If a homeowner does not pay their mortgage on time, it is possible that the lender could start the foreclosure process. Foreclosure is the legal proceeding by which the lender can take back ownership of a property. However, if the case takes too long to resolve, a statute of limitations may apply. Typically, a case must be open for 5 years or longer before a statute of limitations claim can be made.
Anyone in New Jersey who uses a credit card or has a bank account could be affected by arbitration clauses. An arbitration clause is an agreement between a banking institution and a customer to resolve any disputes outside of the regular court system. Although arbitration clauses cover tens of millions of consumers, a study by the Consumer Financial Protection Bureau found that a majority of consumers do not understand their implications.
There are some people in Trenton who point to those who file bankruptcy and say it is their own fault. For some reason, bankruptcy has a negative connotation attached to it, one that speaks of irresponsibility, stupidity and bad money management. Sure, there are some people in New Jersey filing for bankruptcy because they truly are bad at managing and spending their money. Most people, however, are filing bankruptcy for one of a thousand or more other reasons, often through no fault of their own.