Social media sites such as Instagram, Facebook and TikTok continue to grow in popularity. These sites have impacted many aspects of society, including the practice of bankruptcy law. While social media sites give people a chance to connect with friends and family, many people share a lot of personal information online. This blog will discuss the impact social media could have on your bankruptcy case.
Your Posts on Social Media are Not Private
Bruce Levitt, of Levitt & Slafkes is pleased to announce a
victory in the case of Techbiz Solutions, Inc.,vs. Beverly Patton, in which he successfully vacated a tax lien foreclosure judgment which allowed our client to get back her home.
In New Jersey, homeowners must pay real estate taxes to the town in which they live. If the real estate taxes are not included in the mortgage, the homeowner must pay their own real estate taxes every quarter.
As tax season approaches, we are often asked “can I keep my tax refund if I file a Chapter 7 Bankruptcy?” This blog will provide a general answer to this question. It is important, however, to consult a bankruptcy attorney to determine the best strategy for your situation.
What Happens to My Tax Refund in a Chapter 7 Bankruptcy?
A Chapter 13 bankruptcy can be a lifeline for individuals and families facing unmanageable debt. It can also help you save your home from foreclosure.
One important aspect of a Chapter 13 bankruptcy is that it must be feasible. In this blog post we will discuss what it means for a Chapter 13 Bankruptcy Plan to be feasible.
Chapter 13 Bankruptcy Basics
Updated with latest median income (set starting November 1, 2023)
If you are struggling with debt, bankruptcy may offer a way for you to eliminate some or all your debt and get a fresh start. Unless most of your debt is business or tax debt, you must pass the bankruptcy means test in order to be eligible to file a Chapter 7 Bankruptcy. This blog will explain what the means test is and how it works.
What is the Means Test?
This blog will discuss an important new case in New Jersey in the area of tax lien foreclosure. This case can be helpful to New Jersey property owners who have recently lost their property in a tax lien foreclosure.
Imagine you own a house worth almost $500,000, but you lose the house and the equity in it because you owed about $33,000 in real estate taxes. This is exactly what happened to a property owner in a case decided by the New Jersey Court of Appeals on December 4, 2023 titled 257-261 20th Avenue Realty, LLC v. Alessandro Roberto.
When you file bankruptcy your co-debtors can be affected. How they are affected depend mostly on the type of debt is involved and whether you file a Chapter 7 or Chapter 13 bankruptcy.
In this blog we will discuss the impact of your bankruptcy filing on your co-debtors.
What is a Co-Debtor?
How Does A Reverse Mortgage Work?
Many older adults use reverse mortgages to manage house payments or to tap into their home equity without having to sell their home. The loan is called a “reverse mortgage” because over time the mortgage balance increases, rather than decreases like a traditional mortgage. A reverse mortgage can be structured in a variety of ways depending on the lender and the program you choose. For instance, after paying off any existing mortgage and other liens on your home, the rest of the reverse mortgage can be paid in several ways including:
When and How to Modify a Chapter 13 Bankruptcy
Filing for a Chapter 13 bankruptcy can be a lifeline for individuals struggling with overwhelming debt.
When you file a Chapter 13 bankruptcy, you are required to submit a repayment plan that must be approved by the Bankruptcy Court. The Bankruptcy Plan sets forth how you intend to treat your creditors in your bankruptcy case.
If you are in a Chapter 13 bankruptcy and because of changed circumstances you can’t make your Chapter 13 Plan payments, the bankruptcy rules allow you to convert your case to a Chapter 7 bankruptcy.
What Does Conversion Mean?
Converting your Chapter 13 case means that your Chapter 13 bankruptcy ends, and the case is treated as a Chapter 7. Your case number and the date of filing of your bankruptcy remains the same. Once the bankruptcy is converted any funds being held by the Chapter 13 trustee are returned to you, less any administrative fees.