Attorney Blogs|Monmouth County|Middlesex County NJ

Five Common Bankruptcy Myths

Bankruptcy is a helpful debt relief option for people struggling with their finances. Common misconceptions about the process may keep people who could benefit from bankruptcy from filing. Some of the most common bankruptcy myths include: Bankruptcy permanently destroys your credit. Your credit scores are not permanent. You can begin to improve your credit scores after bankruptcy by paying your bills or any remaining credit obligations on time. Although bankruptcy will remain on your credit reports for up to ten years, you may still receive offers from lenders if you can show financial stability. Student loans are non-dischargeable. It is very difficult to discharge student loans in bankruptcy, but it is not impossible. You do have to show that repaying the loans would impose an “undue hardship” on you or your dependents. Some bankruptcy filers, such as those with permanent disabilities, may have an easier time showing undue hardship than…
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Is There More Than One Type of Credit Score?

Credit scores can determine the conditions you are offered on loans, jobs you may receive and where you can sign residential leases. These scores are determined by calculating the information on your three credit reports. The three credit bureaus (Experian, TransUnion and Equifax) each maintain an individual report on your credit history. There are two main credit scoring models: FICO and VantageScore. These credit scoring models have multiple variations that are used by specific lenders. A 2012 Consumer Financial Protection Bureau (CFPB) report suggests there are 49 separate FICO scores, some of which are industry-specific. For instance, there are FICO scores that are used in the auto and mortgage lending industry. VantageScore also has multiple scoring models. Some of these variations, especially for FICO scores, have been around for many years. Your credit scores can vary depending on the type of scoring model that was used to calculate the information…
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How Can I Protect My Business After a Natural Disaster?

In the past few weeks, weather on the East Coast has been borderline apocalyptic. The recent “bomb cyclone” and nor’easters have pummeled New Jersey. Power outages, heavy winds and freezing weather caused billions in damages across the East Coast. There are steps you can take to protect your business after natural disasters. However, you should consider purchasing natural disaster insurance for your business, if you have not already. If you have natural disaster insurance, the following steps may help you while filing a claim. Call your insurance provider. Do not wait to contact your insurance provider after a natural disaster has caused damage to your business. Insurance companies have time limits on filing claims. If you wait too long, you may not be able to recover compensation. Document the damage. If it is safe to do so, you can return to your business to document the damage. Photographs of the…
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