Monmouth County Estate Planning; It's More than Just a Will

As of October 1st, the US federal government has entered a shutdown. Our elected representatives must vote to approve a budget that outlines how government funds and taxpayer dollars will be spent. If these representatives cannot agree on a budget by the deadline, our government will go into a shutdown. Any federal government operations not deemed "essential" will cease for the duration of the shutdown. Services like Social Security, defense, and veterans' benefits will continue to function, but federal museums and zoos, as well as national parks and monuments, will cease operations. While the impact of this shutdown will hit everyone differently, it could affect those with a mortgage or seeking one. If you are looking to finance a new home, refinance your current mortgage, or make payments on an existing mortgage, here is what you should know about the impact of the government shutdown. New Mortgages Those trying to originate a new mortgage during the government shutdown may experience slight delays, but should ultimately still be able to secure a mortgage. But even a delay can be frustrating during real estate transactions. The longer the shutdown drags out, the longer the delays may be. Still, the Department of Housing and Urban Development (HUD) will continue to process FHA loans, and the Department of Veterans Affairs (VA) will also continue in its capacity as a loan originator. Fannie Mae and Freddie Mac are government-sponsored enterprises, but they operate independently of the government. Operations for both are expected to continue as usual, with some slight delays. However, there are specific instances in which folks seeking a mortgage could face challenges getting approved during the federal government shutdown. Those issues include: 1. Getting Required Documentation Getting documentation from the government that is required for your mortgage loan application could be more difficult during the shutdown. While the IRS operated normally for the first five days of the shutdown, that time has passed, and the IRS is now operating under a contingency plan. This plan prioritizes "essential" work. So, if you need documentation from the IRS for your mortgage application, it may take longer than usual to complete the paperwork, delaying your financing and possibly resulting in a lengthy closing process. The IRS and other government entities have many automated systems that allow you to get some documents, such as tax transcripts. Other documents, like payoff letters, federal tax liens, or documents that require human processing, will typically be delayed. 2. Flood Insurance Depending on where you live, you may be required to obtain flood insurance in order to qualify for a mortgage. NJ is surrounded by water, with about 90% of NJ's border touching water. This means that NJ residents are more likely to live in a flood zone than residents in other landlocked states. Those in NJ who live within Special Flood Hazard Areas—those beginning with the letter A or V as identified by the Federal Emergency Management Agency (FEMA)—will be required to carry flood insurance to have a mortgage. For many, the National Flood Insurance Program (NFIP) is the most affordable and accessible source for flood insurance. During the shutdown, the NFIP will continue to service existing policies, but no new policies will be issued. If you have an existing flood insurance plan through NFIP and you are expecting to close on a refinance, some lenders may accept a copy of your flood insurance declarations page to certify that you have flood insurance. 3. Government Employee Challenges If you or your partner are employed by the federal government and you are currently experiencing a loss of income or have been furloughed, obtaining a mortgage can be tricky. Not only can it be challenging to verify employment and income during the shutdown, but your finances may also be changing as you navigate this difficult financial time. If you are a government employee unprepared to face the loss of income with the shutdown, you may find you need to rely on savings intended for a down payment. If you do not have savings, you may even find yourself taking on debt to make ends meet during the shutdown. As your financial circumstances change, so does your ability to qualify for a mortgage. Some mortgage lenders may not even recognize your employment during the shutdown, even if you are continuing to work without pay. Other lenders will count those affected by the shutdown as maintaining employment for qualification purposes. Government Delays Can Push NJ Closing Timelines Most NJ real estate transactions will close within 30 to 45 days. While delays can occur even in typical circumstances, a government shutdown can create even greater delays for those looking to close on a new property. You could face delays of 2 to 4 weeks, depending on the specific government agencies you need to work with and how far into the shutdown we are when you try to purchase your home. There are, however, things you can do to reduce your risk of delay throughout the government shutdown. NJ home buyers and sellers should take the following steps for a smoother closing process. Add buffer time to your contract: Working with a real estate attorney, you can include an extension clause that specifically cites expected federal delays. This can give you and other parties extra time to meet timeline requirements if you hit roadblocks due to the government shutdown. Determine your loan path early: If you know you are likely to use an FHA, VA, or USDA loan to finance your home purchase, be proactive about working with your lender. Reach out to the entity to see what their contingency plan is for dealing with the shutdown. Ask for their advice on the best path forward and determine whether alternative processes are available. Get flood insurance early: If the property you are buying is in a flood zone, initiate the flood insurance process early to avoid delays in coverage. Submit all documentation early: Do not wait until right before a deadline to reach out to federal entities for documentation. Since delays are expected, gathering your documentation early in the buying or selling process can help you avoid delays due to the shutdown. Communication: Keep in touch with your lender, title company, real estate agent, attorney, and other stakeholders. If you know there will be a delay, inform everyone as soon as possible. Keeping all parties informed and on the same page can help prevent further delays in your closing. Working With an NJ Real Estate Attorney When you work with an NJ real estate attorney like Veitengruber Law, you can avoid hitting roadblocks on the path to closing on your real estate transaction. An attorney can guide you through issues and help you find alternative verification paths during the mortgage approval process. An attorney can help you stay on schedule for closing, so if you encounter any snags due to the shutdown, your closing is more likely to proceed as planned. Real estate transactions are complex financial and legal processes on a typical day. When you add a government shutdown to the mix, it can turn into a stressful and frustrating experience. If you have been experiencing closing delays due to the federal shutdown, Veitengruber Law can help. Reach out to us today to get back on track to closing on your New Jersey home.

The lives of the ultra-wealthy have always piqued the public's curiosity. We are fascinated by their homes, their wardrobes, their careers, and, of course, their life events. And when two big names decide to join their empires? That’s a real headline maker! Taylor Swift and Travis Kelce are two such names that have been hitting headlines with their long-awaited engagement at the end of August. Swift is one of the most successful—and wealthiest—musicians of all time. Recent estimates put her net worth above $2 billion. Travis Kelce is one of the NFL's most recognizable faces and has played with the Kansas City Chiefs through three Super Bowl wins. Alongside his NFL alum brother, Kelce has been building the Kelce brand and growing an entertainment career. So, what happens when two big names decide to join forces? We hope a prenup. As an estate planning lawyer in New Jersey, Veitengruber Law works with individuals and couples at all stages of life to protect their interests within the legal and financial entanglements of marriage. After engagement and before marriage, it is incredibly common and legally advisable for the wealthy to have a prenuptial agreement in place before getting legally married. Marriage is, after all, a legally binding contract that typically entitles each spouse to the other's assets and property. Once the contract is signed, there is no going back. While prenuptial agreements have gotten a bad reputation as indicative of ulterior motives or greed, they are the standard, not the exception, for celebrities and the wealthy. Each individual is bringing a sizeable estate into the marriage and wants to protect their assets, brand, and legacy. So, what does a prenuptial agreement do? A prenuptial agreement, colloquially known as a prenup, establishes a legal distinction between marital and separate property. Marital property becomes subject to distribution in divorce. In contrast, separate property is not vulnerable to distribution after the termination of marriage. Common marital property includes shared bank accounts, jointly purchased property, and much more. Separate property typically includes assets acquired before the marriage. For the super-rich, a prenuptial agreement protects them personally, but it also protects their brand and their business. When significant assets include a multi-million-dollar business, a personal divorce can affect the lives and finances of employees. Beyond the material and the now, a prenup can also help protect the legacies of two individuals, both within and outside their marriage. What makes a good prenuptial agreement? To be legally enforceable, a prenuptial agreement must have three elements: 1. Signed and in Writing A prenuptial agreement is legally binding only if it is put in writing and signed by both parties. As far as prenups go, verbal contracts are not valid. The laws governing marriage and asset sharing are well established. To override these legal defaults, a prenuptial agreement must be in writing and mutually agreed upon. Many attorneys will have each individual sign every page of the prenuptial agreement to ensure each party has read the entire agreement and fully understands what they are agreeing to. 2. Total Financial Disclosure Both parties will need to provide a complete reckoning of their financial situation. This will include all income, assets, earnings, debt, or any other financial liabilities leading up to the signing of the prenuptial agreement. This is meant to offer each individual a clear picture of the other person's financial situation, allowing each party to make an informed decision before entering into marriage and entangling their finances. This can also allow both parties to negotiate the terms of the prenup to better favor their own position. For example, if one party discovers the other party is carrying a large amount of debt, they may seek to include a clause in the prenup stating that they will not be responsible for any premarital debt. Withholding this information during the creation and signing of the prenup can result in the prenup's dissolution. 3. Voluntary Entry Voluntary entry is a legal term that means all parties to a contract or legal agreement enter into the agreement knowingly and willingly without coercion, force, or duress. Someone who is mentally incapacitated is not capable of entering into a prenuptial agreement. The use of bribery or other illegal means of coercion can also invalidate a prenup. It is crucial for all parties involved to decide to sign a prenuptial agreement of their own accord. What can a prenup protect? A prenuptial agreement can be tailored to encompass a wide range of protections for different assets and situations. If you and your spouse-to-be want to retain control over how your assets are divided, a prenup is the best way to ensure you keep those rights—no matter what happens down the road. Here are some of the ways prenups can offer future protection: Protect Children from a Previous Relationship: When you enter into a new marriage with children from a previous relationship, you may want to protect particular property and assets for your children. Couples may consider setting aside specific property for their children to ensure they are cared for and provided for. Otherwise, one spouse could take a significant share of the other's assets in divorce or upon the other's death, leaving less for the children. Predetermine Your Financial Responsibilities: A prenup can detail exactly how you and your future spouse will manage joint accounts, credit cards, household bills, and savings accounts. For the wealthy, this may mean a predetermined spousal allowance. For the everyday person, this may just be a detailed plan for how you will handle debt incurred during marriage. Limit Spousal Support: Many prenups outline what spousal support would look like in the event of divorce. Predetermining spousal support can help a couple make a logical decision now so they can avoid costly legal disputes about details later. While prenups can protect a lot, they cannot make legal provisions for everything. With Nicole Kidman's and Keith Urban's separation and impending divorce, rumors are flying about the conditions of their prenuptial agreement, including an alleged "cocaine clause" precluding both from partaking in drug use. A prenup cannot cover child custody, custody schedules, and child support. "Lifestyle" clauses cannot be enforced either. Many couples try to include a no-cheating clause. However, most courts do not uphold these clauses, as they are considered to conflict with no-fault divorce principles. Similarly, most courts will not enforce requirements relating to appearance, sex, social activities, religious practice, or substance use. -- The truth is that while the ultra-wealthy may have more assets to protect, everyone can benefit from a well-designed estate plan. You don't need to be Taylor Swift and Travis Kelce to work with an estate planning attorney to protect your assets. Marriage, divorce, death, the birth of a child—all these milestones can change your estate planning needs.  If you are planning on acquiring a prenuptial agreement or solidifying an estate plan with your new spouse, Veitengruber Law can help. From the ultra-wealthy and famous to your average Joe, an estate plan can help you protect your assets, look after your loved ones, and solidify your legacy.

As a trusted law firm and bankruptcy attorney in Monmouth County for over a decade, Veitengruber Law works with many folks who are unsure if bankruptcy is the right choice. The reluctance to file for bankruptcy is often two-fold. There is a taboo surrounding bankruptcy that frequently leads individuals to avoid filing until their financial situation is dire beyond repair. Even when bankruptcy is considered, people can hold off on filing because they believe they will lose all their property and assets through the bankruptcy process. This is simply untrue; in fact, both state and federal laws are in place, outlining specific exemptions that allow bankruptcy filers to exempt particular property from the bankruptcy estate.  Exemptions in bankruptcy allow you to keep the essential personal property you need to work and live. The decisions you make about which property to exempt are individual and will vary from person to person, depending on your goals and financial situation. Here is what you need to know about bankruptcy exemptions in New Jersey. Choosing Federal or State Exemptions In New Jersey, you have the choice to use one of two different sets of exemptions: State or Federal. Each offers a unique path to protect your personal property and assets. To make an informed choice, you must understand the differences between these exemption statutes. NJ Bankruptcy Exemptions: New Jersey’s exemptions generally do not protect as much property as federal exemptions. Still, depending on your specific goals, it may be the right option for you. NJ bankruptcy exemptions include: Personal Property Exemptions: this includes clothing, burial plot, stocks and interest in corporations, $1,000.00 for furniture and household goods Public Benefits: workers’ compensation, unemployment compensation, Social Security, veterans’ benefits, disability assistance, and crime victims’ compensation Pensions for Public Employees Federal Bankruptcy Exemptions: Federal exemptions offer much more protection for NJ residents who file for bankruptcy. These include: Homestead Exemption: $27,900 for individuals, $55,800 for spouses who co-own property Motor Vehicle Exemption: up to $4,450 Tools of the Trade Exemption: up to $2,800 in tools and equipment required for work Wildcard Exemption: $1,475 to be used however the filer desires OR up to $13,950 if the homestead exemption is unused Personal Property: $700 per item, $14,875 total for animals, crops, clothing, appliances, furnishings, books, household goods, and musical instruments; jewelry up to $1,875 Public Benefits and Retirement Accounts: personal injury recoveries up to $27,900, wrongful death recoveries, alimony or child support, tax-exempt retirement accounts, IRA/Roth IRA accounts up to $1,512,350 Because federal exemptions typically allow individuals to protect more of their property, most opt to utilize them. However, you should not automatically opt for either state or federal exemptions without first discussing your options with an attorney. Bankruptcy is never a one-size-fits-all solution for everyone. Different individuals will benefit from different options within the bankruptcy process. Working with an experienced NJ bankruptcy attorney will help you to make informed choices and protect your assets. Who is Eligible for State Bankruptcy Exemptions? There are specific rules in place regarding who is eligible for specific state exemptions. Some states offer better opportunities for exemptions than others. Because of this, it may be tempting to relocate to a state with more favorable bankruptcy exemptions; however, some rules prevent this kind of strategic moving. To determine if you are eligible for certain exemptions from a specific state, the rules are: IF you have lived in your current state for at least two years, you are allowed to use that state’s exemptions. IF you have moved within the last two years, you are eligible for the exemptions from the state in which you lived the longest during the 180 days immediately before the two years before filing. You might be thinking: WHAT? It can be a bit confusing, so we will look at this through an example. Let’s say you plan to file for bankruptcy in New Jersey on January 1, 2026 . The two-and-a-half-year period you are considering would begin on July 1, 2023. Whatever state you resided in for the majority of the days between July 1, 2023, and December 31, 2023, is the state’s exemptions you are allowed to use. While you will not have to file your case in that state, you can use that state’s exemptions. Property That Cannot Be Exempted in NJ Bankruptcy Depending on the type of bankruptcy you file, you may lose property not covered by an exemption. The bankruptcy trustee can sell any non-exempt property to pay back your creditors. Here are the exemption differences between Chapter 7 and Chapter 13 bankruptcies: Chapter 7: When you file for Chapter 7 bankruptcy, your assets enter into a bankruptcy estate. Assets from this bankruptcy estate can be sold to pay off debts to your creditors. If the property or asset falls under one of the state or federal exemptions, you can protect it from being sold. Chapter 13: If you file for Chapter 13 bankruptcy, you can keep all your property. The bankruptcy court will not take your property to pay back your creditors. Instead, you must pay your creditors back the value of any property not covered by an exemption. This payment will be included in your Chapter 13 repayment plan and will be paid over a period of three or five years. For example: Let’s say you own a car outright. This car is worth $3,000. You decide to use the federal motor vehicle exemption of $4,450. If you decide to file for Chapter 7 bankruptcy, you will be able to keep your car because the exemption protects the equity of the vehicle. If you file for Chapter 13 bankruptcy, you will not have to pay your creditors through your repayment plan, as the full equity of your vehicle is protected. But let’s change the example and say your vehicle is owned outright and worth $15,000. When filing Chapter 7 bankruptcy, the bankruptcy trustee would sell your vehicle, give you $4,450 for the exemption, and distribute the remaining funds from the sale to your creditors. However, if you file Chapter 13, you would need to pay your creditors at least $10,550 through your plan. How Do I Protect Financed Property in NJ? You cannot use bankruptcy to discharge a home mortgage loan or a car loan and keep the property without paying for it. If you still owe a balance on your loan, you must pay as initially agreed upon to prevent foreclosure or repossession of the property. How secured debt is managed under bankruptcy again depends on which chapter you file under: Chapter 7: While Chapter 7 bankruptcy can allow you the time to sort out your payments and get caught up on your mortgage, no mechanism within Chapter 7 allows you to catch up on or cure your past-due payments for secured debts. Your mortgage or car payment must be up to date to maintain the property. Otherwise, you risk losing it. Chapter 13: You will not lose property under Chapter 13 bankruptcy. However, the judge will only approve your repayment plan if you can prove you make enough money to continue making monthly payments AND repay any late payments by the end of your three- or five-year plan. Bankruptcy exemptions can be complex and confusing. Exemption laws are also constantly changing, so it is crucial to the success of your bankruptcy that you work with an experienced attorney. Veitengruber Law has been assisting individuals in filing for bankruptcy in Monmouth County for over a decade. We can help you make informed choices to get your finances back on track.

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: