NJ Foreclosure Defense

BASIC FORECLOSURE FAQ’S

1. What is a foreclosure case?

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Are you worried that someone who has a judgment against you will go after your bank account? Many of my clients are petrified and live in constant fear that their hard earned savings will be zapped by a creditor if they leave it in their bank account. However, there are strict rules that must be followed for anyone trying to seize a bank account. Moreover, many distressed debtors have numerous asset protection strategies that they can use to protect their last remaining dollars.

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Bankruptcy Misconceptions

Misconception #1: Bankruptcy is dishonest.

Not true. Most people honestly want to pay their bills. Sometimes things happen that make it impossible. Bankruptcy is a legal right that is provided for in the United States Constitution. Bankruptcy is a right that protects honest people who are unable to pay their bills from harassment, lawsuits, wage garnishment and other creditor actions.

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Chapter 7 Getting A Fresh Start

If you are unable to pay your existing debts, then a Chapter 7 may be the answer for you. In a Chapter 7 bankruptcy a person wipes out all of their debt and they get a "Fresh Start." This is accomplished by liquidation. In other words, the court-appointed Chapter 7 Trustee collects all of your assets and sells those which are non-exempt under the Bankruptcy Code. The net proceeds of the liquidation are then distributed to your creditors, and the Trustee takes a commission taken for overseeing the distribution

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