In a New Jersey divorce, a Case Information Statement plays a key role in the legal proceedings. This document provides detailed financial information about both spouses, including income, expenses, assets and liabilities. The CIS serves as a comprehensive financial...
Union New Jersey Family And Bankruptcy Law Blog
How bankruptcy can help those who are facing creditor lawsuits
When someone falls behind on their financial obligations, their creditors may take legal action against them. Those who have missed credit card payments or who have medical debts they cannot pay off rapidly often worry about how creditors may attempt to collect what...
What is the means test for Chapter 7 bankruptcy?
Filing for Chapter 7 bankruptcy can be a complex process. In Maryland, individuals must navigate the means test to determine their eligibility. The means test assesses your financial situation to see if you qualify for this form of debt relief. Monthly income...
How is alimony calculated in New Jersey?
During divorce proceedings, the court may order alimony, also known as spousal support, to provide financial assistance to a lower-earning spouse. Unlike child support, there is no predetermined formula for calculating how much it will be. In New Jersey, specific...
Is mortgage insurance required in New Jersey?
Mortgage insurance is an important factor to consider when purchasing a home in New Jersey. Whether it is necessary or required hinges on the type of loan and factors related to the purchase. Understanding the role and need for this insurance can aid potential...
What are the eligibility requirements for Chapter 13 bankruptcy?
Facing financial challenges can be overwhelming. For some, Chapter 13 bankruptcy provides a structured path to regain control. To embark on this journey, it is necessary to grasp the eligibility requirements. Stable income The foundation of Chapter 13 eligibility...
Should I sign a separation agreement before my divorce?
Divorce is a challenging process that is likely to raise many questions. One question you and your soon-to-be ex-spouse might have to answer is whether to sign a separation agreement before finalizing the divorce. Weighing the pros and cons of this decision is worth...
What protects home buyers from a seller who won’t leave?
Buying real property in New Jersey requires a lot of planning, especially if people want to use the home to serve as their primary residence. There may be repairs or modifications to make, as well as moving plans to solidify. Home buyers need to time things carefully...
The difference between Chapter 7 and Chapter 13 bankruptcies
Understanding the distinctions between Chapter 7 and Chapter 13 bankruptcies is important for those facing financial challenges. Both chapters of bankruptcy offer a path to financial relief. However, they operate differently and cater to distinct financial situations....
What assets should I list in Chapter 7 bankruptcy?
When you follow bankruptcy procedures correctly, you avoid delays in your case and even legal sanctions that could endanger your bankruptcy. This is definitely true when you attempt Chapter 7 liquidation and must list your assets. Your assets become a part of your...