Looking to avoid foreclosure and bankruptcy? Then utilize the services of a renowned law attorney

It is imperative that we get a clear idea of these solutions so that residents of New Jersey can utilize and benefit from them.

Somerville, NJ (prHWY.com) February 25, 2013 - Even though the recession has passed, the economy is still far from stable. People are still feeling the strain of rising prices and inflated interest rates on loans. Millions of consumers took out mortgages to buy their dream house. Similarly, numerous individuals exercised their entrepreneurial instinct and setup businesses that included mortgages. A majority of these people are now suffering because of their inability to meet their mortgage obligations. Whether it is the threat of foreclosure or other financial challenges, people across America are under a lot of pressure. Even in New Jersey, customers are fighting to avoid foreclosure of their home or to make timely credit card payments. But there is an escape by using the law to shield consumers from financial pressures associated with debt. It is imperative that we get a clear idea of these solutions so that residents of New Jersey can utilize and benefit from them.

There is no denying that Americans have become very aware of what property foreclosures are. A person's inability to pay mortgage payments for a specified time period usually results in foreclosure of their property. The process includes a series of notices that are mailed to the mortgagor. The failure to respond (to the notices) at the right time ultimately results in foreclosure. In such a case, a person can opt for mortgage modification. Under a modification, a consumer can stop the sale of the property by setting out new terms to the prior contract. This includes altering terms like the interest rate, extending the term of mortgage or adding delinquent debt at the end of the loan. Short sale is another way of stopping a home from getting foreclosed where a third party buys the property and releases the original owner with the Bank's approval.

Apart from mortgages, people also look for bankruptcy protection as an option. A person has the right to file the Chapter 13 bankruptcy and protect almost all of their assets from creditors. It also includes the creation of a sound repayment plan which will encompass exempting and non-exempting property, getting extended time period to pay the debt, staying protected against foreclosure by the mortgage lender etc. Additionally, there is the Chapter 7 bankruptcy that It is a comparatively quick and simplified bankruptcy option. Under chapter 7, there is no limit to the amount of debt a person can discharge, no minimum amount of debt that is required as well as a shorter resolution of the case. All in all, a good bankruptcy law attorney can protect consumers and their assets from a bankruptcy. A top notch Consumer Rights Attorney has the capability to provide efficient and experienced foreclosure defense solutions, bankruptcy protection services and much more.

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Tag Words: nj bankruptcy, personal bankruptcy, property foreclosure, credit counseling

Categories: Law

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