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April 2012 Archives

With debt problems comes increased commercial foreclosure

When one thinks of foreclosures, the growing debt in the housing market is the first thing that typically comes to mind. While these foreclosures are hitting the highest numbers, foreclosures of non-residential properties are at an increase since the beginning of the Great Recession in 2007. This is a serious concern for businesses, as the still-struggling economy leads to a decrease in business and an increase in debt accumulation. For New Jersey, in fact, commercial property foreclosures carry the most pronounced increase in foreclosures in the state.

Real bankruptcy of New Jersey

The Garden State has some famous firsts and some famous people. New Jersey is the site of the first baseball game. We're known for our boardwalk and beaches as well as our sweet corn and salt water taffy. Our famous people include Bruce Springsteen, Frank Sinatra, Bon Jovi, Buzz Aldrin and "The Sopranos." Our famous people also include the "Real Housewives of New Jersey."

Study shows more consumers are focusing on car payments

There was once a time when New Jersey residents, and people all across America, would put paying off home loans as a priority in their debt management. In fact, out of the three most typical types of loan payments -- car loans, credit cards and mortgage loans -- American's are placing more priority on car loans than anything else. While these loans are certainly important, disregard for other payments may lead to worse debt hardships that sometime require bankruptcy protection to solve.

Bankruptcies spike as tax returns come in

Saving money in order to file for bankruptcy probably sounds strange to some people. Saving money implies that one has money, and therefore wouldn't need to file for bankruptcy. However, in recent years, filing fees and related costs for filing a bankruptcy in New Jersey and throughout the country have risen due to legislative changes, and some individuals have deferred filing for protection until they can afford the fees associated with it.

Federal government penalized 8 more banks for improper practices

Knowing that you have debt hanging over you that puts you in danger of bankruptcy or foreclosure is a stressful and difficult enough process on its own for New Jersey families. This situation is made even more troubling when your home is improperly foreclosed upon for outstanding debt through faulty paperwork or other lender negligence. With so many recent incidents of improper foreclosure actions by lenders and servicing companies, the Federal Reserve says it plans to fine an additional eight banks that were not part of the massive $25 billion settlement already agreed to by the country's five largest lenders.

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At the law offices of Minion & Sherman, our New Jersey bankruptcy attorneys have been providing families with real solutions for more than 20 years.

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