Cars in Bankruptcy | Daniel Gershburg

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Chapter 7 Bankruptcy Attorney Daniel Gershburg opens New Jersey practice

Friday, September 24th, 2010

We’ve had some amazing news the past few weeks. The first piece of news is our expansion into New Jersey. I set out to start this firm with the sole objective of changing the way a conventional law firm operates. I thought that maybe clients want to talk in a no pressure, informal fashion. As a client, I wanted to be able to book my appointment online, so we added that feature. I wanted to make sure the attorney was credible, and had handled cases like this before, so we asked our prior clients to leave use reviews (past performance is no guarantee of future results–they make us say it). I wanted a video blog where I actually get to see the lawyer I want to hire, so we added that. We designed everything as if we were the client. And now we’re expanding into New Jersey.

We’re very confident the same methods we use in New Jersey when speaking with our prospective clients will work just as well with a Bankruptcy client in Newark. Or if someone owns a home in, lets say, Hoboken, we want to give you the same easy to understand information about filing Bankruptcy as you would get if you were our client in New York. I’ve also hired an associate, Danielle Spallino, J.D. (Pending Bar Admission). Shes loves what she does and everyone notices. She shares the same philosophy we do. She’ll be in New Jersey as often as I will. So the basic point is this. If you’re looking for Bankruptcy Attorney in New Jersey, whether it be for a Chapter 7 or a Chapter 13; if you want to know if you can keep your car in New Jersey and still file for Chapter 7 Bankruptcy, or any other questions, were now here.

Posted in Bankruptcy Attorney Jersey City, Bankruptcy Attorney Newark, Bankruptcy Attorney Trenton, Business Bankruptcy, Cars in Bankruptcy, Gersh Blog, New Jersey Bankruptcy | No Comments »

Can I Keep My Car After Filing for Bankruptcy in New Jersey?

Wednesday, September 22nd, 2010

One of the main concerns many people have when filing for bankruptcy is whether they can keep their automobiles. Whether a debtor will be able to prevent auto repossession depends on a variety of factors (just like our previous discussion of whether a debtor will be able to keep their home).

First, the fair market value of the automobile must be determined. The permitted federal exemption for an automobile is $3,225.00. Second, we must look at whether you have any loans or financing on the vehicle. If you do, we must look at the difference between the loan payoff amount and the value of the vehicle. If the difference exceeds $3,225.00, then you may have an issue with keeping your automobile. You may also have a problem keeping your automobile if you own your automobile outright and the market value exceeds the above-referenced federal exemption amount. However, you may still be able to keep your car. If a debtor does not use the homestead exemption ($20,200.00) on property they own, they are permitted to use half this exemption amount on other assets, such as their automobile.

For example, let’s say you live in Jersey City and own a vehicle with a market value of $10,000.00. You also have a loan on this vehicle with a payoff amount of $8,000.00. The equity you have in this vehicle is $2,000.00. This amount is covered by the federal exemption and you will be able to keep your vehicle. Let’s say, however, you own a vehicle with a market value of $10,000.00 outright (no loans or financing). You also do not own any property in New Jersey. You can use the federal motor vehicle exemption as well as half of the homestead exemption in order to keep your vehicle.

As you can see, there is more than one way to file for bankruptcy in New Jersey and keep your vehicle. To discuss whether you will be able to keep your vehicle and/or any other assets you may own if you file for bankruptcy in New Jersey, contact Daniel Gershburg, Esq., P.C. today!

Posted in Bankruptcy, Bankruptcy Attorney Hoboken, Bankruptcy Attorney Jersey City, Bankruptcy Attorney Newark, Bankruptcy Attorney Trenton, Cars in Bankruptcy, Gersh Blog, New Jersey Bankruptcy | 5 Comments »

Manhattan Chapter 7 Bankruptcy Attorney discusses the emotions behind filing for Bankruptcy

Monday, August 9th, 2010

When you’ve dealt with as many Chapter 7 Bankruptcy cases in Manhattan or Brooklyn or Queens as I have, a particular type of client emerges. You know, almost within the first few minutes of walking into the door, whether that person will be filing Chapter 7 Bankruptcy at that time….or not. You know because its an emotional response.

The first type of client, lets call him/her, “The Filer” (I didn’t go to Law School for originality) comes in and says “Hi, Im in debt way over my head and I need to file for Bankruptcy”. That person, as is pretty obvious, is likely filing for Bankruptcy right then and there. They’ve gone through the options, figured out they don’t make sense and has decided to take control and get out of this debt.

The second type of client is the “Meh” client. This client comes in and knows that Bankruptcy will likely be their best option, but they still have a multitude of concerns. Everything to “When is my credit coming back” to “What happens if I get a higher paying job after filing for Bankruptcy.” However, this client, emotionally, is also ready to file. They just need some reassurance that this is not financial armageddon.

The third type of client is the “Cmon” client. Ive had two of these in the past week. It’s an odd situation. This type of client is different from 1 and 2. They want to be re-assured that Bankruptcy ISNT right for them. And for some people, its not. People who have a small amount of debt and a large amount of income. People who have a large (over $100,000) amount of equity in their homes. People who own brand new cars outright. But many of these people that come see me do not have this issues. They simply believe that Bankruptcy is a trick. “What do you mean I get to get rid of this debt.” “Why wouldn’t everyone file for Bankruptcy then?” “Are you a cop? (j/k)” In any event I explain to these clients that they arent emotionally ready to file (like Jennifer Love Hewitt in the Ghost Whisperer) and that they should take some time to think over their options again. Many of them are in such financial dire straits that there is literally nothing that will get them out of their hole other than Bankruptcy, but they refuse to accept it, and there is only a limited amount I can do as a Bankruptcy attorney to get them there.

Its my pleasure and realistically I am blessed that so many clients meet with us on a weekly basis to discuss their options. Its just that at the end of the day Chapter 7 Bankruptcy in Manhattan is as much an emotional decision as it is a legal one.

No matter what client you are, we’d be more than willing to talk to you about your options.

Posted in Cars in Bankruptcy, Co-Op, Credit Cards, Debt Settlement, Gersh Blog, Homes in Bankruptcy, Jobs and Bankruptcy | 1 Comment »