Falling behind on the mortgage is always frustrating, but you risk foreclosure if you miss too many payments. Thankfully, creditors cannot blindside you with foreclosure proceedings, and you should receive a mortgage foreclosure notice beforehand. Mortgage foreclosure notices are typically mailed to homeowners at least 30 days before the creditors want to initiate foreclosure. There might be various kinds of notices, and you might receive one or more, depending on your case. Once you have received notice that a creditor intends to foreclose, you can file for bankruptcy to halt the foreclosure. Once you have filed for bankruptcy, you and your attorney can take steps to either liquidate assets and pay debts or develop a payment plan approved by the court to help you catch up on debts. Keep in mind that while filing for bankruptcy can help you in many ways after receiving a mortgage foreclosure notice, there are certain drawbacks you should be aware of. Contact our New Jersey mortgage foreclosure defense lawyers about scheduling a free case review by calling Young, Marr, Mallis & Associates at (609) 755-3115. What Happens After Receiving a Mortgage Foreclosure Notice in New Jersey? Going through foreclosure proceedings can be intimidating, frightening, and humiliating. Luckily, New Jersey’s Fair Foreclosure Act protects homeowners so they are not taken advantage of by creditors with greater financial and legal resources. One such protection is the requirement to give notice. According to N.J.S.A. § 2A:50-56(a), a residential mortgage lender (e.g., the bank or other creditors on a mortgage) must send notice of their intent to initiate foreclosure to the homeowner at least 30 days but no more than 180 days before foreclosure proceedings begin. Notice should be sent by certified or registered mail with a return receipt requested. If you never receive the notice before foreclosure proceedings begin, you should talk to a lawyer immediately. In addition, your agreement or contract with the mortgage lender or creditor might provide additional forms of notice. Under your contract, the lender must send a mortgage foreclosure notice 6 months in advance. Failure to do so might be a breach of contract, even if the lender sends the legally required 30-day notice. How to Prevent a Mortgage Foreclosure Notice in New Jersey After receiving notice of the lender or creditor’s intent to foreclose, you can take legal action to halt the foreclosure and hopefully save your home. Our New Jersey mortgage foreclosure defense lawyers can help you file for bankruptcy, which should trigger an automatic stay on the foreclosure, allowing you more time to figure things out. Chapter 7 Bankruptcy Chapter 7 bankruptcy is one of the most common filings for residential homeowners facing foreclosure. Under Chapter 7 bankruptcy, your assets and property may be liquidated, and the money earned from the liquidation is used to pay debts, including overdue mortgage payments. The problem here is that you risk seeing your home liquidated, which is usually the opposite of what homeowners facing foreclosure want. Unfortunately, people filing for Chapter 7 bankruptcy usually do not control when and how their assets are liquidated. Instead, a trustee is appointed and responsible for gathering assets and liquidating them. However, this does not mean you have no say in the matter. Our team can help you work with the trustee to liquidate some assets while holding onto your home. This might be a viable option if you have multiple other valuable assets you can part with to avoid liquidating your home. Chapter 13 Bankruptcy Under Chapter 13, which is also geared toward residential homeowners, you can restructure your finances and develop a payment plan instead of liquidating your assets. This is often optimal for homeowners who want to retain valuable assets like their houses. When filing for Chapter 13 bankruptcy, you and your attorney must devise a reasonable payment to help you catch up on missed payments and debts over several years. Often, people with a fairly decent, steady income but very high debts find Chapter 13 bankruptcy helpful. Your payment plan should allow you to make up missed mortgage payments and prevent foreclosure. Pros and Cons of Filing for Bankruptcy to Stop a Mortgage Foreclosure in New Jersey While filing for bankruptcy can help stop foreclosure in its tracks, it is not without some drawbacks. If all goes well, you might keep your home and avoid foreclosure. However, bankruptcy stays on your financial records for years and might negatively affect future financial opportunities. Pros Once your bankruptcy filing has gone through, an automatic stay is immediately placed on any foreclosure proceedings or other legal actions creditors take to repossess your assets. Even if your home is being auctioned off at a Sheriff’s sale, the automatic stay would prevent the sale and give you time to plan your next steps with your lawyer. If you file for Chapter 7 bankruptcy, your bankruptcy proceedings might be over fairly quickly. Chapter 7 usually takes only a few months to complete. Once certain assets are liquidated, and various debts are paid, the court might discharge other debts. Ultimately, you might get a fresh start while retaining your home. If you file for Chapter 13, the process takes longer, but you might not lose any assets in the process. Chapter 13 is a somewhat safer choice for people who do not want to risk having their house liquidated. Cons Bankruptcy gets a bad reputation and is often seen as a punishment because it takes a significant toll on your credit. The bankruptcy filing will be reflected in your financial records for years, and future lenders, creditors, and others may see this information when they run a credit check. People usually do not want to see bankruptcy in a credit check, and they might choose to turn you away. For example, if you want to open a business, the bank might see your bankruptcy in your credit history and deny you the business loan you need. Bankruptcy might also affect your ability to make large purchases in the future, including cars and property. Your attorney can help you minimize the fallout from your bankruptcy case so you can move on with your life with a fresh start and a clean slate. Call Our New Jersey Mortgage Foreclosure Defense Lawyers For a free review of your case and mortgage foreclosure notice, call our Cherry Hill, NJ  mortgage foreclosure defense attorneys at Young, Marr, Mallis & Associates at (609) 755-3115.

Should the U.S. enter into a debt default, many government programs, including Social Security disability benefits, could be impacted. Unfortunately for Social Security benefit recipients, U.S. debt default could indefinitely pause monthly payments. The threat of a U.S. debt default depends on whether or not Congress pays the country’s debt and raises the current debt ceiling. Should Social Security benefits be paused, millions of Americans could be affected, as many rely on monthly payments as their primary income source. Though trust funds are in place to support Social Security payments to recipients in the event of a debt default, they could be depleted if the United States enters into a debt default. To get a free assessment of your case from Young, Marr, Mallis & Associates, call our Pennsylvania disability lawyers today at (215) 515-2954 or (609) 557-308. How Could a US Debt Default Affect Social Security Payments? When borrowers fail to meet payments, they could default on their debt. This can even happen to the United States government, which could, in turn, impact Social Security payments to recipients. Certain Social Security programs could be affected if the U.S. enters into a debt default. Without the necessary funds to provide benefits to recipients, monthly payments could halt for an undetermined period of time, depending on the situation. The U.S. has a debt ceiling that is set by Congress. The U.S. recently met its debt ceiling in January of 2023, meaning the possibility of it entering a debt default is impending unless Congress raises the debt ceiling. As of May 2023, the current issue preventing the debt ceiling from being raised and preventing the U.S. from paying certain outstanding debts revolves around Social Security. Some legislators in the United States wish for Social Security benefits to be reevaluated and possibly reduced, which could lower or eliminate certain Social Security benefits for some Americans. Social Security benefits, and the U.S. and global economies, could be greatly impacted should the United States enter into a debt default. This could mean that millions of people might lose their jobs as a result of a debt default, in addition to many losing Social Security benefits. While it might seem as though the United States deals with a debt crisis on an annual basis, the threat to Social Security benefits is relatively high at the current time. It is important that Social Security benefit recipients confer with our Philadelphia disability lawyers to understand whether or not their benefits will be in jeopardy and learn how to prepare for a possible pause to monthly payments. How Many Social Security Benefit Recipients Could Be Affected by a US Debt Default? If the U.S. enters into a debt default and Social Security payments stop temporarily, millions of benefit recipients, including you, could be affected if they rely on Social Security payments to support themselves and their families. According to the Social Security Administration’s (SSA) most recent data, over 9.2 million people in the United States received SSDI benefits in 2021. In December of that same year, payments equated to over $11.9 billion in total, which shows the sheer economic support Social Security benefits provide to disabled workers in America. Social Security Disability Insurance benefits are not the only benefits available to Americans in need. Millions of people receive Supplemental Security Income (SSI) benefits, which are available to those with qualifying disabilities and demonstrate financial need. According to the SSA, 57% of people receiving SSI benefits in the U.S. have no other income, meaning a debt default could leave millions of SSI recipients without any financial support whatsoever. Perhaps the largest portion of Social Security benefit recipients in the U.S. are retirees. When you reach retirement age, you can be eligible to receive retirement Social Security benefits to provide you with some income in the latter part of your life. Nearly 70 million people received Social Security benefits of some kind in 2019, so if the U.S. enters into debt default and halts Social Security payments, a large portion of the U.S. population could be seriously impacted. What Protections Are in Place to Prevent a US Debt Default from Affecting Social Security Payments? There are two Social Security trust funds in the U.S. that could enable benefit recipients to continue getting monthly payments for some time, despite a possible debt default in the United States. They are the Old-Age and Survivors Insurance (OASI) Trust Fund and the Disability Insurance (DI) Trust Fund. That said, these trust funds might only be a temporary solution to a debt default. Old-Age and Survivors Insurance Trust Fund The OASI Trust Fund is a reserve that provides Social Security benefits to retirees and survivors of deceased workers in the United States. In 2022, the net reserves of the OASI Trust Fund decreased by millions of dollars, somewhat due to the ongoing crisis of COVID-19. At the end of 2022, the OASI Trust Fund’s asset reserves equated to about $2,711.899 billion. Considering the sheer number of retirement benefit recipients in the United States, the OASI Trust Fund might be depleted relatively quickly if a debt default occurs. Disability Insurance Trust Fund The Disability Insurance Trust Fund’s holdings are considerably lower than that of the OASI Trust Fund. While the DI Trust Fund’s asset reserves increased in 2022 by $18,594 million, the net asset reserves at the end of the year were about $118,000 million. While this can seem like a large amount of money dedicated to SSDI and SSI recipients, considering the fact that millions of people get these benefits every month, the DI Trust Fund might only be able to support disability benefit payments to Americans for a short time if the U.S. enters into a debt default. Get Social Security Benefits Today To have our Quakertown disability lawyers evaluate your case for free, call Young, Marr, Mallis & at (215) 515-2954 or (609) 557-308.

Receiving a mortgage foreclosure notice could be the beginning of one of the most challenging periods in a person’s life. While the loss of your home is at risk, there are methods to prevent the worst from occurring. The best way to fight mortgage foreclosure in Pennsylvania is to file your case in court. Through the court, you can likely begin mediation proceedings to negotiate a way out of the situation. However, filing for either Chapter 7 or Chapter 13 bankruptcy is usually the best method to preserve your home while limiting your other losses. If you prefer to handle the matter directly with your lender, our team can help you determine which option works best for your financial situation. Contact Young, Marr, Mallis & Associates today at (215) 701-6519 for a free case review with our Pennsylvania mortgage foreclosure defense attorneys. What Should I Do If I Received a Mortgage Foreclosure Notice in Pennsylvania? It is understandable that you might be overcome with dread after receiving a mortgage foreclosure notice in Pennsylvania. Fortunately, there are a number of methods to help fight mortgage foreclosure that our Bensalem mortgage foreclosure defense attorneys can help you choose from. Mortgage foreclosure proceedings typically go into effect after a homeowner has missed their mortgage payments for a minimum of 60 days. However, you should have received at least two written notices of the lender’s intent to foreclose on your property. If you did receive notice of foreclosure, you typically have two to four months to resolve the late payments before proceedings move forward. If the matter is not properly dealt with, your lender can file suit against you. If their lawsuit succeeds, they will be permitted by the court to list your property for sale to recover the damages the court found your lender entitled to. If you recently received notice of foreclosure, it is important not to panic and contact our firm. Many homeowners are not aware of the various ways to defend against mortgage foreclosure. Depending on your financial situation, we can help you choose a method that helps keep your home without suffering from overcoming losses. How Can I Stop Mortgage Foreclosure in Pennsylvania? Receiving a notice of foreclosure does not automatically mean that you will lose your home. In Pennsylvania, numerous options are available to help you and your family stay in your home. In many cases, going through the court is the best method. This includes defending your case in a lawsuit or, more commonly, filing for bankruptcy. Additionally, other options outside of the legal system are available, but it might be more difficult to maintain financial stability through their use. Filing a Lawsuit If you were notified of mortgage foreclosure, one method to keep your home would be taking your case to court. When this route is chosen, the judge assigned to your case will typically order the parties involved to engage in mediation. Mediation is a legal process by which each side can come together and attempt to negotiate a fair outcome for all involved parties. This could mean altering the original mortgage agreement, or the lender might refuse anything less than full payment. The good part about mediation is that you will be granted an automatic stay on your foreclosure until mediation concludes. This means that you will not be required to make your mortgage payments while mediation is ongoing. You can also assert affirmative defenses to your foreclosure in a lawsuit. For instance, you could potentially stop foreclosure proceedings if you can show that your lender engaged in predatory practices when negotiating your loan. You can also prevent foreclosure if your lender violated state or federal laws. While these defenses will not remove your financial obligations completely, they will likely allow you to keep your home. Filing for Chapter 7 Bankruptcy In most cases, filing for bankruptcy is usually the best option to protect your home from foreclosure. Pennsylvania has two types of bankruptcy that individuals can file for, which include Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy is typically the best method for individuals who do not have continual employment or whose income is too low to cover their debts. In Chapter 7 proceedings, some of your assets are sold off to satisfy your debts. This can include cars and other personal items, but Chapter 7 proceedings will stop your mortgage foreclosure for the time being. This time can allow you to figure out a way to meet your mortgage obligations. Filing for Chapter 13 Bankruptcy Chapter 13 bankruptcy is another method to preserve your property. This method is a better fit for those with a stable income and the apparent ability to pay their debts under the right conditions. When filing for Chapter 13 bankruptcy, you will need to create a repayment plan that shows how you will repay your debts and for how long. Your repayment plan will then need to be approved by the court. Like Chapter 7 bankruptcy, foreclosure proceedings will cease after your Chapter 13 bankruptcy filing is approved. However, you must show that you will earn enough income to meet the obligations laid out in your repayment plan. Mortgage Modification Another common method to prevent mortgage foreclosure is to negotiate a mortgage modification. With a mortgage modification, you might be able to lower your monthly payments, lower your interest rate, or be granted extensions in the timeframe in which you must pay. However, getting a suitable mortgage modification can be extremely challenging without the support of a knowledgeable Bucks County, PA foreclosure defense attorney. Mortgage Forbearance Agreement You might also consider entering into a mortgage forbearance agreement. A forbearance will not change the terms of your mortgage plan but will grant you more time to make your payments. This option typically works to give your more time to come up with a more long-term solution to your financial problems. In many cases, forbearances will usually only last for up to six months. Short Sale of Your Property A less attractive option but one that could save you from a serious financial downfall is to “short sale” your home. If your lender agrees to short-sale your home, they will sell your home to recover compensation that is usually less than the total amount owed on your mortgage. However, by short-selling your home, you will be free of your financial obligations to the lender even though the full amount of the mortgage was not recovered. Our Pennsylvania Mortgage Foreclosure Defense Attorneys Can Help For a free case consultation with our Allentown mortgage foreclosure defense lawyers, call Young, Marr, Mallis & Associates at (215) 701-6519.

Being in debt is not unusual, and many people have debt to pay off. If you have missed too many payments, the creditor might come after you with a lawsuit. You should immediately meet with an attorney to discuss your legal options after being sued for debts. For some, there might not be an easy way out, and financial sacrifices might have to be made. For others, the lawsuit might not be valid, and you can litigate the matter in court. For many others, bankruptcy is a great option for handling overwhelming debts and avoiding lawsuits. When you file for bankruptcy, the court should issue an automatic stay on legal proceedings against you, including a lawsuit for debts. When your bankruptcy case is complete, you should have a better handle on your debts, and some might even be discharged, depending on how you file. If you are the subject of a lawsuit for debts, call our New Jersey bankruptcy lawyers at Young, Marr, Mallis & Associates at (609) 755-3115 to schedule a free review of your legal situation. Steps to Take After Being Sued for Debts in New Jersey Being sued for any reason is generally an unpleasant experience. Being sued for outstanding debts is often frightening, as losing the case could mean financial ruin. The greatest asset in your case is your attorney. File an Answer to the Lawsuit The first thing our Mt. Laurel, NJ  bankruptcy attorneys will do for your case is review the complaint and file an answer. When a lawsuit is filed, the plaintiff – in this case, the creditor suing you for debts – must submit a complaint to the court. They must also serve the defendant (i.e., you) a notice of the lawsuit. Whatever you do, do not ignore the complaint or notice. If you ignore the complaint and do not respond, the case does not go away, and the court will not reach out to you and give you a second chance to answer. Instead, the defendant (i.e., the creditor) will move for summary judgment against you. If summary judgment is granted, you will lose the lawsuit automatically. You must respond to the lawsuit, even if you are not hopeful about the outcome. Speak to an Attorney Talk to a lawyer about your legal options as soon as possible, preferably before filing an answer to the lawsuit. You usually have at least a few weeks to submit an answer, and you can use this time to evaluate your case with an experienced lawyer. Your lawyer can assist you in reviewing multiple legal options and determining which one works best for your situation. Remember, your attorney can help you protect yourself from creditors who are only after the money they are owed. There might be a way, other than a lawsuit, to pay your debts and avoid the lawsuit. Litigate the Case If necessary, your lawyer can litigate the case with you. This might be a good option if your attorney believes that the case against you is invalid or overblown. For example, depending on the nature of the debts involved, creditors usually can only file a lawsuit for debts if a certain number of payments have been missed. For example, missing a single mortgage payment should not result in a lawsuit from the bank or other creditors. If the lawsuit is filed prematurely, your attorney can help you defend yourself. Your attorney can also help you review your agreement with the creditor to determine whether their claims are enforceable in court. Not all agreements or contracts are invalid. Creditors are sometimes shady and include terms and conditions in contracts or agreements that are unfairly detrimental to the other party. These shady creditors often rely on people being unfamiliar with legal or financial matters and unrepresented by an attorney. Your attorney can protect you from shady agreements in court. Filing for Bankruptcy After Being Sued for Debts in New Jersey While bankruptcy is often viewed as a last resort, it could be the answer you need when facing a lawsuit for unpaid debts. At the end of a bankruptcy case, the debts at the center of the lawsuit might be discharged, and the case against you might be dismissed or dropped. Chapter 7 Bankruptcy One popular bankruptcy option is Chapter 7 bankruptcy. This chapter is often referred to as liquidation bankruptcy. Under Chapter 7, the person filing for bankruptcy will have their assets liquidated by a bankruptcy trustee. Assets that might be liquidated include your home, vehicle, and other properties. The proceeds from the sale of these assets will be used to pay off as much debt as possible. In some cases, bankruptcy petitioner has enough assets to cover their debts. In others, the value of the liquidated assets might not be enough to pay for everything, and there might still be outstanding debts. Luckily, courts might discharge some remaining debts. When the courts discharge a debt, you are no longer legally liable to pay, and creditors cannot come after you for more money or sue for the debt. If the debts involved in the lawsuit against you are discharged, the case should either be dropped or dismissed. Chapter 13 Bankruptcy Chapter 13 bankruptcy often does not involve the liquidation of any assets. This might be a good option for people who want to file bankruptcy to get out from under debts but also want to hang onto things like their home and vehicle. Under this chapter, you can work with your attorney to come up with a payment schedule to help pay back debts over time. Contrary to Chapter 7, which is often completed in a few months, Chapter 13 bankruptcy is spread over several years. Once the court and creditors approve your payment schedule, you must stay on the plan for several years before any debts are discharged. If you keep up with the plan, which might be very strict, the court might be willing to discharge any debts. Other Bankruptcy Chapters Other bankruptcy chapters might fit your needs better than those mentioned here. While Chapters 7 and 13 are arguably the most filed bankruptcy claims for individuals, other chapters are designed for other financial situations. For example, if your business is in the process of declaring bankruptcy, other chapters might be better suited to your needs. Talk to a lawyer to better understand how to file for bankruptcy and avoid a lawsuit for debts. Speak to Our New Jersey Bankruptcy Attorneys About Your Lawsuit Call Young, Marr, Mallis & Associates at (609) 755-3115 to arrange an evaluation of your case for no charge with our Cherry Hill, NJ bankruptcy attorneys.

 The SBA has announced a "Hardship Accommodation Plan" for EIDL loan borrowers.New Relief Program for SBA EIDL Borrowers Who are Having Difficulty Repaying EIDL Loans " Hardship Accommodation Plan"If approved, the Hardship Accommodation Plan will reduce the borrower’s payment to 10% of their monthly payment for six months, after which their regular monthly payment will resume unless they apply for, and receive, another six-month extension.Loans under $200,000 can enroll in a hardship accommodation plan through their MySBA Loan Portal. For larger loans, they will need to call the Covid EIDL Servicing Center.For businesses with Covid EIDL loans that are under $200,000, the SBA requires, along with an offer in compromise application, the most recent profit and loss statements, most recent balance sheet and the most recent three months of history for all business checking accounts, along with its most recent federal tax returns and any copies of a purchase agreement or dissolution documentation if sold or shut down.This information will be used to  evaluate a borrower’s ability to repay the outstanding EIDL loan.If outstanding EIDL SBA loans are not repaid the SBA can pursue the business's collateral, commence litigation, wage garnishment or intercept tax refunds.Jim Shenwick, Esq. 917 363 3391   jshenwick@gmail.comWe help individuals & companies with too much debt!

 With consumer debt at an all-time high, a financial planner explains who should consider bankruptcy Business InsiderThe article can be found at the Business Insider at https://www.businessinsider.com/personal-finance/decide-bankruptcy-makes-sense-financial-planner-2023-4Jim Shenwick Esq  917 363 3391  jshenwick@gmail.comPlease click the link to schedule a telephone call with me.https://calendly.com/james-shenwick/15minWe help individuals & companies with too much debt!

Having debt is pretty normal, and most people have some debts they are working on paying back. If you fall behind on payments, you might land in some trouble. Fall too far behind, and creditors might take legal action. If you are being sued for unpaid debts, creditors might try to take you to court to get the money you owe. If you do not have the money, they might seize assets, have liens placed on property, or garnish your wages. If you find yourself on the wrong end of a lawsuit, an attorney can help you take the necessary steps to protect yourself. You should always answer the lawsuit to avoid a summary judgment. With the help of a qualified attorney, you can file for bankruptcy to reconfigure your finances and hopefully have some debts discharged. There might be several bankruptcy chapters you can file under, and the best one is the one that suits your needs and helps you avoid a lawsuit. Talk to our Pennsylvania bankruptcy attorneys in a free case evaluation by calling Young, Marr, Mallis & Associates at (215) 701-6519. What Happens if You Are Sued for Debts in Pennsylvania? Falling behind on bills is not that unusual, but it is still something to be avoided. Normally, creditors are willing to look past one or two late payments as long as you make those payments as soon as possible. If you fall too far behind on payments, usually more than a few months, the creditor might take legal action and sue you for the unpaid debts. If the creditor sues you and wins, you might be in a very tough situation. The creditor can have the court or sheriff seize your assets to pay for the debts. This kind of sale, known as a levy, execution sale, or sheriff’s sale, may only happen after the creditor wins the lawsuit. They might also place a lien on your property or have the court garnish your wages to get the money they are owed. Once a creditor files a lawsuit against you for unpaid debts, it might be hard to defend yourself, even when your inability to pay is not your fault. You might have lost your job, become very ill, or suffered from bad investment advice. The courts do not care, and you might lose if the case against you gets to court. An attorney can help you take steps to cut the case short and rearrange your finances so you can start over with a clean slate. How to Protect Yourself When Being Sued for Debts in Pennsylvania Protecting yourself in a lawsuit for unpaid debts should begin with a good lawyer. Once you have hired legal counsel, you can answer the lawsuit. While the lawsuit is pending, our Bensalem, PA bankruptcy attorneys can help you file for bankruptcy in the hopes of having some of your debts discharged. Speak to a Lawyer When you have been served with notice of a lawsuit, the first thing you should do is speak with a qualified attorney. Since the lawsuit is over unpaid debts, it might be best to speak with an attorney familiar with finances and bankruptcy. It is also important to speak with an attorney familiar with lawsuits for unpaid debts because the lawsuit might not be totally valid. Creditors might threaten to file lawsuits prematurely to frighten people into paying them faster. An attorney can help you determine whether the claims against you are valid or bogus. Answer the Lawsuit No matter what you and your attorney decide, you must answer the lawsuit. When the other party files the initial complaint for unpaid debts, they must also serve you notice of the complaint. Once you have that notice, you have a limited time to file your answer with the court. Ignoring the complaint will not make it go away. In fact, it will probably make your problem much worse. If the time limit to answer passes and you have not yet answered, the other party may file a motion for summary judgment against you. This means you would automatically lose the case because you did not respond to the claims against you. File for Bankruptcy One way to combat the lawsuit against you is to file for bankruptcy. While this might sound like adding insult to injury, it might be the solution to your problems. When you file for bankruptcy, an automatic stay is placed on proceedings against you regarding unpaid debts. This includes things like foreclosures and lawsuits for unpaid debts. While the stay is in place, creditors cannot come after you for unpaid debts. The good thing about filing for bankruptcy is that the court might discharge certain debts. Credit cards, medical bills, and other debts might be discharged, meaning you would no longer be liable for payment. This is not a get-out-jail-free card, and there are some tradeoffs. Depending on which bankruptcy chapter you file under, you might have to spend years on a strict payment plan or liquidate assets to pay off debts before anything is discharged. However, if the unpaid debts you are being sued for are discharged, the lawsuit will be dropped. How Bankruptcy Can Help You When You Are Sued for Debts in Pennsylvania There are numerous federal bankruptcy chapters under which you might file. These chapters are designed to help people in different financial situations file for bankruptcy and escape their debts. Under Chapter 13, you can devise a payment plan to help you catch up on unpaid debts. Generally, people are on these payment plans for at least a few years before the courts agree to discharge debts. The idea is that, while keeping up with the payment plan, you can repay as much of your debts as possible. In the end, creditors get at least some of their money, and you can escape many other debts. What makes Chapter 13 so appealing to many homeowners is that you do not usually have to sell off assets to pay the bills. Chapter 7 bankruptcy is different and tends to be completed much faster. You would liquidate much of your assets, including homes, vehicles, and other properties. The proceeds from liquidation would be used to pay off debts. Once that is completed, a judge might discharge the remaining debts, and you can start over fresh. Call Our Pennsylvania Bankruptcy Attorneys to Discuss Your Case To schedule a free case review with our Philadelphia bankruptcy attorneys, call Young, Marr, Mallis & Associates at (215) 701-6519.

The entire process of bankruptcy can be completed within months or years in New Jersey. Initial filings can take place soon after you recognize the need for financial relief. While you can declare bankruptcy quickly in New Jersey, it is important to make that decision based on a complete understanding of your financial situation and the bankruptcy process. Preparing your bankruptcy petition may take time, considering the amount of financial information it must include. If you declare Chapter 13, you must submit your repayment plan within 14 days of filing. For Chapter 7, the average length of bankruptcy is less than six months. For Chapter 13, the average length of bankruptcy is less than five years in New Jersey. For a free case evaluation from Young, Marr, Mallis & Associates, call (609) 755-3115 to speak with our New Jersey bankruptcy lawyers today. How Fast Should You File for Bankruptcy in New Jersey? Declaring bankruptcy is a major financial decision that should not be made overnight. That said, delaying bankruptcy when it can help you reestablish your financial stability can worsen your situation in New Jersey. Deciding to enter into bankruptcy isn’t a split-second decision. Our Cherry Hill, NJ bankruptcy lawyers will meet with you, review your finances and debts to creditors, and provide the insight you might need to confirm your decision to file for bankruptcy. It is important that you feel comfortable taking this route and fully understand what declaring bankruptcy will entail in New Jersey. Debtors should not delay declaring bankruptcy when they are in considerable debt. As interest begins to accrue on your debt, it can become insurmountable, and paying off debts all at once may be impossible based on your income. Quickly declaring bankruptcy can allow you to erase certain dischargeable debts, like medical and credit card debt, so you can refocus your finances and gain some stability in New Jersey. How Fast Can You Declare Bankruptcy in New Jersey? Once you decide to declare bankruptcy in New Jersey, the process can happen fast. It begins with filing a bankruptcy petition with the court. Preparing your bankruptcy petition can take time, so filing for bankruptcy as soon as you realize you need relief is important. Your bankruptcy petition will include important information about your debt, creditors, income, assets, expenses, and other financial details. During this time, you must also decide what chapter of bankruptcy best suits your situation. Typically, debtors in New Jersey will be eligible for either Chapter 13 or Chapter 7. The former requires asset liquidation, and the latter requires debtors to submit repayment plans. After you declare bankruptcy, you will likely go through hearings with a judge. The judge might require you to enter into mediation with creditors in an attempt to resolve certain issues without the court’s involvement. Depending on the success of mediation, the initial steps of the bankruptcy process may take a matter of days or weeks in New Jersey. If mediation is unsuccessful, the judge will make certain decisions regarding your bankruptcy case in New Jersey. How Fast Can You Finalize Your Repayment Plan in New Jersey? If you declare Chapter 13 bankruptcy in New Jersey, you must submit your repayment plan for the court’s approval. This must be done relatively quickly after a debtor enters into bankruptcy in New Jersey. Debtors must submit their repayment plan within 14 days of filing a bankruptcy petition with the court in New Jersey. When designing your repayment plan, our attorneys will consolidate all owed debt under one fixed interest rate and choose a timeframe that supports your income, based on your other expenses. In most instances, repayment plans are designed to last over a three to five-year period in New Jersey. During this time, you will repay creditors by paying scheduled monthly installments to satisfy your debt. Once approved, the repayment plan will go into effect. This typically happens within a month of a debtor filing a bankruptcy petition in New Jersey. When designing your repayment plan, you will not have to pay anything to creditors as an automatic stay will be in effect. This prevents creditors from harassing you for repayment. Dischargeable debts will not be included in your repayment plan as they will be eliminated when you file for Chapter 13 in New Jersey. Dischargeable debts vary based on the chapter of bankruptcy debtors file for. Not everyone is eligible for Chapter 13 bankruptcy. Eligibility is based on income and whether or not debtors are capable of passing a means test. How Fast Is Liquidation Bankruptcy in New Jersey? Liquidation bankruptcy, or Chapter 7, is typically the fastest form of bankruptcy for debtors in New Jersey. When you declare this type of bankruptcy, you can totally address your debt within a matter of a few short months. Chapter 7 requires debtors to liquidate certain assets to pay back lenders. Debtors can identify which liquidation exemptions they plan on using to protect important assets from being taken during bankruptcy. New Jersey permits debtors to use federal liquidation exemptions, which are more expansive than state liquidation exemptions. If you plan on using liquidation exemptions to protect your home or car from liquidation, you must include that on your initial bankruptcy petition. On average, liquidation bankruptcy takes between four and six months in New Jersey. Once you file, dischargeable debts will be eliminated, leaving you with no need to repay them. Many debts that are dischargeable in Chapter 7 are applicable to debtors, like credit card debt. After your bankruptcy is complete, you will have no more outstanding debt to creditors in New Jersey. If Chapter 7 suits your situation, that can be accomplished in less than a year after declaring bankruptcy in New Jersey. Learn More About Bankruptcy in New Jersey Today Call Young, Marr, Mallis & Associates at (609) 755-3115 to get a free and confidential review of your case from our Marlton, NJ bankruptcy lawyers.

 Small Business Subchapter V Bankruptcy Filings Increase 81% Y/Y, Commercial Chapter 11 Filings Up 32% Y/Y The story can be found at https://www.abladvisor.com/news/36372/small-business-subchapter-vs-increase-81-y-y-commercial-chapter-11-filings-upSubchapter V is a scaled down  form of simplified chapter 11 bankruptcy filing for small businesses.  Individuals or businesses interested in obtaining more information about Sub V filings can contact Jim Shenwick, Esq  917 363 3391  jshenwick@gmail.comPlease click the link to schedule a telephone call with me.https://calendly.com/james-shenwick/15minWe help individuals & businesses with too much debt!

A Sheriff’s sale is every homeowner’s nightmare. If you act quickly, you might have a chance to prevent the sale by filing for bankruptcy. A sheriff’s sale usually happens after a homeowner fails to make mortgage payments on time and their home enters foreclosure. Generally, you must be behind by several months of payments before creditors initiate foreclosure proceedings. The Sheriff’s sale is the end of the foreclosure process, and the local government authorities will seize the house and auction it off, and the proceeds from the sale will be used to pay creditors. While most people hesitate to file for bankruptcy, doing so might halt the foreclosure process and prevent the Sheriff’s sale. You might have several options for bankruptcy, and the Sheriff’s sale should be put on hold until your bankruptcy case is completed, giving you time to make new financial arrangements. You should speak to your attorney immediately to avoid a Sheriff’s sale. Call Young, Marr, Mallis & Associates at (215) 701-6519 and schedule a free review of your case with our Allentown, PA bankruptcy lawyers. When Sheriff’s Sales Might Happen in Allentown, PA Sheriff sales are a part of foreclosure proceedings, typically occurring at the very end of the foreclosure process. Usually, once creditors initiate foreclosure. Foreclosure is not always the first course of action, and creditors often send numerous notices before they resort to foreclosure. In many cases, creditors would rather work out a financial arrangement so you can catch up on payments rather than initiate foreclosure proceedings. If no solution can be found, the creditor can file a lawsuit against you to get the money they are owed. The lawsuit is the beginning of the foreclosure process. How long it takes depends on whether you want to contest the foreclosure. You might litigate the matter in court or work with an attorney to explore other legal options. Typically, several months might pass between the filing of the lawsuit and the eventual Sheriff’s sale. While the Sheriff’s sale might seem like the end of the line, there might still be hope. Legally speaking, the foreclosure is not final until the gavel comes down when your home is auctioned off. You have until this moment to take legal action and stop the sale. As such, you should speak with an attorney immediately. Ways to Stop a Sheriff’s Sale in Allentown, PA One way to stop a Sheriff’s sale is to put the entire foreclosure process on hold by filing for bankruptcy. You might think adding bankruptcy on top of foreclosure is simply making a bad situation worse, but this is not true. Bankruptcy is not a punishment, but it can be a solution to your financial troubles and help you keep your home under certain circumstances. Chapter 13 Bankruptcy When filing for bankruptcy, you can file for Chapter 13 bankruptcy. Chapter 13 bankruptcy allows you to restructure and reorganize your finances so you do not lose any important assets, like your home, vehicles, or other properties. Under Chapter 13, the court allows you and your attorney to develop a reasonable payment plan to help you catch up on missed payments, including mortgage payments. Creditors may review your payment plan before it is finalized and express any concerns, and you might have to go back and forth until a final plan is devised. Once your payment plan has begun, you must keep up with it for several years. At the end of the plan, if all goes well, the court may discharge certain remaining debts, and many other debts might be paid down. Chapter 7 Bankruptcy Chapter 7 bankruptcy is commonly referred to as liquidation bankruptcy. Under this chapter, you will sell off various assets and properties to pay for your debts. One aspect most people facing foreclosure are concerned with is keeping their home, and Chapter 7 bankruptcy might see your home liquidated and sold off. Our Allentown, PA bankruptcy lawyers can help you retain control over what assets are liquidated so that you can keep your home. Generally, the person filing for bankruptcy is not in charge of selling off assets. Instead, a bankruptcy trustee is tasked with gathering and liquidating assets. Even so, this does not mean you have zero say in how your bankruptcy case proceeds. We can work with the trustee to avoid liquidating your home. This might be a good option if you have other valuable assets you do not mind parting with to keep your home. What Happens to a Sheriff’s Sale in Allentown, PA After I File for Bankruptcy? After you file for bankruptcy, several things happen that affect the Sheriff’s sale. First, an automatic stay goes into place that stops creditors from taking legal action against you for unpaid debts. The automatic stay would stop a creditor like a bank from initiating foreclosure proceedings or even contacting you to collect payment. Additionally, if there is an upcoming Sheriff’s sale, the automatic stay puts it on hold. The good thing about automatic stays is that they take effect almost immediately as long as you have not filed for bankruptcy in the last few years. This means that even if the Sheriff’s sale of your home is happening very soon, you can file for bankruptcy and halt the sale. While the automatic stay is in place, you and your attorney can work on initiating a payment plan under Chapter 13 bankruptcy or liquidating assets other than your home under Chapter 7. If your bankruptcy case is successful, you should be able to discharge some debts and hopefully hang onto your home. When to Speak to a Lawyer About Stopping a Sheriff’s Sale in Allentown, PA Once the foreclosure process begins, it can be difficult to stop. As such, it is imperative that you speak to an attorney about filing for bankruptcy as quickly as possible. If you have missed a few mortgage payments but foreclosure proceedings have yet to be initiated, you should still contact an attorney. The sooner you take action, the more likely you will avoid a Sheriff’s sale and keep your home. Call Our Allentown, PA Bankruptcy Attorneys for Assistance Schedule a free review of your financial situation by calling Young, Marr, Mallis & Associates at (215) 701-6519 and speak to our Pennsylvania bankruptcy lawyers about your case.