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New Jersey Attorneys Helping Stop Foreclosures

Filing bankruptcy to save your house may sound like a contradiction in terms. Many people assume that bankruptcy means losing everything, including a house or car. In fact, a debtor in New Jersey can exempt home equity up to $21,625 to $43,250 per couple by applying federal exemptions in a Chapter 7 bankruptcy.

'Negative Equity' May Be Advantageous for Keeping Your House Despite Bankruptcy

In today's devalued real estate market, many middle class people have found themselves in a state of "negative equity," whereby their homes will sell for less than the value of their mortgages. In such cases, where there is no equity, a Chapter 7 bankruptcy filer may well keep his or her home, as long as payments are current.

Even With High Equity, Filing Chapter 13 Bankruptcy Can Stop Foreclosure

A debtor with more than the allowed home equity or a mortgage holder with payments in arrears may choose to file a Chapter 13 bankruptcy as a way to keep a home. If you are behind on your mortgage and have received a notice of foreclosure, you can stop foreclosure immediately by filing Chapter 13 bankruptcy, regardless of how much equity you have. Filing for bankruptcy will trigger the automatic stay that prohibits creditors from attempting to collect debts during the bankruptcy process. For many people, this is a way of buying time — and stopping foreclosure altogether if finances allow.

Past-Due Mortgage Arrears Can Be Included in Chapter 13 Debt Reorganization

Filing Chapter 13 bankruptcy can help you keep your home if you are able to keep up with current monthly mortgage payments. Some debtors can also achieve this by obtaining a mortgage modification after filing bankruptcy. Meanwhile, debtors can include past-due mortgage arrearages in debt reorganization, along with unsecured debts, to be repaid in affordable installments over three to five years with no interest. At the end of the repayment period, a debtor's mortgage will be up to date once again, and any remaining balance of your unsecured debt will be discharged — wiped away.

Request an Evaluation of Your Debt Big Picture and Whether You Can Repair Your Mortgage by Filing Bankruptcy

Projections of hypothetical situations on this website are just that — hypothetical. Every debtor's circumstances are unique. Talk to an experienced bankruptcy lawyer at Goldman & Beslow, LLC, to learn how we can help you structure a traditional "cure and maintain" plan.

Contact Our East Orange Chapter 7 and 13 Bankruptcy Attorneys

From law offices in East Orange, Paterson, New Jersey and Newark, our New Jersey lawyers are helping stop foreclosures for many debtors. Call our experienced Essex County, New Jersey, bankruptcy lawyers today for a free one-half hour consultation at 973-677-9000 or 888-827-5493. Our lawyers serve Essex, Union, Hudson, Passaic, Bergen, Morris, Middlesex, Sussex and other New Jersey counties.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.


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  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
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Goldman & Beslow LLC

Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

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7 Glenwood Avenue,
Suite 311B
East Orange, NJ 07017
East Orange Law Office

Phone: 973-414-8069
Phone: 973-419-7631
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
Fax: 973-675-5886
E-mail the firm

NEWARK OFFICE 168 Bloomfield Avenue
Newark, NJ 07104
Newark Law Office

Phone: 973-483-1333
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

PATERSON OFFICE 100 Hamilton Plaza,
Suite 405
Paterson, NJ 07510
Paterson Law Office

Phone: 973-247-9445
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

JERSEY CITY OFFICE 26 Journal Square,
Suite 603
Jersey City, NJ 07306
Jersey City Law Office

Phone: 201-659-6226
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
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