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Union New Jersey Family And Bankruptcy Law Blog

Understanding the Fair Debt Collection Practices Act

Most people would not like to deal with phone calls, e-mails or notices from debt collectors, but they're more common than people might realize. Harassment by debt collectors causes intrusion into people's personal lives, breakups families, loss of jobs and even results in personal bankruptcies. However, there are laws that can protect people from such harassment.

The Fair Debt Collection Practices Act is a federal law that regulates debt collection practices. The act protects consumers from abusive, deceptive and unfair practices by third party debt collectors by limiting their behavior and actions. Debt owed primarily for the purposes of personal, family or household expenses are covered under this act. It does not cover debt incurred for business, corporate or agricultural purposes.

Dividing property and debt during divorce in New Jersey

Apart from the custody of children, the division of marital property and debts is one of the biggest disputes that couples confront during divorce. Many people carry the false conviction that, following a divorce, marital assets must be divided equally. Who will keep what after a divorce depends on a number of elements, including the laws of the state in which the couple lives or where the divorce is filed.

If you are considering a divorce in New Jersey, you may want to know how your assets will be distributed after your separation. New Jersey is a common law property state and supports equitable distribution of properties, which means the marital property will be split between separating couples in a manner that is fair, or equitable, but not necessarily equal.

Role of bankruptcy trustee in Chapter 7

One of the basic objectives of bankruptcy is to provide a new start for debtors. If you're planning to file for bankruptcy, then you must understand the whole process. The role of a bankruptcy trustee is one important subject that raises many questions in bankruptcy proceedings.

For every bankruptcy case, a trustee is appointed. Although the duties and powers of the trustees are identical in many matters, they may differ depending on the type of bankruptcy.

Which mortgage is right for you?

A home is the most valuable asset most people will own in their lifetime. However, because a home is one of the biggest purchases people make, it is often not possible for them to buy it up front. In such situations, mortgages make buying a home possible.

A mortgage is a loan taken in return for any kind of security. As a mortgage loan is secured to purchase or construct a home, it is often referred to as a home loan. In a mortgage deal, the borrower enters into an agreement with the lender, so that the property or real estate is surety for the loan. It grants the lender the legal title to the property if the borrower doesn't pay back the loan.

Wendy Williams' husband wanting alimony in divorce

Wendy Williams, a prominent television host, filed for divorce from her husband, Kevin Hunter, putting an end to their marriage of 21 years. Before filing for divorce, the couple was living together in Livingston.

Because New Jersey is a no-fault state, couples looking for a divorce have choices. They can opt for a divorce with fault or a no-fault divorce. In no-fault divorces, neither party has to bear the blame for the failure of the marriage. So, in William's case, despite the fact that Hunter allegedly cheated on her, the talk show host may be ordered to pay her husband spousal support. Prior to their separation, Hunter was an executive producer for Williams' show.

Bankruptcy filing can help get rid of medical debt

Many people in New Jersey may not want to apply for a loan because of the penalties that may arise if they default. Sometimes, a debt obligation is unavoidable, like those that are incurred in a medical emergency. Considering the troublesome nature of medical expenses, the law also protects people from being harmed by the consequences of medical debt.

According to research done by the American Cancer Society, there are more than 137 million people in the United States struggling to pay their healthcare bills. The study further confirms that around 42 percent of Americans who undergo cancer treatment use up their life savings within two years of treatment.

Federal tax changes and how they affect alimony

Divorce settlements are never straightforward, and this year, they became even more intricate. The federal government's sweeping overhaul of the tax code reformed many of the calculations that influence divorce. Many New Jersey couples learned this year how tax code changes affected their return, with some people owing more than they had expected. Many divorce experts believe that the amendment will make negotiations tougher.

According to the new law, alimony and separate maintenance payments are no longer deductible for any divorce or separation agreement executed or modified after December 31, 2018. For divorces after this date, the spouse paying alimony can't use the payments as a tax deduction, and the spouse receiving the payments no longer has to pay taxes on it.

Bankruptcy is one remedy to get rid of debt

New Jersey residents who have credit card debt may be interested to know that the credit card debt rate in the United States has risen significantly. People often fail to realize the risks associated with uncontrolled borrowing and those who do not plan well may soon find themselves facing financial obstacles. Those people should understand that debt may seriously affect their economic and social life.

According to a recent report released by the U.S. Federal Reserve, consumer debt has reached a new record of $4.05 trillion. The figure shows that credit card debt rose by $2.95 billion, the biggest increase since November 2018. Household borrowing accounts for 70 percent of the country's economic activity and it usually indicates how secure consumers are in taking on more debt to finance their expenses. Consumer spending is likely to pick up this quarter following a slowdown during the winter.

What happens to credit card debt in a New Jersey divorce?

If you are considering filing for divorce in New Jersey, it is a good idea to sort out your finances as soon as possible so that you can ensure an equitable division of both your assets and liabilities. Most couples are so concerned about dividing their assets/property that the latter gets overlooked, and such a lack of concern about debts can lead to financial disaster for one or both spouses following their divorce. Here's what you should know about how credit card debt is treated in a New Jersey divorce case.

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