Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. An unexpected job loss, a medical emergency, a divorce, out-of-control spending or an unscrupulous business partner – there are a great deal of things that can lead to bankruptcy. However, whether your financial crisis was avoidable or not, most people dealing with bankruptcy struggle with feelings […]
The Bible on Debt and The Morality of Bankruptcy
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman Let’s talk about the morality of being in – and being unable to get out of – debt. There’s no clause in a credit card contract that speaks to morality or ethics. There are bad people who have credit cards and pay them on time. There are […]
How A Conversation About Bankruptcy Changed One Couple’s Life
Submitted by New Jersey Bankruptcy Lawyer, Lee. M. Perlman After a recent client meeting, I realized just how impactful financial conversations can be. It is truly amazing to see positive changes in a family’s life after what seems like a relatively straight forward, simple conversation. I met with this couple almost a year ago and […]
Fannie Mae Lowers Mandatory Waiting Period After Bankruptcy, Short Sale, & Pre-Foreclosure
Submitted by New Jersey Bankruptcy Attorney, Lee M. Perlman. Mandatory Waiting Period Reduced To 2 Years It’s getting easier to get approved for a mortgage. Following in the FHA’s footsteps, Fannie Mae has reduced the mandatory waiting period for a mortgage after bankruptcy, short sale, or pre-foreclosure. Borrowers no longer need to wait 4 years […]
Student loan debtors using Chapter 13 bankruptcy to buy time on payments
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. By Tim Grant / Pittsburgh Post-Gazette David King grew up on public welfare as a young man in Ambridge. Five years ago, he got married and moved his wife into a low-income housing project in Imperial. He was only earning $7.40 an hour at a part-time job. […]
Bank of America and JPMorgan Chase Agree to Erase Debts From Credit Reports After Bankruptcies
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. Two of the nation’s biggest banks will finally put to rest the zombies of consumer debt — bills that are still alive on credit reports although legally eliminated in bankruptcy — potentially providing relief to more than a million Americans. Bank of America and JPMorgan Chase […]
How Avoiding Bankruptcy Can Backfire
Submitted by the Law Offices of Lee M. Perlman. In the world of personal finance, credit concerns and debt issues, there is no single issue that is more misunderstood than bankruptcy. Recently the Federal Reserve Bank of New York came out with an exceptional report on the bankruptcy reform of 2005 — which made it […]
Mortgages After Bankruptcy
A personal bankruptcy stands out as a conspicuous blemish on a consumer’s credit report for as long as 10 years. But the barrier it presents to obtaining a mortgage doesn’t have to last that long. Many individuals who sought bankruptcy protection during the recent recession, which officially ended in 2009, may now be eligible to […]
EDITORIAL: Student Loan Debt Should not be Exempt in Bankruptcies
Published in the New Haven Register here. In this July 18, 2013, photo, U.S. Sen. Tom Harkin, D-Iowa, chairman of the Senate Education Committee, announces to reporters that a bipartisan agreement was reached on rates for government student loans in Washington. From left are Sen. Tom Carper, D-Del., Harkin, Sen. Joe Manchin, D-W.V., Sen. Angus […]
Someone Else’s Debt Could Ruin Your Credit Rating
Debt collectors are pursuing one in seven Americans—and often screwing up Last month, Amrit Singh, an adjunct professor at Hostos Community College in the South Bronx, received a letter from the New York City Marshal, advising him that he owed $10,000, due within 20 days. If Singh did not pay, the letter said, money would […]
