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October 2012 Archives

New Jersey bankruptcy: Debt drops to pre-recession levels

It appears that Americans are paying less on mortgages, credit cards, and other loans. New Jersey residents who are still facing foreclosure and bankruptcy may not agree, but overall, it appears that families are getting back on their financial feet. The question then becomes whether or not people are willing to start spending again.

New Jersey debt: Tax break on debt forgiveness may end soon

As we enter the last quarter of the year, Congress has yet to renew the Mortgage Forgiveness Debt Relief Act, which is set to expire on Dec. 31. This law provides that any amount of debt forgiven by a lender on a home mortgage loan is not taxable as income for those that qualify under the terms of the law. The expiration of this statute would mean that thousands of New Jersey homeowners would have to pay federal taxes on any amounts forgiven by their lender as a result of a loan modification, short sale, or foreclosure.

New Jersey may help some to stop foreclosure this quarter

When New Jersey was identified as one of 17 states that was hardest hit by the housing crisis, the federal government's Troubled Asset Relief Program gave New Jersey approximately $300 million to help people keep their homes. The program was slow in starting, but now expects to help approximately 1,000 people stop foreclosure from happening to them.

New Jersey bankruptcy: Olympic wrestler files bankruptcy

New Jersey fans of the Olympics may remember Rulon Gardner. He won a gold medal for wrestling in the Olympics and later appeared on the reality television show "The Biggest Loser" in an attempt to lose weight and qualify for the 2012 Olympics. Over the years, Gardner has invested in several businesses that have left him millions of dollars in debt. As a result, he has filed bankruptcy.

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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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