Paterson Bankruptcy Law Blog

Sometimes businessess simply get off to a bad start despite the best research. Take the newest casino in Atlantic City, Revel. It is a casino that has all the makings of a fantastic modern hot-spot. It has 47 floors with expansive glass panels forming curved walls with seemingly no end.

The casino advertised as not just a casino resort, but as a fantastic resort that happened to have a great casino. The big differece was to attract high-end customers who not only wanted to relax but might choose to gamble. The draw just wasn't there when it opened in April 2012, and it continued to struggle with mounting debt. 

As Americans, we are taught from a very early age that if we just work hard enough, all of our dreams will come true. Unfortunately, life is simply not that straightforward for many people. A sudden illness, unexpected injury, devastating accident or generally the burdens of everyday life can sabotage our ability to reach our goals in a clear-cut manner. Sometimes, these life events can force us into a place where we require a fresh start financially in order to move forward with the process of reaching for what we want.

The question many people must ultimately ask themselves is whether this kind of fresh start has become a necessity. Choosing to file for bankruptcy is not an easy decision to have to make. However, it may be the best decision you possibly could make under your unique circumstances. Depending on the nature of your situation, the time to consider bankruptcy or certain alternatives may already be upon you.

The Supreme Court of New Jersey has relaxed the foreclosure rules for homes that are judicially determined to be "vacant and abandoned" as defined by N.J.S.A. 2A:50-73. The relaxation waives the 'notice of motion for entry of judgment and of tenants' rights' step in the foreclosure process, allowing the court to enter final judgment on the return date of a creditor's motion or application.

A foreclosing creditor can file an application for summary proceeding, or an order to show cause with the Office of Foreclosure which may recommend final judgment. The foreclosing creditor must prove by clear and convincing evidence that the property is "vacant and abandoned." The motion must be served on homeowner-defendant. The plaintiff must be able to show that they made two unsuccessful attempts at serving the motion on two occasions, 72 hours apart, at two different times of the day.

Creditor cannot prevail on such a motion if the residence is occupied, the defendant files an answer, entered an appearance or otherwise challenged the foreclosure proceeding. Also, if the property is seasonal, undergoing construction or involved in an ownership dispute, it is not deemed "vacant and abandoned."

The Supreme Court relaxed Rule 4:64-1 providing for summary foreclosure proceedings on May 23, 2013. The intent behind such legislation is to avoid neighborhood blight, and try to get properties back into occupancy as soon as possible.

The bills in your inbox have begun to make you cringe. Perhaps you have already gotten to the point where you refuse to open them because if they can’t get paid then what is the point? When your debt becomes overwhelming, it may be time to consider the benefits of bankruptcy. An experienced attorney can explain the process, what it would mean practically for you and how to go about getting started. But how do you choose an attorney who will be a good fit for you?

Generally, you want to begin your search locally. Each state has its own bankruptcy laws and you will generally need representation that is located near to where you live. In addition, it is usually beneficial to select an attorney whose primary focus is bankruptcy. Some excellent attorneys practice a wide variety of specialties. But if an attorney’s focus is split too broadly, he or she may not be as well-versed in bankruptcy in particular.