Secure Debt Shall Withhold In Middlesex
Description
Form popularity
FAQ
If you file for a Chapter 7 bankruptcy, your secured debt may be discharged, but the lender is also able to repossess the property that secured the debt. In other words, if you have a mortgage on your home and file a Chapter 7 bankruptcy, the mortgage debt may be discharged but the lender can take back your home.
In many cases, a bankruptcy discharge can eliminate your personal responsibility for secured debt, so the lender can't sue you for unpaid amounts. However, the lien on the property doesn't automatically go away. The lender can still take back the collateral if you stop making payments.
Contact a credit counseling service. A nonprofit credit counselor can help you come up with a plan for getting out of debt. They'll review your personal financial situation and budget with you and make recommendations for how you can tackle your debts, afford your bills and create a budget.
The borrower can apply for debt forgiveness on compassionate grounds by writing about the financial difficulties and requesting the creditor to cancel the debt amount.
A losing party pays attorney fees only if the winner is specifically given the right to recover legal fees in a contract between the parties or through a state or federal law. Learn about preparing a defense in Disputing a Small Claims Court Case: Fight Back.
Under New Jersey law, each debtor is entitled to an exemption protecting $1,000 of personal property from collection to satisfy a judgment. In addition, welfare, social security and unemployment benefits are protected from judgment levy.
Conclusion: Going to small claims court may be worth it for $500, but it will determine how you weigh your costs versus benefits. At a minimum, it is worth it to send a demand letter.
Lawsuits for amounts up to $20,000 are called special civil cases. They are filed in Superior Court, in the special civil part of the civil division.
The first step in judgment enforcement in New Jersey is obtaining a writ of execution which allows for the seizure of property to satisfy the judgment. This can include: Personal property such as cars and equipment. Business interest such as stocks.
