” get together at a foreclosure sale and set out to get the price below what would normally be paid for […]
August 18, 2016 There was a 10% decrease in NJ Bankruptcies in 2015 from 2014. As in the past, approximately 97% of all bankruptcy filings are non-business. See Chart below for details:
Bankruptcy Stats 2015 – full year – Consumer Chapter 7: Down from 66% in 2014 Debtor’s non-exempt assets are liquidated and the non-exempt proceeds distributed to creditors. Chapter 11: One-tenth of one percent of petitions filed by individuals with predominantly consumer debt. Enables businesses and individuals to continue operating while they formulate plans to reorganize […]
Debtor filed a Chapter 13 bankruptcy; claiming car value was $2,133.00 based on both Kelly Blue Book private party value and NADA values. Lender filed Proof of Claim for the Debtor’s car with a value of $4,650.00 Debtor objected to the value and only provided the mileage of the car to support his position. Bankruptcy […]
A pro se Debtor filed a Chapter 7 bankruptcy. The Trustee continued to find “mistakes” in the Debtor’s petition. The most significant were in the Statement of Financial Affairs (SOFA). Each time, the Trustee would ask the Debtor to correct the errors and there were continual errors or incorrect figures. As a result, the Trustee […]
When clients come to me for a bankruptcy, most of their homes are termed “underwater”. Pertaining to Bankruptcy, this means that the value of their homes is less than the amount owed. It the future, when someone looks to bankruptcy, underwater may mean something totally different – their homes are now underwater forever from the […]
