How does a NJ Chap 13 bankruptcy work

Buying or selling a home in New Jersey involves a complex legal process with tons of paperwork, contracts, and research. For the average homebuyer—or even a real estate pro—the intricate ins and outs of NJ real estate law can be overwhelming. While you are not legally required to obtain an attorney for a real estate transaction in NJ, doing so is the best way to ensure you are not leaving yourself vulnerable to legal trouble. Real estate attorneys work for you to ensure you are getting the most out of your investment. Veitengruber Law is a real estate lawyer in Monmouth County, NJ. We have years of experience and knowledge in real estate law and a robust network of local real estate professionals. Do I need a real estate lawyer? Technically speaking, no. New Jersey law does not require individuals to retain a real estate attorney while buying or selling a home. While New Jersey does have the three-day attorney review period automatically built into the processing of the real estate contract, you are not obligated to utilize this period for the attorney review. Many folks buy or sell property in New Jersey without the help of an attorney. But there are a multitude of reasons why enlisting the service of an experienced real estate attorney is in your best interest and will result in a smoother experience. Real estate transactions are some of the most significant financial transactions the average person will likely make in their lifetime. This is a huge investment that impacts your life in major ways financially, legally, and personally. With so much at stake, working with an attorney can give you the best shot at protecting your investment. What are the risks of buying or selling without an attorney? So much can go wrong during a real estate transaction. Hidden defects with the home, title defects, financial troubles, intentional misrepresentations, and many other scenarios can threaten your investment. A knowledgeable attorney can work through these challenges while utilizing the law to protect your interests. When you go through a real estate transaction without the help of an attorney, you expose yourself to potential legal troubles and even fraud. Practiced real estate attorneys familiar with the local area can also help you steer clear of fraud, fake property listings, and shady deals. This can prevent significant personal and financial losses and help you avoid major legal headaches. What can a real estate attorney do? At Veitengruber Law, our clients utilize our real estate services for a multitude of things, including: Drafting, Reviewing, and Negotiating Contracts Typically, real estate agents provide a boilerplate contract for most real estate transactions. This contract is not specific to you, your needs, or the property. This standardized contract can leave buyers or sellers unprotected. It may not include particular clauses or additions unique to your situation and can better protect each party. Utilizing the three-day attorney review period allowed under NJ law to review the contract thoroughly is critical. Just because it is standardized does not mean you have to accept everything in the contract. An attorney can review the contract, make important changes, and help you negotiate an agreement that is more favorable. An attorney can help you add specific conditions to the contract that protect key aspects of the sale that are important to you. Keep in mind that real estate contracts are legally binding. You do not want to sign a contract that has not been reviewed by an attorney first. Some things a real estate attorney can negotiate to be added to a customized contract include: Inspection: Specifications concerning the inspection period and how defects will be handled Financing: Adding a financing contingency so buyers can back out if they do not have funds Appraisal: Including a provision allowing buyers to back out or re-negotiate in the event the home appraises for less than the list price Title: Making the contract contingent upon a clear title and protecting the buyer from any title issues Extras: Whatever items you want to be included or excluded from the sale can be listed explicitly in the contract Your real estate contract should be customized to protect you. A real estate lawyer can help you do that! Reduce the Risk of Lawsuits By working with a real estate attorney, buyers and sellers can limit their risk of a lawsuit. Sellers, especially, are legally required to disclose issues with the property. Failure to properly do so can result in a lawsuit down the road. A real estate attorney can identify areas in the contract where you may leave yourself vulnerable to these kinds of lawsuits. They will ensure you follow all disclosure rules and regulations to help you avoid making honest mistakes and limit liability. Negotiate Following Inspection It happens—the home you thought looked defect-free upon viewing is actually plagued by several expensive issues. This is why getting an inspection is such an important part of the home-buying process. Buyers who uncover issues during inspection will have a lot of big choices to make about how to proceed. An attorney can review the inspection report and help the buyer negotiate how to handle these defects with the seller and their agent. An experienced attorney can negotiate for concessions based on the defects uncovered. This can include lowering the price or negotiating with the seller to make repairs. Because sellers are not obligated to make repairs, a real estate attorney can give you the edge you need to save yourself a major headache and often a significant sum of money. Closing When you work with a real estate attorney, they can guide you through the often lengthy closing process. An attorney can make the experience stress-free and ensure all required documentation is in order and ready to go. If your closing needs to be delayed for any reason, a real estate attorney can help. If, upon your final walkthrough, you notice some significant issues, an attorney can defend your rights as a homebuyer and postpone closing until the issue is resolved. What instances may require a real estate attorney? Many real estate transactions happen without a real estate attorney—and many result in major legal issues. Working with a real estate attorney is always in your best interest, but more so in some more complex situations. Those dealing with divorce, bankruptcy, foreclosure, estate planning, marriage, loss of a spouse, or any other major life change may have more of a pressing need for the knowledgeable advice of a real estate attorney. Veitengruber Law is an experienced attorney with intricate knowledge of real estate law, foreclosure defense, and bankruptcy law. However, we also work in collaboration with some of the best real estate and legal professionals in the area. This collaborative relationship allows us to share our knowledge with other local pros and utilize their knowledge to protect our client's interests. No matter what circumstances you find yourself in, we can help you reach the finish line on your real estate goals, protect your investment, and get the most out of any real estate transaction. If you are looking for a real estate lawyer in Monmouth County, NJ, look no further—Veitengruber Law has you covered!

Can you file for divorce while in the middle of a Chapter 13 Bankruptcy?

In the labyrinth of financial despair, Chapter 13 bankruptcy shines as a beacon of hope. Read on to learn about this bankruptcy option.

Real estate contracts are fully binding legal documents intended to protect both parties throughout a real estate transaction. For a good reason, these contracts are difficult to get out of. Real estate transactions are typically some of the most high-stakes financial and legal processes most of us will ever go through. Having a contract establishes rules and expectations for the transaction to ensure things go smoothly and everyone follows the law. So, if you want to get out of a New Jersey real estate contract, you will need to work with an experienced lawyer who understands contract law as well as local real estate laws. Breaching a real estate contract can have serious, far-reaching financial and legal consequences. You do not want to break the contract without legal cause to do so. That said, an experienced attorney can help you find legitimate ways to get out of a real estate contract. Here are some of the ways an attorney can help you out of your contract after it is signed: 1. Attorney Review All real estate contracts in New Jersey are subject to the attorney review period. This begins once both parties have signed the contract and lasts three days. The intention of this review period is for both parties to have the chance to give the contact to their lawyer for review. Your real estate attorney may find issues with this contract upfront or advise you to add specific clauses and conditions to protect your interests throughout the transaction. It is possible to back out of the contract at any point during the attorney review period, which makes it one of the easiest ways to get out of a real estate contract. While you are not obligated to have an attorney review your contract during this time, it is advisable. Once the attorney review period is over, you must abide by whatever terms are laid out in the contract. 2. Breach of Terms Every real estate contract includes terms and conditions that must be met for the transaction to progress. The buyer and seller will have to meet specific requirements laid out in the contract. If one of the parties fails to uphold their end of the agreement, they could be considered in breach of the terms. This would allow the other party to get out of the contract through no legal fault of their own. Many of these terms come with due dates, which, if missed, can give you options to terminate a contract. For example, your contract states that the seller must perform a mold inspection by a certain date. The date comes and goes, and the seller has not performed the inspection. This could give the buyer the opportunity to back out of the contract completely. Typically, being behind on dates by a few days is not a deal breaker for either party, and the sale continues to progress without incident. But if you are looking for an out, these dates could be your key. 3. Unfulfilled Contingencies Some contingencies are added to most real estate contracts. These are items on top of the typical boilerplate terms and conditions that must be addressed for a real estate transaction to go through. Buyers and sellers can establish their own contingencies. While you can dispute contingencies prior to signing the contract, once a contract is signed, these contingencies must be met for the sale to go through. If one party is unable to or unwilling to hold up their end of the contingency agreement, they could be considered in breach of contract. So, for example, the buyer can include a contingency that if a home inspection uncovers any significant issues, the deal is off. If the home inspection reveals major repairs, structural damage, or other costly maintenance that was not previously disclosed, the buyer can back out. Typical contingencies include financing, inspections, and even the timing of purchasing or selling other property. Whatever the contingency is, once agreed to, it is legally binding for both parties. Failure to uphold the contingency is an opportunity to end the contract. A good attorney will be able to review the contingencies in your contract to determine if you have any grounds for backing out based on unfulfilled contingencies. Once a contract has been signed, both parties are legally bound to its terms. If you have already signed a real estate contract and need to get out, a real estate attorney can help. Veitengruber Law has an experienced real estate attorney on staff with a deep knowledge of NJ real estate laws. We can help you work through the complexities of getting out of your NJ real estate contract.

Do you need a real estate niche to become a successful New Jersey realtor? Many real estate agents avoid narrowing down to a specific niche. New agents starting out often take any work that comes their way and attempt to become a jack of all trades. They fear boxing themselves in, missing out on some opportunities, and making their client base too narrow. However, finding and perfecting a niche as a real estate agent is actually a fantastic way to ensure your success in the industry. A niche is what sets you apart from other real estate agents. Developing a niche is necessary to define your brand and choose a marketing direction. What kind of real estate experience are you offering? Who is your ideal client? What can you do that no other real estate agent can? When you define your niche, you are better able to offer a memorable message about your offerings that will stay fresh in the minds of potential clients. Deciding on a unique niche will help you streamline your marketing so you can reach the right audience. Here are six categories you should consider while developing your real estate brand: 1. Local Areas or Neighborhoods Deciding to focus on one geographic area is one way to develop a strong niche. Depending on the population density or geographic scope of the area, you may find it makes sense to specialize in one county, town, or even a single neighborhood. To be an expert in one geographic area means you will spend time developing deep connections with other industry professionals in that area. You may want to consider an area or community close to where you live to ensure easier networking. There are some things to consider when choosing this niche. For one, if you do not plan to live near your focus area for long, it may be a waste of time to develop such deep ties to one location only to cease business there. You will also be more vulnerable to competition from other real estate agents specializing in your chosen geographic area. To combat this, you should focus on other aspects of your work that set you apart. 2. Customer Type Developing a specialty for a specific clientele is another way to set yourself apart as a real estate agent. There are so many unique groups of people looking for real estate professionals that you can really make your customer type as general or specific as you want. Some examples include seniors looking to downsize, Spanish-speaking clients, LGBTQ+ clients, first-time homeowners, luxury real estate, etc. Targeting one of these client groups will help you grow your business in a direction that interests you. Just because you choose one demographic to focus on does not mean you will never take on clients outside of that demographic again. You will, of course, likely still work with plenty of other clients. However, you can focus your marketing and branding efforts on attracting the attention of your niche clientele. This not only gives your business direction, but makes you an expert in providing an excellent experience of service for your clients. 3. Property Type Specializing in a property type will likely depend on the kind of clients you want to serve and the location in which you do business. You can specialize in more general property types like condos or multi-family properties, or you can specialize in more specific property types like waterfront homes or luxury homes. Clients looking for a particular property will feel that they are in good hands if they work with an expert with demonstrated experience in those properties. You can run into issues with this niche, however. Markets change and some property types may be trending more popular than others for various different reasons. A big enough market change could force you to abandon your property-type niche to remain in business. Combining this niche with another is another great way to ensure you are developing a lasting brand. 4. Experience Level Real estate is a career filled with a lot of ups and downs. Market volatility, housing crises, home value shifts, price fluctuations, interest rate hikes—the experienced real estate agent has survived it all. Seasoned agents should absolutely be marketing themselves as the expert real estate professionals they are. You don't just want to show potential clients how many years you have been in business; you want to portray the depth of your knowledge and why you have been so successful in your area specifically. Sharing your story with your clients gives them insight into your history, experience, success, and how your specific service can help them achieve their real estate goals. Even if you are relatively early in your real estate career, showcasing your triumphs can help clients see the quality of service you provide. 5. Individual Skills So, what if you're a new real estate agent without the years of experience to market yourself to potential clients? Then, defining the unique personal qualities you possess that set you apart from other agents will be very important in your marketing. Even if other agents have the knowledge and experience, they do not have the unique characteristics that make you stand out. Make sure you choose characteristics that appeal to the type of client you are interested in attracting. For example, you can say you are driven and persistent to convey that you get the job done efficiently and promptly. Whatever characteristics you emphasize in your marketing, ensure you are authentic. The clients that connect with you will appreciate the skills and characteristics you emphasize in your branding. 6. Specific Industry Expertise Real estate transactions are so complex and varied that there is an extensive list of areas in which you could develop expertise. Specific industry expertise goes beyond the individual characteristics you possess or the region, community, customer, or property you specialize in. Your industry expertise could be in negotiations, home staging, contracts, financing options, construction, and local maintenance/remodeling regulations. Whatever specific aspect of the real estate deal you have a special knack for, you need to advertise that. If you are entering the real estate industry from another career, think about how the skills and knowledge you learned in your previous job can make you a more powerful real estate agent. Especially if you are from an industry with close ties with real estate, like banking, you can advertise these skills to set yourself apart from the competition. Make sure you choose skills, knowledge, and experience that will represent you well to your target audience. Veitengruber Law is a full-service real estate law firm with years of experience working closely with successful real estate professionals in New Jersey. We understand what it takes for a real estate agent to thrive in our area and are always looking to build partnerships with other industry professionals. Veitengruber Law specializes in property laws, local regulations, contracts, short sale negotiations, mortgage modifications, and foreclosure defense. Reach out to us today to discuss your goals as a New Jersey realtor; let’s work together to help our clients achieve the dream!

No matter how old you are, planning for old age right now is the best way to ensure you are prepared for retirement and beyond. But by the time you are 55, you should have five essential legal documents in place. Ensuring these documents are in place can help you avoid end-of-life issues and legal headaches in your golden years. As an estate planning attorney, Veitengruber Law recommends following the five by 55 rule. Having these five documents in place by the time you are 55 will cover most of your estate planning. The five documents include: 1. Healthcare Advance Directive  A healthcare advance directive will give your chosen loved ones the power to make healthcare decisions on your behalf if you are unable to make those decisions yourself. The person designated in your healthcare directive will be able to choose what kind of medical treatment you receive if you are unconscious, incapable, or otherwise incapacitated. This can help you ensure your healthcare wishes are respected. Having this kind of directive in place can ease the burden of these situations when they happen and ensure your trusted loved one is legally empowered to make the right medical choices when necessary. 2. Living Will A living will is a comprehensive legal document indicating what kind of medical interventions you want if you cannot vocalize your wishes. Many living wills include personal preferences concerning pain management, organ donation, the use of CPR, mechanical ventilation, tube feeding, or other life-sustaining treatments. Living wills can also include information on medical interventions you do not wish to have based on religious or personal beliefs, like vaccines, antibiotics, or blood transfusions. A living will let your doctors, loved ones, and legal professionals know without a doubt what your wishes are concerning your healthcare. 3. Power of Attorney A power of attorney is an important legal document that allows someone else to act on your behalf legally if you cannot do so. This substitute decision-maker will have the ability to make financial and legal choices for you if you are incapacitated. A power of attorney is a great tool to protect yourself and your loved ones in the event of a coma, traumatic brain injury, long-term mental health crises, dementia, Alzheimer's, and other unfortunately common scenarios. 4. Last Will and Testament When people think of estate planning, they usually think of a last will and testament. This legal document is meant to convey your wishes for your assets and possessions in the event of your death. A will can spell out exactly how you want your assets distributed after death. It can also detail your desires regarding any dependents, your business, or other financial matters. This gives you some control over what happens to your assets after your death. 5. Authorization for Electronic Records and Social Media Sites Technological modernization has pushed so much of our lives online. Most people manage the vast majority of their lives through the internet or apps. Banking, paying bills, managing utilities, socializing, retirement planning—all of these things have moved in some way to an online platform. And most of these platforms have enacted strict privacy and security protocols to limit identity theft. This means that if someone needs to access these sites to cancel services or disable profiles after your death, they will need legal authority. Authorization to access these crucial accounts can ensure they can keep your life in order during a temporary setback or terminate/monitor these accounts after you are gone. The five at 55 estate planning rule will help you prepare for an easy, stress-free life post-retirement. Everyone says they will eventually get to it, but life happens quickly. Veitengruber Law can help you create these essential legal documents and ensure you avoid costly and emotionally draining surprises later in life.

Having bad credit isn't just bad for your finances, it affects you in other ways as well. Hiring legal assistance for credit repair is key.

Non-citizens or those in the process of becoming citizens can absolutely file for bankruptcy in the United States. The US bankruptcy code requires those who file to have residence, business property, or own some US property. Established status as a US citizen or a permanent resident is not a prerequisite for a successful NJ bankruptcy filing. There is generally a lot of confusion over immigrant rights, and when you combine that with the complexities surrounding bankruptcy law, many folks are intimidated by the process. But Veitengruber Law can help! Here, we will lay out what your rights are as a non-citizen when it comes to seeking debt relief in New Jersey and across the US. Can non-citizens file for bankruptcy in the US? While you do not have to be a citizen or a permanent resident to file for bankruptcy in the US, you will need to present a social security number or an individual taxpayer identification number in order to file. These items are meant to confirm your identity. As long as you have one of those identifiers, you will be able to file for bankruptcy in the US regardless of citizenship status. If you do not have a Social Security Number (SSN) or an individual taxpayer identification number (ITIN), you will need to acquire one or the other. The IRS can issue ITINs for people who are not eligible for a Social Security Number. An ITIN can be issued regardless of immigration status. Can filing for bankruptcy prevent citizenship approval? There are no legal precedents in either immigration law or bankruptcy law that would automatically disqualify an individual from citizenship because of a bankruptcy filing. However, that doesn't mean that aspects of your financial and personal life that are brought to the attention of the court during bankruptcy won’t influence your citizenship application. During the bankruptcy process, the court will take into account the "good moral character" of the filer. This test is meant to determine if the filer accrued their debts with the prior intention to file for bankruptcy, which, if proven, can disqualify you from bankruptcy. Of course, what constitutes "good moral character" is subject to the interpretation of the specific court in which you are filing. If you racked up thousands of dollars in debt for a destination wedding you couldn't afford only to file for bankruptcy immediately—this may be a red flag to the court. Similarly, using bankruptcy law to avoid paying alimony or child support despite having the income to cover these expenses could result in the court dismissing your bankruptcy case. Since your application for citizenship will also consider your moral character, the information uncovered in bankruptcy court information could be used to reject your citizenship application. However, those filing for bankruptcy for legitimate reasons should not be concerned that their bankruptcy case will impact their citizenship, visa, or green card status. The vast majority of those who file for bankruptcy are honest, hardworking people, and we at Veitengruber Law know that. It may be beneficial to discuss your intention to file bankruptcy with an experienced immigration attorney in your local area. Bankruptcy is a matter of public record, meaning anyone can access it. An immigration attorney will be able to help you determine if filing for bankruptcy is a smart move in your specific situation. How could bankruptcy affect my citizenship case? The only time bankruptcy would impact your citizenship case is if, through the bankruptcy process, it is found that a crime was committed. For instance, if you provide false financial statements, are found to lie under oath, or omit key information or assets from your application, your bankruptcy petition may be denied. This could lead to criminal prosecution. You could even be removed from the US and barred re-entry. This is why it is essential to be completely honest on all bankruptcy documentation. Will my bankruptcy case increase my risk of deportation? Bankruptcy judges, court workers, and attorneys are unconcerned with your immigration status. None of these individuals are required to report to immigration services if they suspect you are undocumented. Again, the only way a bankruptcy filing may impact your status is if you are not truthful with the bankruptcy court. This includes any attempt to defraud the court, perjury concerning your status, or the use of illegally acquired identifying information. Otherwise, filing for bankruptcy is no more likely to lead to your deportation than a speeding ticket. How will bankruptcy affect my employment? As with all bankruptcies, yours will be reported to credit reporting agencies and will have an effect on your credit score. Regardless of your citizenship status, your credit score will take a hit. Depending on your credit score before filing, your score can decrease a lot or a little, but it will decrease. Bankruptcy w ill also remain on your credit report for ten years if you file Chapter 7 and seven years if you file Chapter 13. The good news is that it's possible to start repairing your credit score right after your bankruptcy discharge, but it will take some time. As long as your bankruptcy remains on your credit report, it may limit your future financing opportunities as well as prohibit some employment offers. However, continuing to hold on to unmanageable debt could have a similar negative effect on your credit score and credit report. Even if filing for bankruptcy initially prohibits you from some financial or employment opportunities, it will open the door to a fresh path moving forward. Should I file for bankruptcy if I am sponsoring someone trying to get a visa or citizenship? If you are sponsoring a spouse or significant other's visa, filing could impact their application, although not always. The federal employee who reviews immigration cases will consider your financial situation when they are examining your significant other's case. If they believe that you have a precarious financial situation, this can impact how they view the application. However, a previous or current bankruptcy case is not an automatic reason for a visa to be rejected. Discussing your options with a bankruptcy attorney and an immigration attorney will help you determine if filing for bankruptcy is right for you. Can I file for bankruptcy if I do not read or speak English? Yes! You are not obligated to read or speak English with any fluency to file for bankruptcy in the US. An experienced bankruptcy lawyer and their legal team will work with you to complete paperwork, provide documentation, and ensure you understand the process. Bankruptcy is a legally viable debt relief option for non-US citizens. As long as you can provide proper documentation, your citizenship status will not impact your bankruptcy case. Similarly, your bankruptcy case will not prevent you from keeping or obtaining citizenship, a visa, or a green card. If you are considering bankruptcy as a non-citizen, please reach out to Veitengruber Law today. We can help you navigate bankruptcy law and get on a better financial path.

In today's gig economy, self-employment, freelancing, and contract work are increasingly common ways of generating income. If you are self-employed and experiencing unmanageable debt, you may be unsure of your debt relief options. Whether you are self-employed as a gig worker, sole proprietor, or independent contractor, you will qualify for personal bankruptcy with either Chapter 7 or Chapter 13—even if your debts are associated with your business. If you operate under a separate business entity like a corporation or an LLC, you will also have the choice to place your business into bankruptcy. Here, we will go over your options for bankruptcy while being self-employed. What is considered "Business Income"? Even if you do not consider yourself a business owner, some of your income may still qualify as business income under bankruptcy law. There are three categories of income: 1. Employment Income This money is earned by working as someone's employee and includes wages, tips, bonuses, and commissions. If you receive a regular paycheck, taxes are withheld on your payment, and you receive a yearly W-2 for your taxes, you are likely classified as an employee with employment income. 2. Business Income This is any money that you earn through working. If you do gig work, freelance, or receive a 1099 tax form, you are likely considered an independent contractor. All money gained from this work is considered business income. 3. Other income This includes all other sources of income that are not generated through work, such as Social Security, alimony or child support, pension or retirement income, disability income, lottery or gambling winnings, etc. During bankruptcy, you must disclose all income you've earned from any of the above sources, even if it is not your primary income source. What is your business structure? If you have business income, you must disclose how your business is structured. This can help determine which kind of bankruptcy you can file. For instance, if your business income is earned under a corporation, LLC, LLP, PA, or PC, it is deemed a distinct legal entity from you as an individual. These business entities can file their own bankruptcy, separate from the individual tied to the business. If your business is not structured as an entity, you are considered a sole proprietor. How does business structure affect bankruptcy? Because sole proprietors are legally considered personally responsible for any debts incurred under the business's name, they will file bankruptcy as individuals. This means that the bankruptcy case must include all business assets and debts as well as all personal assets and debts. A sole proprietorship cannot file business bankruptcy. If you are a sole proprietor with little business assets or debts, your side hustle is not likely to have much of an impact on your bankruptcy. However, if your side business does have a lot of assets and debts, it can make things complicated when determining exemptions. An experienced bankruptcy attorney can advise on your exemption options. If your business is officially registered as a separate legal entity, then you can file a business bankruptcy. This kind of bankruptcy will only consider the assets and debts associated with the business entity, not your personal assets or debts. Conversely, you can file personal bankruptcy without your business being included. Regardless of your self-employed status, you have bankruptcy options available. However, determining how to file for bankruptcy when you are self-employed can be complex. Veitengruber Law can help you find the best path forward for you and your business.