Bankruptcy Exemptions Explained by Top Bankruptcy Attorney in Monmouth County

Many people believe that after they create a will, their estate planning is complete. And while estate planning involves more than just a will , even your will needs to be updated regularly. Most estate planning attorneys will recommend a periodic review of your plan to ensure that it is up-to-date and still reflects your wishes. A cursory review every two years, with a more in-depth review every five years, is a standard that should account for the life changes that occur over time. However, certain circumstances necessitate a more prompt review of your estate plan. Veitengruber Law is an experienced law firm and will lawyer in Monmouth County, New Jersey. For over a decade, we have worked with individuals, couples, and families in NJ to create effective estate plans. As the circumstances of your life change, your will needs to reflect those changes so that it can continue to legally and financially benefit you and your loved ones. Here are some circumstances that should prompt you to revisit and revise your will: 1. Marriage Marriage holds deeply personal relevance for the couple involved, but it also has a very real legal and financial impact. Marriage is a legal contract between two people that creates mutual, legally binding obligations and responsibilities. In the realm of estate planning, this typically means your spouse will become entitled to your estate in the event of your incapacitation or death. In New Jersey, your spouse is generally entitled to one-third of your estate. Without a will, the remaining assets will be distributed to other relatives based on NJ inheritance laws. When you get married, it is crucial to update or create a will with your new spouse in mind. You will be able to designate exactly how much of your estate should pass to your spouse. Leaving a specific portion of your estate to your spouse in your will can legally override the inheritance proportions set out by NJ. Whether this is your first marriage or a later-in-life marriage, updating your will to reflect your wishes for your spouse can ensure they are protected in the future. 2. Divorce Just like it is crucial to update your will following marriage promptly, it is equally important to update your will following a divorce. In marriage, you likely had your spouse listed in a position of prominence in your will and general estate plan. In divorce, your wishes for your ex-spouse may have changed. If your former spouse is recorded as a beneficiary, an agent in a power of attorney, or as the executor of your will, you will want to make quick changes to your will post-divorce. Doing this in a punctual manner can prevent your ex-spouse from having any control over or access to your estate if you become incapacitated or pass away. 3. Death The death of a family member or loved one can also require changes to your will. If a beneficiary or executor passes away, you need to account for how that loss impacts the future of your assets. For example, suppose your spouse was listed as your executor and the sole beneficiary of your estate. If s/he precedes you in death, you will need to designate a new inheritor for your assets. This is also true for the death of other beneficiaries or essential actors in your estate plan. The unexpected death of a loved one can drastically change your plans for the future and should prompt the updating of your will. 4. Having Children As soon as you have a baby, adopt a child, or become the legal guardian of a child, you need to update your estate plan. It is especially critical to account for minor children in your will. Not only will you be considering the financial security of your minor dependents, but you will also be considering who should care for them if you are disabled, incapacitated, or pass away. Without explicit instructions in your will, these decisions will be left up to the state. Pre-selecting a guardian that you trust for your minor children can give you peace of mind that no matter what happens, your kids will be cared for. If you have children with multiple spouses, have adopted children from your spouse’s previous relationship, or have other less straightforward connections with dependents, it is vital to work with an experienced attorney. New Jersey estate law does not cover the detailed complexities of our lives, but your will can when you work with a skilled lawyer. 5. Moving to a New State If you move into or out of New Jersey, you will need to update your estate plan. When you draft a will in any US state, it is created under the laws of that state. New Jersey will have different estate planning laws than other states. Any state-specific aspects of your will should be addressed if you move to a new state, especially when it comes to estate taxes. Moving to a new state can also change your designations for executor, power of attorney, or medical proxy, since previously listed individuals may no longer live in proximity to you. 6. Disability If you or a loved one receives a diagnosis of a long-term disability, it may require you to update your will. Creating a will with a disability in mind can look quite different from making a will when everyone involved is reasonably healthy. For yourself, receiving a difficult diagnosis or becoming disabled may change the way you look at the future. You should nominate a power of attorney and a medical proxy that you trust to follow your wishes. Your wishes for medical intervention or end-of-life care may change over time. Considering these things immediately after a diagnosis can help you and your loved ones prepare for any future challenges that may arise.  Alternatively, if your spouse or beneficiary receives a diagnosis of disability, it may change the way you think about the distribution of your assets. Suppose your spouse gets an Alzheimer’s diagnosis, for example. In that case, it is advisable to remove them from the position as executor of your will since they will likely be unable to carry out those responsibilities in the future. If a beneficiary is or becomes disabled, you can adjust your will to account for their needs. There are numerous financial implications when working with beneficiaries who are eligible for or receive government assistance due to their disability. Inheritance can complicate access to Medicaid and other assistance programs. Working with a knowledgeable NJ attorney to establish a trust for these individuals can ensure they are financially provided for from your estate while allowing them to maintain access to assistance programs and benefits. Estate planning can be a daunting and intimidating process. No one likes to think about what should happen in worst-case scenarios. However, working with an experienced estate planning attorney, like Veitengruber Law, ensures a smooth experience. We do our job with compassion, expertise, and over a decade of practiced knowledge of New Jersey estate law. Reach out to us before you make any changes to your will. We can help you make the right choices to prepare for your future.

A sheriff’s sale is a type of foreclosure auction. Properties are entered into a sheriff’s sale after a judge legally orders the sale of a property to satisfy legal judgments against the current owner of the property. If you are seeking a legal foreclosure defense attorney, Veitengruber Law is ready to assist you. With over fifteen years of experience helping New Jersey homeowners save their homes from foreclosure, we know it is possible to save your home—even after it is sold at a sheriff’s sale. Veitengruber Law offers legal solutions to help you save your home. Here are some of the common questions we answer for folks facing the loss of their home through a sheriff’s sale.  What happens at a sheriff’s sale? At a sheriff’s sale, members of the public can bid on the property, often sold in “as-is” condition. Attendees will be free to make competing bids on a property. The highest bidder wins the right to purchase the property, typically with a percentage of the bid, immediately after the auction closes. Proceeds from the auction are used to pay mortgage lenders, lienholders, tax collectors, and other creditors who have incurred losses on the property. How can I save my home after it is sold at a sheriff’s sale? Finding out your home has been sold at a sheriff’s sale can feel like the end of the line. But even after your home is sold at auction, you still have homeowner rights and legal recourse. NJ Right of Redemption Under NJ foreclosure law, a homeowner has the right of redemption for ten days after the sheriff’s sale. The right of redemption allows homeowners to maintain ownership of their property if they can pay the full amount due on the foreclosure judgment, plus the costs of the sale. If the homeowner can make this payment before the ten-day period expires, they will be able to keep their home. During these ten days, homeowners also have the right to file written objections against the sale with the court. Your objection must contain a valid argument that the sheriff’s sale is invalid. An attorney can look at your case and help you determine if there are any grounds to object to the sheriff’s sale. Additionally, you can use these ten days to file for bankruptcy. When you file for bankruptcy, your estate enters into the automatic stay period. During this time, other court proceedings pause. The NJ Bankruptcy Code provides homeowners facing foreclosure with an additional 60 days to cure the defaulted mortgage. If you can come up with the money required to pay off the foreclosure deficiency during these 60 days, you will be free to maintain ownership of your home. Reopening a Foreclosure After your home has been sold at a sheriff’s sale, your mortgage creditor will go to the court to obtain a deficiency judgment against you. This deficiency judgment will be used to ask for payment from you for the difference between what you owed on the property and what the property actually sold for at the sheriff’s sale. This reopens the foreclosure. When the foreclosure is reopened, you have the opportunity to file an application with the court to redeem the property. This application of redemption must be filed within six months of the entry of the deficiency judgment. Redeeming the property will involve paying the full amount due in the foreclosure judgment, along with interest and any expenses incurred by the purchaser. How can Chapter 13 Bankruptcy Help? Besides the obvious benefits of the 60-day pause on foreclosure proceedings, Chapter 13 bankruptcy can be a more affordable path towards clearing your defaulted debt. While it may be challenging for homeowners facing foreclosure to come up with a lump sum of money to cure their defaulted debt, they may be able to afford a repayment plan. Chapter 13 allows you to repay your mortgage arrears through a monthly repayment plan lasting either three or five years. Catching up on your past-due payments over time can make repayment more realistic. To get a repayment plan approved, you will need to prove you can make the monthly bankruptcy repayment plan payments. Chapter 13 also presents the opportunity for you to apply for a loan modification with your mortgage lender. While you may have been denied a mortgage modification previously, applying for one during bankruptcy allows you another shot at modification – this time with court supervision. This added oversight can improve your chances of getting your modification approved. Need help to save your home after a sheriff’s sale? Veitengruber Law has the experience and knowledge you need to save your home. Just because your house has been sold at a sheriff’s sale doesn’t mean you are out of options. We can help you protect your homeowner rights and stay in your home.

New Jersey experienced a significant increase in foreclosures in 2025. Cost of living increases, high housing prices, and a stagnant job market have led many NJ individuals and families to struggle financially this year. In response to this, scammers and other malicious actors are increasingly emerging. Folks struggling with unmanageable debt may be tempted by scams promising quick relief and easy answers. As a debt relief law firm in Metuchen, NJ, Veitengruber Law can help you find legitimate, legal, and practical solutions to debt. The NJ Department of Banking and Insurance is warning residents of an increase in ads, direct-mail solicitations, and other seemingly legitimate marketing ploys targeting NJ consumers. While these businesses and companies may make big promises about loan modification and debt relief, those promises are often empty. Here are some things all NJ consumers should know to avoid falling into a long modification scam: 1. What is a loan modification? A loan modification is when a lender and a borrower agree to change the terms of an existing loan to make the payments more affordable, allowing the borrower to avoid default or repay past-due debt. This can be achieved by extending the loan's term, adjusting the loan's interest rate, or even forgiving a portion of the loan. Under NJ law, loan modification falls under the category of "debt adjustment." A" debt adjuster" is a person who acts as an intermediary between a debtor and a creditor for the purpose of altering terms of payment, OR who receives money or other property from the debtor and provides it as payment to the creditor. 2. Who can be a debt adjuster? NJ law is very clear about who is legally allowed to be a debt adjuster. That includes: The lender or owner of the loan The loan servicing company An individual or entity licensed by the Department as a Debt Adjuster Other entities exempt from debt adjuster licensure, like nonprofit social services agencies or nonprofit consumer credit counseling agencies Unless a business falls under one of the above categories, it is not a legitimate debt relief service, regardless of how it presents itself. 3. What can happen with loan modification scams? Folks who seek the services of dishonest debt relief companies can find themselves in a worse position. Many of these companies require a substantial investment up front without providing a clear return on that investment. Victims of debt relief and loan modification scams can experience some dire financial and legal consequences, including: Payment and loss of exorbitant upfront fees with no legitimate services in return Loss of precious time during time-sensitive default or foreclosure processes Loss of title to home or other property without benefit Significant damage to the credit report and credit score 4. Who can I trust with a loan modification or debt relief? If you are struggling with your mortgage or other debts, working with an experienced New Jersey debt relief attorney, such as Veitengruber Law, is a wise choice. Veitengruber Law is knowledgeable of NJ consumer laws, foreclosure defense, bankruptcy law, and debt relief solutions. We can provide direct legal representation and are bound by strict professional and ethical guidelines. We are skilled negotiators with over a decade of experience working with lenders.  Metuchen debt relief law firm Veitengruber Law can help you protect your legal rights as you work through unmanageable debt. We are transparent with our fees and our process. Our goal is to give our clients the knowledge and self-confidence to make informed decisions about their financial future.

Bankruptcy offers a new financial start to individuals struggling with overwhelming debt. But not everyone who files for bankruptcy gets this fresh start. It is increasingly common for individuals filing for Chapter 7 bankruptcy to have their petition denied before their case can even begin. We live in a culture of DIY. And while a do-it-yourself attitude can save you money when it comes to small house projects or crafting, it isn’t exactly the best approach to bankruptcy. Veitengruber Law is an experienced Chapter 7 attorney in Monmouth County, NJ. We have been helping NJ residents get a Chapter 7 discharge for over a decade.

Buying a home is a significant milestone and dream for many. Home ownership is a massive responsibility, but it comes with some uniquely rewarding perks like the ability to build equity, tax benefits, long-term housing stability, and the freedom to turn your property into your ideal living space. All too often, homeownership dreams are dashed due to bad credit. Veitengruber Law is a Monmouth County real estate lawyer and credit repair attorney/law firm. We have over a decade of experience helping NJ residents realize their real estate dreams.

Divorce is a life-altering event. Separating from and divorcing a spouse changes so many aspects of your life personally, financially, and legally. It can be easy to get caught up in the immediate financial and legal difficulties of divorce and ignore potential legal problems it can create down the road. After a divorce, it is critical to develop an estate plan or update an existing plan. Working with an experienced estate planning attorney after a divorce can ensure you protect your assets now and in the future. Veitengruber Law is an experienced NJ estate planning attorney. We can help you avoid costly errors and get peace of mind. Here are five mistakes to avoid making when estate planning after a NJ divorce:

In New Jersey, it is not required for buyers or sellers to work with a real estate lawyer to participate in a real estate transaction. Many folks buy and sell property without the assistance of a real estate attorney. But real estate transactions involve complex legal and financial procedures that require expertise and experience to navigate with success. It is easy to find yourself trapped in a bad deal if you try to go through the transaction without a team of expert real estate professionals at your side. In addition to an agent, a real estate attorney can provide legal guidance and professional representation throughout a real estate transaction.

Foreclosure is a scary word. You are not only facing an extreme financial setback but also the loss of your home. When letters from your lender start arriving, mentioning foreclosure, it can be a worrying and overwhelming experience. If you’ve fallen behind on your mortgage, it can feel impossible ever to catch up again. After 120 days past due, your lender can begin the foreclosure process.  But even a Notice of Foreclosure isn’t the end of the line when it comes to saving your home. If you are looking for foreclosure defense, Metuchen, NJ attorney George Veitengruber and Veitengruber Law can help. We can help you develop a plan to save your home, whether you are a few months late on your mortgage or facing foreclosure. Here are some of our foreclosure defense strategies and how they can help you save your home, get in control of your finances, and finally breathe easier. 1. Work With Your Lender After your first missed payment—or even your second—the best first step is to contact your lender to discuss your options. Until you are 120 days late on your payments, your lender cannot begin foreclosure proceedings. During this time, from the first missed payment, your lender may be open to working out a plan outside of the court system. Foreclosures are time-consuming, expensive, and create a lot of work for lenders. It is as much in their best interest as it is yours to work out a deal before the issue snowballs into foreclosure. Be prepared to explain your financial circumstances. They will likely want to know details about your income, your expenses, and how you propose to pay back your past-due balance while continuing to make your regular mortgage payments. Some common agreements mortgage providers will consider include: Payment Plan: If you can prove that your missed payments were due to a temporary setback or simple mistake, your lender may be willing to put your past-due balance on a payment plan. This will allow you to catch up on past-due payments while remaining current on your mortgage. This path is best for folks who can afford the extra monthly payments until the past-due balance is cleared. Forbearance: Many lenders offer forbearance as an option for those struggling with their mortgage payments. Forbearance allows you to pause your monthly mortgage payments or pay a reduced amount for a specified period, typically up to 12 months. Most lenders have established criteria that borrowers must meet to qualify for forbearance. This is an excellent option for those experiencing a temporary setback, such as income loss, unemployment, or divorce. Loan Modification: In some circumstances, your lender may agree to a loan modification. A loan modification is a permanent change to the terms of your loan. This change is designed to reduce your monthly payments, making them more affordable for your income. While lenders are not obligated to accept your request for a loan modification, they may approve your request if you meet specific hardship parameters. You must demonstrate that you can reasonably pay the lower monthly payments. Some common loan modifications include extending the repayment period, reducing the interest rate, replacing a variable rate with a fixed rate, or even forgiving the principal of the loan. You should expect to provide your lender documentation detailing your credit report, debt, expenses, income, savings, and even retirement account information. Working with a skilled attorney can help you present a compelling case for your loan modification, increasing the likelihood that your lender will accept it. 2. Bankruptcy Once foreclosure proceedings have begun, bankruptcy is one of the most effective tools available to halt legal proceedings. Filing for bankruptcy will kick off the automatic stay period. This means that lenders and creditors cannot initiate legal proceedings for the duration of the bankruptcy case. The automatic stay can provide you with enough time to determine a better path forward, allowing you to keep your home, sell it through a short sale, or get approved for a loan modification. When you are considering which kind of bankruptcy to file, you have two main options: Chapter 7 Bankruptcy: Chapter 7 bankruptcy involves the liquidation of your assets to pay back debts. For some, this may include liquidating the equity in your home to repay your mortgage. While you do not always lose your home through Chapter 7 bankruptcy, it is a possibility. Chapter 13 Bankruptcy: Chapter 13 bankruptcy allows you to create a repayment plan based on your income to repay all of your debt. This repayment plan is structured to be completed in 3 or 5 years. After this period, any remaining debt is discharged. This type of bankruptcy allows you to maintain ownership of your property while also repaying your debts. You must be able to prove that you can make the monthly payments to qualify for Chapter 13. Working with a bankruptcy attorney like Veitengruber Law can help you determine which kind of bankruptcy is right for you. 3. Short Sale A short sale is another option struggling homeowners can consider when facing foreclosure. Before your home is seized, it is possible to sell the property to cover the mortgage debt. If your house sells for less than what you owe, this is called a short sale. If your lender approves the short sale, it can be preferable to foreclosure. While a short sale obviously will not save your home since you are selling it, a short sale can help you recoup some of the cost of your investment and limit the damage to your credit report. To qualify for a short sale, you need to get your lender to approve the sale and provide supporting documentation proving that you are experiencing hardship and must sell your home. Going forward with a short sale can be risky. There is no guarantee that your lender will accept a short sale, nor is there a guarantee that you will find a buyer. A short sale will also remain on your credit report for up to seven years, negatively impacting your score. You may still owe your lender the difference between the total amount you owe and what you receive from the short sale. It is not an ideal solution, and it involves the loss of your home, but it may be preferable to foreclosure. Your best chance of saving your home after missing a mortgage payment is to work with an experienced attorney. When you need top-tier foreclosure defense in Metuchen, NJ, Veitengruber Law is the right choice. Foreclosure is a complex legal process. We can help you understand your legal rights and explore all of your options to determine your best path forward to saving your home.

Being named the beneficiary in someone’s will is typically considered a positive financial development. While most people are not celebrating the passing of a loved one, it can feel good to know that they thought your relationship worthy of naming you as an heir. Additionally, if you share assets with the deceased, an inheritance from savings, retirement plans, or life insurance can make you feel more prepared to face a financial future without them. However, not everyone named as a beneficiary of an estate will view the situation positively. Some individuals facing extreme debt may not wish to accept the inheritance to avoid the funds going directly to creditors. Depending on your legal and financial situation, you may want to reject the gift of your inheritance. But can you? Veitengruber Law is an experienced law firm and bankruptcy attorney in Wall Township . We have worked with many locals to help them make informed decisions about their options when dealing with unmanageable debt. Figuring out how to deal with being named as an heir during bankruptcy can be tricky, but we are here to help. Here are some things to consider: What happens if I receive an inheritance while swimming in debt? When you are struggling to deal with a mountain of debt that you just can’t seem to chip away at, creditors are likely to come calling. If you have creditors constantly calling or threatening legal action—or if legal action is already in progress—you can be certain that those creditors will be very aware if you receive a sudden inheritance. Once your creditors are aware of your inheritance, they will use every legal avenue available to them to secure the funds to pay back your debts. They can petition the court to have your bank account levied, allowing them to gain access to the funds in the account to settle your debts. Can I reject an inheritance? Yes, you can. Under New Jersey estate law, you are legally allowed to refuse to accept a gift. In this case, the “gift” is your inheritance. This right is commonly referred to as a disclaimer. However, how you choose to disclaim your inheritance can impact the outcome. While you may be hoping to divert this inheritance to your children or other beneficiaries, that won’t work. Diverting an inheritance to avoid paying creditors is a criminal offense. It is highly probable that your creditors will still be able to access these funds under the Uniform Fraudulent Transfer Act. Disclaiming your inheritance altogether so the funds never pass into your possession at all is the only way to ensure creditors do not gain access to the funds. Because the inheritance will remain with the original holder of the assets, the creditors will be unable to petition the estate for the funds needed to settle your debts. That money will instead pass to the next listed beneficiary. What if the inheritance is physical property? If the inheritance is physical property, like a home, car, or other secured asset, it could still be vulnerable to creditors once it passes into your possession. For example, if you inherit a home, your creditors can request that a lien be placed on the property to secure it against your debt. This would give them the ability to foreclose upon the property, dissolving your ownership rights and using the funds from the sale of the property to settle your debt. There are some exemptions to this. For example, the Homestead Exemption may allow you to protect your home if: 1) you live in the inherited property, and 2) the equity in the home is less than the amount owed to your creditors. What happens to my inheritance if I am in the middle of bankruptcy? If you are the recipient of an inheritance after you have already filed for bankruptcy, it could become part of your bankruptcy estate. For Chapter 13 bankruptcy, this could mean you will be expected to pay back more to your creditors than you would have before the receipt of the inheritance. If you are filing Chapter 7, it may mean that the trustee will use the inheritance to repay creditors. It all depends on timing. If you inherit the money before filing for bankruptcy, it will automatically be included in your bankruptcy estate. If you become entitled to an inheritance 180 days after you have already filed for bankruptcy, you are required to notify the court and include the inheritance in your bankruptcy estate. It doesn’t matter if you receive the inheritance within the 180 days—simply becoming entitled to the inheritance means it must be included in your estate. After 180 days from filing for bankruptcy, the consequences of accepting an inheritance may be different. If you declare Chapter 7 bankruptcy, you will be able to claim any inheritance that you become entitled to after the 180-day mark. In Chapter 13 bankruptcy, a judge must decide if the inheritance will enter the estate to go to the creditors or if your plan needs to be revised. Can estate planning help my beneficiaries avoid creditors? If you or a loved one is concerned about inheritance, the best way to resolve the problem is to do so before the death of the person writing the will. Working with a skilled estate planning lawyer can illuminate all your estate planning options and help you determine the best way to ensure your wishes are carried out. Trusts are an efficient way to protect assets from creditors. A protected trust is a separate legal entity that holds listed assets and property for the benefit of beneficiaries. While your creditors would still be able to access any funds distributed from the trust into your accounts, they could not access the money unless you chose to take a distribution. With a trust in place, you could work towards getting out of debt through debt settlement, bankruptcy, or other repayment options before taking a distribution of your inheritance, ensuring it is protected from creditors. Another option is to leave your financially encumbered loved one out of the will altogether, instead choosing to name their children or other loved ones as beneficiaries. Creditors will have no claims to any money inherited by children, spouses, or other family members not listed on the defaulted accounts. If you want to ensure that all your beneficiaries receive their inheritance, regardless of financial struggles, an experienced estate planning attorney can help. How can I get out of debt now?  If the idea of receiving an inheritance has you worried about creditors, chances are it is way past time you found a solution to your financial struggles. No matter how bad your debt situation is, there is a way to improve your finances and finally escape the stress of constant debt and creditor calls. Veitengruber Law can help. Our Wall Township team has experience in debt management, bankruptcy, and estate planning. Our knowledgeable team can devise a workable solution to help you overcome unmanageable debt and work towards a brighter future.