New Jersey is a judicial foreclosure state, so a lender has to go through the Superior Court to take a home. Before filing, the lender must send a Notice of Intention to Foreclose at least 30 days in advance, and homeowners who live in a one to four family home can ask for free court mediation within 60 days of being served.

7 min read

Bankruptcy

Chapter 7 vs Chapter 13 bankruptcy in New Jersey

Chapter 7 wipes out many debts in a few months but may require giving up property that is not protected, and you must pass a means test if your income is above the New Jersey median. Chapter 13 lets people with regular income keep their property and catch up on debts, like mortgage arrears, through a three to five year payment plan. Both are filed in the U.S. Bankruptcy Court for the District of New Jersey, and both trigger an automatic stay that stops most collection.

6 min read