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December 2011 Archives

Overspending before the holidays can lead to debt, bankruptcy

Overspending during the holidays is tempting. Many people are in the spirit of giving and want to find the perfect gift for everyone on their list. While there is nothing wrong with generosity, it is important to find gifts that fit within your budget. A recent article discussed what can go wrong when consumers -- bombarded by exclusive or limited-time online deals -- spend more than they have.

November numbers indicate a foreclosure surge is on the way

In recent months, the rate of foreclosure across the country slowed significantly after major lenders were accused of "robo-signing" foreclosure documents. After the process was adjusted, the backlog of foreclosure cases surpassed four million, increasing the process significantly. While New Jersey homeowners are still experiencing an average wait time of 984 days, it appears the wave of foreclosures will surge once again.

Back tax debt: Pittsgrove Township forecloses on gas station

New Jersey residents around Upper Pittsgrove Township may soon see the old Gulf gas station at Pole Tavern Circle up on the auction block. Over the years, the property has racked up more than $100,000 in back tax debt, and the local Township Committee is seeking to foreclose. The property was scheduled for auction at the Dec. 13 meeting of the Township Committee.According to tax records, the owner of the Gulf Station is based out of Wilmington, Delaware. Officials say the property currently owes $60,000 in actual back taxes and at least another $40,000 in interest and penalties. The owner has not made tax payments on the property in more than five years, and the mayor said efforts to garnish the unpaid taxes were unsuccessful. This failure is what led to the foreclosure action.

Bankruptcy on the horizon for duped New Jersey senior citizen?

A 78-year-old attorney from Cliffside Park, New Jersey, is suing a salesman and TD Bank, claiming fraud. He claims that a bad investment has left him in danger of losing his home to foreclosure. Convinced by the salesman that the investment was foolproof, he took out a loan in order to participate, and it wasn't until after the fact that the man discovered the salesman is a convicted scam artist who is now serving time in federal prison on an unrelated fraud conviction.

Foreclosure crisis hitting wealthy neighborhoods too

Families in New Jersey and throughout the country are struggling to keep up to date on mortgage payments. About 7.7 percent of all mortgages in the United States are either behind in payments or in foreclosure. The foreclosure crisis has even affected people living in the wealthiest neighborhoods. A recent study has shown that not even the residents of wealthy neighborhoods in northern New Jersey have been able to stop foreclosure.


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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