Robert Manchel

Holiday Spending Tips to Help You Maintain Your Budget

by Leave a Comment

With the holiday season in full swing, it can be easy to be swept into the frenzy of gift buying, partying, decorating, and traveling. Expenses can quickly skyrocket, and add even more financial strain on a person who may already be facing monetary troubles.
It can be very tempting to start charging everything to your credit card during this time, but you should avoid the temptation as much as possible.
If you are considering filing for bankruptcy in New Jersey, and use your credit card to survive the holidays, depending on when you file for bankruptcy, creditors may challenge your right to a bankruptcy discharge of your debts. Running up your credit card bill in anticipation of filing for bankruptcy is never a good idea and can pose many problems. If you manage your finances wisely, you could avoid having to file for New Jersey bankruptcy and/or foreclosure.
Try to avoid purchasing extravagant gifts for friends and family. Also, use cash as much as possible when buying presents. If you don’t have the money, don’t spend the money. Talk with your family about doing a gift exchange so you only need to purchase one present this year, instead of many. If you need to buy multiple gifts, make something homemade, which can save you a lot of money.
According to the U.S. Department of Energy, the average home in America uses about six times as much electricity as a home did 20 years ago. Lighting costs account for approximately 10 percent of your electric bill, which is sure to increase during the holiday season, with the addition of outdoor and indoor Christmas lights. Set your lights on a timer to make sure you don’t forget to turn the lights off, when you leave the house or go to bed. You can also purchase LED lights to save on your electrical bill. LED lights only use about 10 percent of the amount of energy of regular lights.
Another money saving tactic during the holidays is to purchase a fake Christmas tree instead of the real thing. Real trees can be exorbitantly priced and last just a few weeks, whereas an artificial tree can last for many years. Or, you can forego purchasing a tree, real or fake, completely. In 2002, about 32 percent of Americans did not have a Christmas tree. This percentage is sure to increase due to our country’s current economy.
You can also start planning ahead for next years’ holiday by setting aside money now. If you set aside just $20 a week, you will have $1,040 to spend during the Christmas season next year. Furthermore, seasonal holiday paraphernalia may be purchased at a deep discount, for next year, after the holiday has passed.
Practicing good management of your money cannot only relieve you of financial stress, it can also potentially help you avoid having to file for bankruptcy in New Jersey. However, every financial situation is different, and in many cases, it could be in a person’s best interest to file for bankruptcy. Talking with a New Jersey bankruptcy attorney can help you determine whether bankruptcy is the best course of action for your particular circumstances. The lawyers at The Law Offices of Robert Manchel have helped guide many people through the bankruptcy process in New Jersey. We can answer your questions and help you during this difficult time. Call us today at 866-503-5655.

Bankruptcy Filings Increased over 13 Percent for 2010 Fiscal Year

by Leave a Comment

According to new statistics released on November 8 by the Administrative Office of The United States Courts, bankruptcy cases, including business and non-business, that were filed in federal courts for the 2010 fiscal year (a 12 month period that began on October 1, 2009 and ended on September 30, 2010) topped 1.59 million, which is approximately 13.8 percent more than the total bankruptcy filings in 2009.

Non-business filings for bankruptcy totaled about 1.53 million, which is up an estimated 14.4 percent from 2009, and is the highest number of non-business bankruptcy filings for a fiscal year since 2005. However, business bankruptcy filings somewhat dropped, the first time there has been a decrease since 2006. There was a total of 58,322 business bankruptcies filed during the 2010 fiscal year, which is down seven percent from 2009.

Overall, for the 2010 fiscal year, bankruptcy filings rose in most chapters. Chapter 7 bankruptcy filings totaled approximately 1.14 million, which is up about 15.9 percent from 2009. Chapter 13 bankruptcy filings rose about 9.2; with over 430,000 filings made.

In New Jersey, there were 40,775 total filings for bankruptcy in the 2010 fiscal year. It was a 19.7 percent increase from 2009, when 34,070 bankruptcy filings were made.

Filing for bankruptcy can be a difficult decision and one that shouldn’t be taken lightly. The New Jersey bankruptcy attorneys at the Law Offices of Robert Manchel have experience in dealing with the bankruptcy process in New Jersey. If you need help with the bankruptcy process, our lawyers will examine your particular situation and help you determine whether filing for New Jersey bankruptcy is the right course of action. Call us today at 866-503-5655.

Foreclosure Can Affect Your Life in Many Ways

by Leave a Comment

A recent article on CNN.com discussed guidelines that many states in the U.S. issued shortly before this past election, regarding the complex subject of voting while someone’s home is in the foreclosure process. Normally, people register to vote in whatever county they reside, but residency can be difficult in the midst of foreclosure. Often, individuals going through foreclosure drift from rental house to rental house or often live with friends or family.
While each state in the U.S. has its own laws regarding this topic, typically, if an individual owns a home that is in foreclosure, it doesn’t affect their right to vote, but it could affect where they vote. In a recent report, over 3 million homes in the U.S. are going through the process of foreclosure, and that’s a lot of potential votes that could sway an election.
The U.S. Election Assistance Commission issued guidelines on how to register to vote for individuals who are going through foreclosure:

  • If you have recently moved, you will have to re-register, if you’ve moved out of county or state. If you have moved within your county, you will need to update your address.
  • In most states in the U.S., you can change your address until Election Day, or you can vote with a provisional ballot, if your name isn’t on the voter rolls.
  • If the foreclosure process commenced against your home, but you haven’t moved, you are still registered to vote within that precinct.
  • If the foreclosure process is finished, you will need to update your voter registration with your new address.
  • If you don’t have a permanent address, most states permit you to use the address of the foreclosed property.

Going through foreclosure can affect a person’s life in many ways, besides just dictating where someone votes. It can impact an individual’s health, as the complex process brings added stress into their lives. Foreclosure can also affect a person’s personal life and strain their relationships with family and friends. With the holidays approaching, foreclosure can also determine whether a family is able to travel due to tightened finances.
Foreclosure is a decision that must be made carefully. It could be a wise decision to talk with a New Jersey attorney to learn how filing for bankruptcy can affect all aspects of your life. For more information, contact the Law Offices of Robert Manchel, and our lawyers can help you decide the best course of action during these hard times. Call us today at 866-503-5655.

How to Better Manage Your Finances and Avoid Bankruptcy in New Jersey: Part II

by Leave a Comment

In our last blog post, we featured tips from an article from CNN Money about how Americans can manage their money better, particularly during these trying economic times. We covered good debt versus bad debt, how you should pay off your debts, and using your credit card smartly. Taking control of your finances and watching your spending habits can help prevent you and your family from falling into serious debt and potential bankruptcy in New Jersey.
The article also discussed several other money managing tips. They caution against falling into “the minimum trap,” which is when you only pay the minimum amount on your credit card bill. Paying your bill in this manner will hardly cover the interest charges and will take you months, if not years, to pay off your total balance. In the end, if you only pay the minimum, you will spend much more than the original amount you charged to your credit card.
You should also be aware of where you borrow your money to pay off debt. While it could be convenient to borrow against your 401(k) or your house, doing so can be very risky. You could potentially lose your home in a New Jersey foreclosure.
One of the most important recommendations the article makes is to plan for the unexpected. Start creating a safety net of a few months of living expenses in case of any emergency. Not having a disaster fund can seriously cripple your finances, if you suddenly have an expensive car repair or something of that nature that requires immediate action.
If you have a mortgage, one shouldn’t be so quick to pay down the mortgage instead of paying down the credit card debt, as a mortgage is likely to have a lower interest rate. Also, one is able to deduct the interest paid on the first $1 million of a mortgage loan, which can be very helpful. However, if your mortgage happens to have a high interest rate and you need to lower your monthly payments, you may want to consider refinancing your home.
If you find that you are still struggling with your debts, you should get help as soon as you realize the necessity. There are many debt counseling agencies with a good reputation that could help you consolidate your debts and help you manage your finances better. But be careful—there are also many disreputable debt counseling agencies.
Being smart about your finances can save you from many headaches and improve your quality of life. However, depending on your situation, it may be a good idea to file for bankruptcy in New Jersey. Every bankruptcy case is different, so you might want to consult with a New Jersey bankruptcy attorney to learn about your options. At the Law Offices of Robert Manchel, our lawyers have helped countless individuals navigate through the New Jersey bankruptcy process. If you have questions about filing for bankruptcy in New Jersey, please contact our office to talk with one of our knowledgeable and experienced bankruptcy lawyers. Call us today at 866-503-5655.

How to Better Manage Your Finances and Avoid Bankruptcy in New Jersey: Part I

by Leave a Comment

With America’s culture of consumerism, it should come as no surprise to find that Americans are heavily loaded with debt from credit cards. The average household in America that possesses at least one credit card has an average of over $10,000 in debt from credit cards.
CNN Money has a list of top things Americans need to know about handling their finances. First, they acknowledge that some debt can actually be good—such as borrowing money to pay for college or a home, but that you should be cautious not to borrow more money than you can pay back. They also advise shopping around to find the best interest rates. However, there is bad debt, such as using a credit card to purchase things like vacations that can’t be paid off in full within a few months. Using a credit card for expensive items that can’t be paid off timely is a fast way to find yourself in serious debt. They recommend putting cash aside each month to save for a big ticket item before charging your credit card, so you can pay the full amount when it is due and avoid paying high interest charges.
The article also urges Americans to think about what it is they’re purchasing. They suggest making a list of your typical monthly spending habits and then cut out the items you don’t really need. Save the money you would have spent or use it to try to reduce your debt faster.
When paying off your debts, first pay off the highest- interest rated debts, which CNN Money says is the solution to efficiently getting out of debt. Pay the balances of credit cards or loans that charge the highest interest, while you pay the minimum balance due on other debts. Once the high interest debts are paid off, pay off the next highest, and so forth. Soon you will find your debts greatly reduced.
Managing your money wisely can help you avoid filing for bankruptcy in New Jersey. However, in some cases, it may be in your best interest to file for New Jersey bankruptcy. Everyone’s situation is different, and it may be a good decision to speak with a New Jersey bankruptcy lawyer to find out your legal rights and options. The attorneys from the Law Offices of Robert Manchel have worked with many individuals, regarding their decision as to whether bankruptcy is the best solution. We can help guide you through the bankruptcy process and answer any questions you may have. If you are considering filing for bankruptcy in New Jersey, please contact our office to speak with one of our skilled and knowledgeable bankruptcy attorneys today. Call us at 866-503-5655.
Check our blog later this week for part II on how you can handle your money more wisely and potentially avoid filing for bankruptcy in New Jersey.

Across the U.S., Foreclosures Stop Amid Investigations

by Leave a Comment

According to a recent article in USA Today, the foreclosure rate across the country has dropped roughly 6 percent, as state and federal investigations are conducted on foreclosure cases in 23 states that require court approval. There has also been heavy coverage by the media regarding foreclosure errors, where many mortgage companies failed to follow proper legal procedures in thousands of foreclosures. There is an estimated 1 million homes in the midst of foreclosure in the U.S., and with news of faulty methods by mortgage servicers being reported, many homeowners are hiring attorneys to help challenge foreclosure actions.
In Florida, circuit courts have reported more than two out of three cancelations in foreclosures, while the normal ratio is less than one out of three. The delay has been attributed to banks, which are slowing processes down as reports of “robo-signers” have recently come to light. Many U.S. states require verification that documents in a foreclosure process are accurate, and in some cases must be signed by a notary.
Bank of America has reported that it will refile affidavits in over 100,000 foreclosure actions within the 23 states requiring judicial approval. It will then complete a state-by-state review of their foreclosure documents in the remaining 27 states. JPMorgan Chase has stated it will need to refile approximately 115,000 affidavits in 41 states. They have temporarily suspended foreclosure completely within those states. Other mortgage companies and banks have found themselves in the same situation.
Once the affidavits are refilled, foreclosures in those states will begin again, pending a judge’s ruling in each case. Many judges are now demanding more information from mortgage servicers with the recent revelation regarding faulty paperwork and robo-signers. Some companies have failed to produce proof of ownership of the actual mortgage note when attempting foreclosure on a house. This typically occurs when mortgages are transferred from lenders to investors, and sometimes even to other investors.
In New York, courts are requiring that mortgage company’s attorneys to do their part, not just judges, to ensure that foreclosures are properly handled. A new rule that effects an estimated 80,000 pending foreclosure cases, requires attorneys to sign an affirmation stating that they reviewed all foreclosure documents and asked the lenders and banks to verify the accuracy of the documents. Any attorney who files a fraudulent affirmation would face court sanctions. Other states are considering instating similar rules.
Unethical action on the part of mortgage companies and banks affects all Americans. For information about New Jersey foreclosure and bankruptcy, please contact the Law Offices of Robert Manchel. Our New Jersey foreclosure and bankruptcy attorneys will assist you during this difficult time. Call today at 866-503-5655.

Contact Us

Contact Manchel New Jersey Bankruptcy Law

Serving ALL 21 counties in New Jersey

We are available to answer all your questions.
Get an immediate consultation today.


captcha