Minion & ShermanFindLaw IM Template2024-01-27T20:02:58Zhttps://www.minionsherman.com/feed/atom/WordPress/wp-content/uploads/sites/1100493/2019/08/cropped-ID-32x32.jpgOn Behalf of Minion & Shermanhttps://www.minionsherman.com/?p=504932024-01-27T20:02:58Z2024-01-27T20:02:58ZUnderstanding the post-bankruptcy landscape
After successfully navigating the complex process of bankruptcy, it is important to assess the financial terrain. Bankruptcy provides a fresh start, but it also requires a strategic approach to rebuilding credit. Credit cards, often considered both a lifeline and a potential source of problems, play a big role in this recovery process.
Choosing the right credit card
Not all credit cards are equal, and this holds especially true if you have a bankruptcy history. Opting for a secured credit card can be a prudent choice.
These cards require a security deposit but offer a controlled spending limit, minimizing the risk of accumulating unmanageable debt. You may want to select a card with reasonable fees and interest rates to ensure a smooth and cost-effective rebuilding process.
Managing credit responsibly
The key to successful credit card usage post-bankruptcy lies in responsible management. Timely payments are non-negotiable. Set up automatic payments to avoid missing due dates, preventing further damage to your credit score.
Maintaining a low credit utilization ratio demonstrates fiscal responsibility and positively influences creditworthiness. This means keeping balances well below the credit limit.
Building a positive credit history
Credit cards, when used wisely, serve as powerful tools for reconstructing credit history. Consistency is important.
Establish a routine of making on-time payments and gradually increase your credit limit as financial stability improves. Demonstrating responsible credit behavior over time will contribute positively to your credit report, showcasing your commitment to financial recovery.
Remaining cautious of temptations
While credit cards are important to rebuild credit, they also present the temptation to overspend and get that hit of instant gratification. Use these cards for emergencies only. Be mindful of the potential pitfalls of accumulating debt so that you protect the progress made on the path to financial recovery.
Navigating credit cards after bankruptcy requires a thoughtful and strategic approach. With the right mindset, individuals can leverage credit cards as effective tools for rebuilding their financial standing.]]>On Behalf of Minion & Shermanhttps://www.minionsherman.com/?p=504912023-10-30T19:29:57Z2023-10-30T19:29:57Z1. Open and honest communication
Maintaining unwavering and candid communication with your children is important. Be upfront about the divorce in a gentle and age-appropriate manner. Encourage them to ask questions and express their feelings. Reassure them that your love for them remains unwavering, and the divorce is not their fault.
2. Consistency and routine
Amid the upheaval of a divorce, children thrive on consistency and routine. Strive diligently to preserve equilibrium in their daily lives. Keep consistent schedules for meals, bedtime and school activities. This predictability can provide a sense of security during a tumultuous time.
3. Co-parenting cooperation
In the spirit of harmony, collaborate with your ex-spouse to establish consistent rules, expectations and disciplinary measures. Aim to present a united front in your parenting approach, even if you have differences. This consistency can help your children feel secure in both households.
4. Emotional support
Your children may experience a wide range of emotions, such as sadness, anger, confusion, anxiety or even happiness. For example, about 2.7 million children in the United States have a diagnosis of depression, and the prevalence has gone up over time. Divorce can make a child's depression worse.
Be there to offer emotional support and comfort. Let your children know it is okay to feel these emotions and provide outlets for them to express themselves, such as talking to a trusted adult or therapist.
5. Reduced conflict
One of the most damaging things parents can do during a divorce is involve their children in conflicts or disagreements. Avoid speaking negatively about your ex-spouse in front of your children, and refrain from using them as messengers. Shield them from the adult aspects of the divorce and focus on maintaining a positive environment.
Your children's well-being should remain a top priority throughout the divorce. By providing a stable and loving environment, you can help your children adapt and thrive.]]>On Behalf of Minion & Shermanhttps://www.minionsherman.com/?p=504902023-07-27T00:45:35Z2023-08-01T00:45:27Zimportant differences between the two types of filings.
Chapter 7 bankruptcies
You have to have limited income and pass a means test proving as much before you may file for Chapter 7. Sometimes called “liquidation” bankruptcies, Chapter 7 filings sometimes involve surrendering certain assets to pay back your debts. A Chapter 7 bankruptcy filing typically impacts your credit score for up to 10 years.
Chapter 13 bankruptcies
If you do not pass the means test needed to qualify for Chapter 7, or if you are fearful about potentially losing your home, you may want to consider filing for Chapter 13. Doing so involves restructuring your debts and coming up with a new payback plan that is more manageable for you. If you stick to the terms of the plan and do not miss mortgage payments, you may typically keep your home when filing for Chapter 13.
Whether filing for bankruptcy is the right move depends on several factors. If there is no reasonable way to pay back your outstanding debts within the next five years, bankruptcy may be well worth considering.]]>On Behalf of Minion & Shermanhttps://www.minionsherman.com/?p=502182023-04-29T00:38:16Z2023-04-29T00:38:16ZUnderstanding the law
In New Jersey, child support generally ends when the child turns 19. Support may end sooner if the child dies, marries or enlists in the military. Child support might continue through the child's post-secondary education or until another date specified in the court order, but generally, a child support order can not extend beyond the child's 23rd birthday.
However, New Jersey child support laws allow some exceptions to this rule. A 2020 amendment to the law allows for the continuation of child support or conversion to another form of financial support after the child's 23rd birthday. The court will only allow this in special circumstances, such as a severe mental or physical disability.
Requesting continuation of support
If your child's disability requires him or her to be financially dependent on you, you might be able to continue receiving financial support from your child's other parent after your child turns 23.
Before your child support order ends, both parents will receive a notice in the mail. This notice should include instructions for filing a written request for continuation. Your child can also petition the court for financial maintenance from a parent if he or she is over 23. To qualify, your child's disability must have existed before he or she turned 23.
When caring for a dependent adult, it is important to know your rights and the resources available to you.]]>On Behalf of Minion & Shermanhttps://www.minionsherman.com/?p=502172023-02-02T19:17:38Z2023-02-02T19:17:38ZUnited States Courts.
Will bankruptcy discharge my credit card debts?
Most credit card debts are unsecured, meaning that the bankruptcy court will automatically discharge them unless a creditor proves a discharge to be invalid. In the case of Chapter 7 liquidation bankruptcy, the discharge typically occurs within four months of the first creditor meeting. For other types of bankruptcy, such as Chapter 13, credit card debts may undergo discharge immediately after the completion of all payments in their established repayment plan.
Which credit card debts does bankruptcy not discharge?
Debts incurred through the use of a secured credit card may not be eligible for discharge through bankruptcy. You will also continue to be liable for any credit card debts that are the result of fraud or other wrongful actions.
Going through the bankruptcy process means that you may have to significantly alter your lifestyle by way of liquidating many of your nonexempt assets or by adhering to a strict repayment plan. Bankruptcy can be an effective way to get your back on your feet, though, especially when you consider that many of your credit card debts may be eligible for discharge.]]>On Behalf of Minion & Shermanhttps://www.minionsherman.com/?p=502162022-10-29T15:28:03Z2022-10-29T15:28:03ZToo many cases and not enough judges
This simple but maddening scarcity problem affects people in their daily lives. NJ.com reported in September 2022 that out of 463 trial court seats, 64 positions are unfilled. Support staff shortages have also become increasingly common in the last 2.5 years since the pandemic began.
Political appointment takes time
Further complicating matters is that the governor must nominate each judge, after which the state Senate must debate and confirm the nominees. Some senators can reject a nominee without offering a reason, which starts the whole process over.
Expect to wait anywhere from six to eighteen months
From the first moment you file the papers until the ink is dry on the final decree, you may wait a year or more, depending on your case's complexity. The process will take longer with children, if your finances are complex or if you or your spouse plan to live outside of New Jersey. Be patient and trust that the process will unfold as quickly as it can. Accelerate the process by trying to secure pre-existing written agreements between you and your ex to reduce the time spent arguing in front of a judge.]]>On Behalf of Minion & Shermanhttps://www.minionsherman.com/?p=502142022-07-29T16:47:52Z2022-07-29T16:47:52Zbuild your score back while waiting for the bankruptcy to disappear.
Check credit regularly
Improving your score starts with knowing where you stand. Request free credit reports from all the major reporting agencies. These detailed assessments should give an idea of what you are doing wrong. Viewing them also grants the opportunity to spot and report inaccuracies. Correcting mistakes is an easy way to improve your ranking.
Pay debts consistently
Whatever bills come your way, handle them in full within the allotted timeframe. Paying helps creditors see you are capable of being responsible. Keep spending habits in check. That way, there's always cash on hand for fulfilling fiscal obligations. Only use credit cards as a last resort.
Save cash diligently
There is always the possibility an emergency will arise. An injury causing hospitalization can happen at the drop of a hat. Your vehicle might break down, thus requiring expensive repairs. Build a reserve fund to cover these scenarios. Taking on debt to solve a problem could send you back to the start of your money troubles.
Bankruptcy is sometimes necessary. That said, it makes creditors less inclined to work with you. Rebuild your credit score so you can live life according to your wishes.]]>On Behalf of Minion & Shermanhttps://www.minionsherman.com/?p=502112022-05-06T20:32:56Z2022-05-06T20:32:56ZNew Jersey Courts, it is state policy to maintain frequent visitation and contact between parents and the children.
However, this does not mean you should sit back and let the court proceedings occur without doing anything. There are several things you should consider before the divorce begins.
Consider your goals for child custody
A judge will listen to your side of the story when arguing for custody. However, they consider several factors when they decide. If you travel frequently, it is unlikely you will become the custodial parent unless the mother is a danger to your child’s well-being. You need to either make a change in your work life or accept an arrangement in your child's best interest.
Keep your children out of it
Divorce is difficult for children. Resolve not to involve them in the decision-making process or force them to take sides. This can have long-lasting effects on your child’s well-being and create resentment.
Protect your emotional health
You need to worry about your emotional health as well. Have a group of friends and family you can rely on and consider seeking professional help through a psychologist or psychiatrist. Do not try to tough it out on your own, leading to rash decisions and more conflict.
Fathers must consider the best interest of their children during divorce. Be prepared to compromise, and create a realistic parenting plan that does not lead to underlying resentment.]]>On Behalf of Minion & Shermanhttps://www.minionsherman.com/?p=501872022-02-02T21:42:27Z2022-02-02T21:42:27ZUS Courts, 378,953 individuals and businesses filed for Chapter 7 in 2020. It is a valuable tool for some people to get their debt in order. If you plan your bankruptcy filing correctly, you might be able to keep your house as well.
Equity is not always helpful
If you do not have too much equity in your home and manage to keep up with mortgage payments, you probably can keep it after Chapter 7. In this case, it does not always help you to own your home outright. This is because creditors see your equity as an asset they can use to pay off your debts. New Jersey does not have any statewide exemptions that help protect your equity, but federal homestead exemptions allow for $25,150 worth of equity exemption. If you own property with a spouse, this amount doubles.
Catch up with your mortgage payments
Homeowners who can still pay their mortgage but have not accumulated too much equity have the best chances of keeping their home. Otherwise, you may still lose your home to foreclosure if you cannot bring your payments up to date after filing for Chapter 7.
Homeownership is not guaranteed once you accumulate large amounts of debt. However, bankruptcy can be a pathway to paying off liabilities and getting your finances back on track. Consult with a professional about your options to get out of severe debt.]]>On Behalf of Minion & Shermanhttps://www.minionsherman.com/?p=501862021-11-09T04:13:23Z2021-11-09T04:13:23Zsupport agreement is no longer working, he or she may be able to modify the amount by petitioning the court.
When can a parent request support modification?
In New Jersey, the court may consider adjusting the amount of support if the circumstances of the child or either parent have changed significantly and that change is likely to be ongoing. Substantial changes that may justify modification include:
A considerably higher cost of living
A change in custody arrangements
A major decrease or increase in either parent’s income
An illness, injury or disability affecting a parent or child
Significant changes in a child’s educational needs
Either parent may request a modification. The ex-spouse receiving payments may ask for a higher amount due to increased child care costs or lost income. On the other hand, the parent making payments may request a reduced amount if the current agreement has become an unreasonable financial strain.
Is a court hearing necessary for modification?
If both parents agree to the change, they may be able to negotiate a new support amount outside of court. However, the new agreement must receive court approval before parents can legally modify a change in payments.
A modification to a child support agreement can have a major impact on your finances. Regardless of who is making the request, a strong case is necessary to ensure a fair arrangement.]]>