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Bankruptcy

 

Every day, numerous people decide to file for bankruptcy protection. In 2020, nearly 43,000 New Jersey residents filed for bankruptcy. With the economy facing the aftermath of Covid-19 and arguably still reeling from the 2008-2009 financial collapse, most Americans are struggling with immense levels of debt. Unfortunately, no end appears to be in sight as working wage levels have continued to stagnate since the 1970's as corporations began outsourcing and prioritizing shareholder profit over employee wellness.

A “Chapter 7” is known as the Straight Discharge Bankruptcy. In a chapter 7, all unsecured debt, credit cards, medical bills, etc., may be discharged. You have the option to continue any secured debts, such as car payments and mortgages, and keep the property that is securing those debts. It is possible to keep your home and your car and still receive a fresh start. The important thing to remember is not everyone qualifies for a Chapter 7. You may be disqualified if you have too many assets.Bankruptcy_Attorneys_Simon_Law_Group.jpg

A “Chapter 13” is known as consumer reorganization and it requires you to create a feasible repayment plan for past-due mortgage payments or auto loans and submit it to the bankruptcy court for approval. Additionally, if you have the types of debts that would be dischargeable under Chapter 7, such as credit card bills, or medical bills, you may be able to reduce or eliminate those bills in a Chapter 13.

While bankruptcy will stay on your credit record for seven to ten years, the moment the discharge order is entered by the judge, credit can be rebuilt. As soon as the discharge is obtained, the sooner your financial life can get back on track.

If the impact on your credit score is keeping you from filing, you should know that accounts that are in collection will also remain on your credit report for seven years. These collection accounts will do more serious harm to your credit score. Bankruptcy allows you to eliminate debt without paying it back or a reduced amount.

We work efficiently to resolve your bankruptcy case quickly. Generally, we can complete a case and secure discharged debt within six months of filing your petition in a Chapter 7 or approve a plan in a Chapter 13. We utilize sophisticated software that can efficiently calculate where you stand. We have knowledge of all the available deductions to qualify you for bankruptcy and are well versed in determining which debts are priority and which are non-priority. These calculations are complicated, but we have the experience and the resources to effectively guide you through the process.

We highly recommend you consult us to assist you with filing the required petitions.

Foreclosure

 

The potential loss of a home brings fear, uncertainty and stress. Many people believe that they do not have any options available, however this is seldom true. Our attorneys may discuss a variety of options with you, as well as proven strategies including loan modifications, mediation, and asserting technical defenses to foreclosure. You’ve made payments and worked towards ownership, and you deserve the opportunity to be heard. Sometimes, tragic economic events occur and suddenly -- without warning -- what you’ve worked toward for years is at risk of being lost. 

In recent memory was the Housing Crisis following the 2008-2009 "Great Recession," and now, we're once again battling the disastrous economic effects of the Covid-19 and the ensuing shutdowns of businesses across the country. We understand the tremendous difficulties you might be faced with at this time, so if you're at risk of Foreclosure, contact us to see how we can work together to help you. 

We’ll assist you in multiple ways when dealing with your financial problems whether you’re just beginning to fall behind, or you were already served with a foreclosure complaint. Recent New Jersey Case Law virtually ensures that if your mortgage company obtains a foreclosure judgment before you have filed an Answer, you will lose. Thus, it is important to be diligent and proactive in order to save your home. Don't wait and don't hesitate; the earlier we speak with you, the better your chances are at saving your greatest asset. 

Loan & Mortgage Modifications

 

A Loan Modification is a permanent adjustment in one or more of the terms of your loan, permits the loan to be reinstated, and results in a payment that you can afford. Some advantages of loan modifications are:

  • The lender typically will waive the late fees
  • The interest rate is adjusted to current rates
  • The total amount due is spread out over the life of the loan
  • You are able to keep your home.

Modifications have helped many keep their homes from foreclosure. Only an experienced attorney can help you through the process. Don’t risk your home, contact Simon Law Group, LLC today. 

I came to know Britt Simon and the Simon Law Group over my 30 plus years in Law Enforcement. Being highly impressed with his work ethic in court, I used his office for several real estate transactions. The Simon Law Group handled everything flawlessly!
Peter S.
Branchburg, NJ
I have used the Simon Law Group on various occasions for such matters as, real estate transactions, estate planning and wills. My family and I find that the attorneys in the firm are knowledgeable and caring. Yes, there are actual attorneys that care about their clients and even return phone calls!
Bill H.
Springfield Township, NJ
Britt Simon is the best lawyer I have ever had. He will always be my first choice from now on. He has a great personality and is very easy to make appointments with. He won't disappoint.
JJ O.
Flemington, NJ
I chose to call Mr. Simon because his letter seemed the most legitimate. My experience with his office was wonderful from the first phone call, all the way to my court date. His office staff were always pleasant and helpful.
Car Accident Client
NJ
(There are no better lawyers) to be represented by than SLG. My experience with Mr. Simon has made one of the hardest times in my life become one of the most manageable and worry-free, because of how excellent they handled my case. He is not only diligent in his findings and efforts on my case, but he has also taken the time to explain all of the facts to me with compassion to my feelings about the case.
Family Law Client
NJ

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We have over a decade of experience successfully litigating Bankruptcy and Foreclosure cases on behalf our clients. Contact us today for a free and confidential consultation.