March 2020 Archives

Social Distancing, Bankruptcy and Foreclosures in New Jersey

Mortgage companies were proceeding against home owners in arrears before we all knew what Social Distancing was, and they will continue after the Coronavirus goes away. However, at least in New Jersey there is a 90 day moratorium on foreclosures. Eventually, the pandemic will pass and the mortgage companies will again want to be brought current or the foreclosures will resume. In that event, there may be several ways of addressing the mortgage arrears. In light of the devastating impact of the Coronavirus, some lenders may be more willing to modify a mortgage or perhaps defer a few of the missed payments rather than modify the whole thing. Bankruptcy will also remain an option. Through a chapter 13 bankruptcy a homeowner can resume their regular mortgage paymewnts and generally compel the mortgage company to accept payments over a period of time, usually five years. So while it may be a struggle to get through the next few months, the good news is homeowners should be able to retain their homes.

Bankruptcy and the Coronavirus

The coronavirus ( COVID 19 ) has had an impact on bankruptcy and the bankruptcy courts just like it has had an impact on all aspects of life. However, bankruptcy remains a viable option to deal with its impact on financial circumstances both during and after the virus is gone. Both the Bankruptcy Courts and some bankruptcy attorneys are adjusting to the crisis. While some hearings are being rescheduled, the Bankruptcy Courts are also currently scheduling telephone or video conferencing instead of in person hearings. Attorneys are adjusting and also offering alternatives. While clients can still come into our offices in Maple Shade, Cherry Hill, Willingboro and Sicklerville New Jersey , we can also schedule telephone meetings or video conferences. In the event an in person meeting is required, for example to review and sign the bankruptcy petition and schedules, our large conference rooms allow for social distancing. If you are having financial issues during the coronavirus outbreak, you should contact an attorney.

EMAIL US FOR A RESPONSE

Get Our Help Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Locations

Cherry Hill Office
800 North Kings Highway
Cherry Hill, NJ 08034

Toll Free: 800-759-0767
Phone: 856-254-2196
Fax: 856-414-1230
Map & Directions

Philadelphia Office
Suite 1505
1515 Market Street
Philadelphia, PA 19102

Toll Free: 800-759-0767
Phone: 215-928-9199
Map & Directions

Willingboro Office
200 Campbell Drive
Suite 103F
Willingboro, NJ 08046.

Toll Free: 800-759-0767
Phone: 856-254-2196
Map & Directions

Philadelphia Office
7909 Bustleton Avenue
Philadelphia, PA 19152

Toll Free: 800-759-0767
Phone: 215-928-9199
Map & Directions

Maple Shade Office
46 W Main St,
Maple Shade, NJ 08052

Map & Directions

Sicklerville Office
1600 Liberty Place
Sicklerville, NJ 08081

Map & Directions