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Posts tagged "bankruptcy"

Loophole may lead to free homes for New Jersey residents

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.

The use of arbitration clauses

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.

Credit card debt becomes bigger problem in 2014

Although people began to spend more money in 2014 compared to 2013, they often used credit cards to pay for purchases, especially retail ones. A CardHub survey shows that in 2014, Americans in New Jersey and across the nation spent $57.1 billion on credit cards, an increase of almost 50 percent over 2013 credit card debt figures. Around 2009, consumers had been more careful with their spending as a result of the financial crisis in the United States. During this time, they were more concerned about paying down or off their debts.

Debt cancellation and income tax implications

A New Jersey resident who is dealing with significant levels of debt may look at various options in attempting to obtain relief from high bills. Some will consider bankruptcy, but there may be an interest in avoiding this avenue by negotiating lower payments directly with debtors. It should be noted that cancelled debts may carry certain tax consequences.

Understanding credit card debt

Credit card debt can be a serious issue for many New Jersey residents. In a society where immediate gratification and keeping up with the Joneses is a common practice, putting purchases on credit can lead consumers down a dangerous path of severe and seemingly endless debt that can negatively influence finances, credit scores and unfortunately, lifestyle quality.

When foreclosure looms

Poor finances or just bad luck can put heavy financial stress on mortgage-paying homeowners. If foreclosure looms, several options are available. The foreclosure process in New Jersey, as in other states, is a relatively lengthy and complex procedure that all parties want to avoid. It's important, above all, to keep lines of communication open and to cooperate with the lender on any late-payment issues.

Creditor harassment and credit card debt

Consumers in New Jersey may benefit from learning more about credit card debt and creditor harassment as described by the Federal Trade Commission. The FTC is responsible for enforcing the Fair Debt Collection Practices Act, which is legislation that makes it unlawful for debt collection companies to participate in deceptive, unfair or abusive practices in an effort to obtain collections from consumers. The FDCPA describes debt collectors as anyone who routinely collects debt owed to other parties.

Statute of limitations on credit card debt

Like most other states, New Jersey law has a statute of limitations in place for credit card debt owed by consumers. The statute of limitations is designed to limit creditors to only being able to sue a debtor within a specified time period.

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