juan-velasco

Estate Planning for Young Couples in New Jersey: Why You Shouldn’t Wait

Thu, 23 Apr 2026 19:53:25 GMT

Estate Planning for Young Couples in New Jersey: Why You Shouldn’t Wait

Estate planning is often viewed as something reserved for older individuals or those with significant wealth. However, young couples in New Jersey can benefit greatly from creating an estate plan early in their lives. Whether you are newly married, buying your first home, or starting a family, having a plan in place can provide clarity, protection, and peace of mind for the future.

At Juan C. Velasco, Esq., we can provide legal assistance to the Edison public in building thoughtful and effective estate plans tailored to your needs.

Why Estate Planning Matters for Young Couples

Many young couples assume they have plenty of time before needing an estate plan. Unfortunately, unexpected events can happen at any stage of life. Without proper planning, important decisions about your health, finances, and property may be left to the courts rather than your loved ones.

Estate planning ensures that your wishes are clearly documented and legally enforceable. It also helps reduce confusion and stress for your partner and family during difficult times.

Key Components of an Estate Plan

For young couples, estate planning typically includes several foundational documents:

Last Will and Testament: Outlines how your assets will be distributed and who will manage your estate.
Durable Power of Attorney: Allows someone you trust to handle financial matters if you become unable to do so.
Healthcare Directive: Specifies your medical preferences and appoints someone to make healthcare decisions on your behalf.
Beneficiary Designations: Ensures that retirement accounts and insurance policies pass directly to your chosen recipients.

These documents work together to create a comprehensive plan that protects both partners.

Planning for Children and Future Family Needs

If you have children—or plan to in the future—estate planning becomes even more important. Naming a guardian in your will ensures that your children will be cared for by someone you trust. Without this designation, a court may decide who assumes that responsibility.

Additionally, young couples can establish trusts to manage assets for minor children, helping ensure financial stability and proper use of inherited funds.

Protecting Your Assets and Reducing Conflict

Even if you do not have significant wealth, estate planning can help safeguard what you have worked hard to build. It can also prevent disputes among family members by clearly outlining your intentions.

For couples who own property together or have shared financial responsibilities, an estate plan helps ensure a smooth transition of ownership and minimizes potential legal complications.

Updating Your Plan as Life Changes

Estate planning is not a one-time task. As your life evolves—through marriage, homeownership, career changes, or the birth of children—your plan should be reviewed and updated accordingly.

Regular updates help ensure that your documents remain aligned with your current goals and circumstances.

How Legal Guidance Can Help

Creating an estate plan involves more than filling out forms. Legal guidance can help you understand New Jersey laws, avoid common mistakes, and ensure your documents are properly executed.

At Juan C. Velasco, Esq., we can provide legal assistance to the Edison public by helping young couples create estate plans that reflect their unique priorities and long-term goals.

How Bankruptcy Can Help You Get a Fresh Financial Start In New Jersey

Mon, 16 Mar 2026 18:31:19 GMT

How Bankruptcy Can Help You Get a Fresh Financial Start In New Jersey

Financial problems can happen to anyone. Unexpected medical bills, job loss, credit card debt, or business challenges can make it difficult to stay current on financial obligations. When debt becomes overwhelming, bankruptcy may provide a legal path toward financial relief and a fresh start. For individuals in New Jersey, understanding how bankruptcy works can help them take the first steps toward regaining control of their finances.

At Juan C. Velasco, Esq. , we provide legal assistance to the Edison public and help individuals explore their options for addressing serious debt problems.

Understanding Bankruptcy in New Jersey

Bankruptcy is a legal process governed by federal law that allows individuals or businesses to eliminate or reorganize certain debts. Filing for bankruptcy can provide immediate protection from creditors while giving people an opportunity to rebuild their financial lives.

There are several types of bankruptcy available to individuals, but the most commonly used are Chapter 7 and Chapter 13 bankruptcy. Each option is designed to help individuals manage debt in different ways depending on their financial situation.

How Chapter 7 Bankruptcy Can Help

Chapter 7 bankruptcy is often referred to as liquidation bankruptcy . It is designed to eliminate many types of unsecured debts, such as:

Credit card balances
Medical bills
Personal loans
Certain old utility bills

In a Chapter 7 case, a court-appointed trustee may review assets to determine whether any non-exempt property can be used to repay creditors.

However, many people who file Chapter 7 are able to keep most or all of their property due to bankruptcy exemptions.

Once the process is complete, qualifying debts may be discharged, allowing the individual to move forward without the burden of those financial obligations.

How Chapter 13 Bankruptcy Can Help

Chapter 13 bankruptcy works differently. Instead of eliminating debt immediately, it allows individuals to create a structured repayment plan that typically lasts three to five years.

This option may help people who:

Have regular income
Want to keep valuable property such as a home or car
Need time to catch up on missed mortgage or car payments

Through the repayment plan, individuals make manageable monthly payments to a trustee, who distributes the funds to creditors. At the end of the repayment period, remaining eligible debts may be discharged.

The Automatic Stay: Immediate Protection From Creditors

One of the most significant benefits of filing bankruptcy is the automatic stay . Once a bankruptcy case is filed, most creditors must stop collection activities immediately.

The automatic stay can help stop:

Collection calls and letters
Wage garnishments
Lawsuits related to debt
Foreclosure proceedings
Vehicle repossessions

This legal protection gives individuals time to focus on resolving their financial issues without ongoing pressure from creditors.

Bankruptcy as a Path to Financial Recovery

Although bankruptcy can feel overwhelming, it is designed to give individuals a chance to rebuild their financial stability. After bankruptcy, many people begin rebuilding credit, managing finances more carefully, and planning for a more stable financial future.

With the right guidance, bankruptcy can serve as an important tool for those seeking relief from overwhelming debt and an opportunity to move forward with a clean slate.

At Juan C. Velasco, Esq. , we provide legal assistance to the Edison public and help individuals understand their options when facing serious financial challenges.

Boundary Line Disputes In New Jersey: How to Handle Neighbor Conflicts Legally

Fri, 13 Feb 2026 17:39:41 GMT

Boundary Line Disputes In New Jersey: How to Handle Neighbor Conflicts Legally

Boundary line disputes between neighbors can quickly escalate from minor disagreements into costly and stressful legal battles. In New Jersey, property line conflicts often arise over fences, driveways, landscaping, trees, and even new construction projects. Understanding your legal rights and options is essential to protecting your property and maintaining peace in your neighborhood.

At Juan C. Velasco, Esq., we provide legal assistance to the Edison public in resolving boundary disputes efficiently and effectively.

Common Causes of Boundary Line Disputes

Boundary disputes typically stem from unclear property lines or misunderstandings about ownership. Some of the most common causes include:

Fences built beyond a property line
Driveways or walkways crossing onto neighboring land
Tree removal or trimming disagreements
Encroachments from sheds, garages, or additions
Conflicting surveys

Even small encroachments can create tension and long-term legal consequences if not addressed properly.

The Importance of a Professional Survey

One of the first steps in resolving a boundary dispute is obtaining a professional land survey. A licensed surveyor can determine the exact location of your property lines based on deeds, prior surveys, and public records.

In many New Jersey disputes, conflicting or outdated surveys are the root of the problem. A current and accurate survey provides clarity and can serve as key evidence if the matter proceeds to court.

Attempting Resolution Before Litigation

Litigation should not always be the first step. In many cases, disputes can be resolved through:

Open communication between neighbors
Mediation
Written boundary agreements
Adjustments to property use

A negotiated agreement can save both parties time and legal expenses while preserving neighborly relationships.

When Legal Action Becomes Necessary

If informal efforts fail, legal remedies may be required. In New Jersey, property owners may pursue:

A quiet title action to clarify ownership
An action for ejectment to remove an encroachment
A claim for adverse possession in limited circumstances
Injunctive relief to stop further encroachment

Each case depends heavily on the specific facts, property records, and how long the alleged encroachment has existed.

Understanding Adverse Possession in New Jersey

Adverse possession allows someone to claim ownership of property if they have openly and continuously used it for a statutory period. In New Jersey,

the required time period is generally 30 years, though certain exceptions may apply.

Because adverse possession claims are complex and fact-sensitive, they require careful legal evaluation.

Protecting Your Property Rights

Ignoring a boundary dispute can weaken your position over time. Prompt legal guidance helps ensure that your property rights are protected and that you respond appropriately to claims from a neighbor.

At Juan C. Velasco, Esq., we assist Edison property owners in navigating boundary disputes with a clear strategy tailored to their situation. Whether through negotiation or litigation, we work to safeguard your interests and bring clarity to property line conflicts.

What Happens If You Inherit Money After Filing for Bankruptcy in New Jersey?

Sat, 31 Jan 2026 16:29:08 GMT

What Happens If You Inherit Money After Filing for Bankruptcy in New Jersey?

Filing for bankruptcy can bring much-needed relief from overwhelming debt, but life does not pause once your case is underway. One situation that often raises questions is receiving an inheritance after filing for bankruptcy. In New Jersey, whether that inherited money affects your bankruptcy depends on timing, the type of bankruptcy filed, and how the funds are handled. Understanding these rules is essential to protecting your financial fresh start.

Why Timing Matters in Bankruptcy Inheritance Cases

Timing plays a critical role when it comes to inheritance and bankruptcy. Under federal bankruptcy law, if you become entitled to an inheritance within 180 days of filing your bankruptcy petition, that inheritance may be considered part of the bankruptcy estate. This means it could potentially be used to pay creditors, even if you receive the money after your case begins.

If the inheritance arises more than 180 days after you filed, it is generally not included in the bankruptcy estate. However, other factors may still apply depending on your situation, making it important to review the details carefully.

Inheritance in Chapter 7 Bankruptcy

In a Chapter 7 bankruptcy, non-exempt assets are liquidated to repay creditors. If you inherit money within 180 days of filing, the bankruptcy trustee may have the right to claim some or all of those funds. New Jersey and federal exemption laws may protect a portion of the inheritance, but any non-exempt amount could be distributed to creditors.

If the inheritance occurs after the 180-day period, it usually remains yours and does not affect your discharged debts.

Inheritance in Chapter 13 Bankruptcy

Chapter 13 bankruptcy works differently because it involves a repayment plan lasting three to five years. If you receive an inheritance during your repayment period, even beyond 180 days, the court may require you to report it. In some cases, the inheritance could lead to a modification of your repayment plan, potentially increasing the amount paid to creditors.

The impact depends on the size of the inheritance and your overall financial situation, which is why transparency is critical.

The Importance of Disclosure

Failing to disclose an inheritance during bankruptcy can lead to serious consequences, including dismissal of your case or allegations of bankruptcy fraud. Even if you are unsure whether the inheritance must be reported, it is always safer to disclose it and seek legal guidance on how it should be handled.

How Legal Guidance Can Help

Inheritance issues during bankruptcy can be complex, especially when balancing state and federal rules. At Juan C. Velasco, Esq. , we can provide legal assistance to the New Jersey public by helping clients understand their disclosure obligations, exemption options, and how an inheritance may affect their bankruptcy case.

Can I Include Back Rent in a New Jersey Bankruptcy Filing?

Fri, 02 Jan 2026 16:19:26 GMT

Can I Include Back Rent in a New Jersey Bankruptcy Filing?

Falling behind on rent can place overwhelming pressure on individuals and families in New Jersey. When past-due rent continues to grow and eviction becomes a real concern, many people wonder whether bankruptcy can provide a path to relief. The good news is that both Chapter 7 and Chapter 13 bankruptcy may allow you to address back rent , depending on your circumstances. Understanding how each option works is essential for anyone considering bankruptcy as a way to regain control.

At Juan C. Velasco, Esq. , we assist New Jersey residents in evaluating their options and determining the most effective way to move forward.

Including Back Rent in a Bankruptcy Filing

Back rent is considered unsecured debt , similar to credit cards or medical bills. This means that, in most cases, you can include it in a bankruptcy petition. How the debt is handled depends on whether you file Chapter 7 or Chapter 13.

Back Rent in Chapter 7 Bankruptcy

Chapter 7 allows eligible filers to eliminate many unsecured debts through a discharge. Back rent can be discharged under Chapter 7 , but there are important considerations:

It will not stop an eviction already finalized in court.
If a landlord has already regained possession of the property through a court order, Chapter 7 cannot reverse that decision.
An automatic stay may temporarily pause an eviction.
If the eviction is not yet finalized, the bankruptcy filing can delay proceedings, offering some time to plan next steps.
You cannot keep the rental property unless you catch up.
Even if your back rent is discharged, your landlord is not required to continue renting to you unless you bring the account current.

Back Rent in Chapter 13 Bankruptcy

For individuals who want to stay in their home, Chapter 13 may offer stronger protections:

Back rent can be repaid over 3 to 5 years through a court-approved repayment plan.
Chapter 13 can stop an eviction , provided the landlord has not yet obtained a judgment for possession.
You must continue paying future rent on time to remain in the property.

This option is often ideal for those who have steady income but need time to catch up.

What If the Landlord Has a Judgment for Possession?

If your landlord has already received a judgment for possession, bankruptcy becomes more complicated. The automatic stay may not apply, and you may have limited ability to prevent removal from the property.

However, every case is unique, and speaking with a bankruptcy attorney can help determine what options may still be available.

Should You Include Back Rent in Your Filing?

Including back rent in bankruptcy makes sense if:

You cannot catch up on payments on your own
You are facing eviction
You need relief from additional debts like credit cards and loans
You want time to reorganize your finances

At Juan C. Velasco, Esq. , we help individuals assess their goals—whether they want to stay in their home or move on with a clean slate—and choose the bankruptcy chapter that fits best.

Estate Planning for Single Adults in New Jersey: Why It Still Matters

Fri, 14 Nov 2025 15:01:07 GMT

Estate Planning for Single Adults in New Jersey: Why It Still Matters

Estate planning is often viewed as something only married couples or parents need to consider. However, single adults in New Jersey have just as much to gain from having a clear, legally sound plan in place. Without one, critical decisions about your health, finances, and estate could be made by the court — not by someone you trust.

Why Estate Planning Is Essential for Single Adults

When you’re single, there’s no automatic default decision-maker. If you were to become incapacitated, no one — not even your closest friend or sibling — can legally make medical or financial choices for you without prior authorization. Through estate planning, you can ensure your preferences are honored and your assets are distributed according to your wishes.

Key Estate Planning Documents for Single Individuals

Last Will and Testament – This document specifies how your assets should be distributed after your passing. Without a will, New Jersey’s intestacy laws determine who inherits your property, which might not align with your personal wishes.
Durable Power of Attorney – This allows someone you trust to manage your finances and legal matters if you become unable to do so.
Advance Healthcare Directive (Living Will) – This document outlines your medical care preferences and appoints someone to make healthcare decisions for you if you cannot communicate them yourself.
Beneficiary Designations – Retirement accounts, life insurance, and other financial products often pass directly to named beneficiaries. Keeping these up to date ensures your assets go where you intend.

Planning for the Future on Your Terms

Estate planning isn’t only about distributing assets — it’s about maintaining control and ensuring your affairs are handled by people you trust. Even if you don’t own much property, these legal tools protect your autonomy and provide clarity during difficult times.

At Juan C. Velasco, Esq. , we can provide legal assistance to the New Jersey public. Whether you’re starting from scratch or updating existing documents, our firm can help you create an estate plan that reflects your values and secures your future.

How to Legally Remove a Business Partner in New Jersey

Wed, 08 Oct 2025 16:49:42 GMT

How to Legally Remove a Business Partner in New Jersey

Running a business with a partner can be rewarding, but it can also lead to disputes when visions or goals no longer align. If you find yourself in a situation where continuing the partnership is no longer viable, it’s important to follow the proper legal steps to remove a business partner in New Jersey. Acting carefully and in accordance with state law can help protect your rights and the future of your business.

Review the Partnership Agreement

The first step is to review your partnership agreement or operating agreement . These documents typically outline procedures for removing a partner, including buyout terms, notice requirements, and dispute resolution methods. If the agreement specifies how to remove a partner, those procedures must be followed.

If no agreement exists, the New Jersey Uniform Partnership Act or the New Jersey Revised Uniform Limited Liability Company Act will govern the process, depending on your business structure.

Determine Legal Grounds for Removal

Common reasons for removing a business partner include:

Breach of fiduciary duty (e.g., misuse of funds or self-dealing)
Failure to fulfill obligations under the agreement
Misconduct or actions harming the business
Irreconcilable differences that make the partnership unworkable

Each situation requires evidence and a legal basis to justify removal, especially when the partner disagrees.

Follow Proper Legal Procedures

Depending on the business structure:

LLCs: The operating agreement usually governs removal. If not, a court petition may be necessary.
Partnerships: Without an agreement, partners can dissolve the partnership and form a new one without the departing member.
Corporations: Shareholder or board votes may be required to remove a partner who is also an officer or director.

Before taking action, ensure that all procedures comply with your governing documents and New Jersey law to avoid potential lawsuits.

Protect Your Interests

During the removal process, document everything and consult with a business attorney . You’ll also need to determine how to handle ownership shares, profits, and responsibilities after the partner’s removal. A buyout agreement or dissolution filing may be necessary.

Get Professional Legal Guidance

Removing a partner is a complex legal and financial decision that can affect your business’s future. At Juan C. Velasco, Esq. , we can provide legal assistance to the New Jersey public, helping business owners navigate partnership disputes and removals while protecting their rights and assets.

Will I Have to Pay Alimony in New Jersey? Types and Trends in Spousal Support

Mon, 22 Sep 2025 16:35:23 GMT

Will I Have to Pay Alimony in New Jersey? Types and Trends in Spousal Support

Divorce often raises financial questions, one of the most significant being whether alimony—or spousal support—will be required. In New Jersey, alimony is not automatic. Courts look at each couple’s unique situation to determine if it is appropriate and, if so, what type and amount should be awarded. Understanding the types of alimony available and the recent trends in how courts approach spousal support can help you better prepare for your case.

How Alimony Is Determined in New Jersey

New Jersey courts consider several factors when deciding on alimony, including:

The length of the marriage.
Each spouse’s income and earning capacity.
The standard of living established during the marriage.
Contributions to the marriage, both financial and non-financial (such as child-rearing).
Age and health of both spouses.

These factors guide whether support is necessary and for how long it should last.

Types of Alimony in New Jersey

New Jersey recognizes several types of alimony:

Open Durational Alimony: Typically applies to long-term marriages (over 20 years) and lasts until circumstances change significantly.
Limited Duration Alimony: Awarded for shorter or medium-length marriages, with a fixed end date.
Rehabilitative Alimony: Designed to support a spouse while they gain education or training to become financially independent.
Reimbursement Alimony: Compensates a spouse who financially supported the other’s education or career advancement.

Trends in Spousal Support

Recent trends in New Jersey show a shift toward encouraging financial independence. Courts often prefer limited duration or rehabilitative alimony, especially for shorter marriages. Open durational alimony is less common unless the marriage was lengthy. Additionally, the 2014 alimony reform law in New Jersey limited lifetime alimony and emphasized fairness by allowing modifications if a paying spouse retires or experiences significant financial changes.

Why Legal Guidance Matters

Determining whether you will pay or receive alimony depends heavily on the facts of your case. Courts have discretion, and outcomes can vary widely. Having a knowledgeable attorney can help protect your financial interests and ensure the court fully considers your circumstances.

At Juan C. Velasco, Esq. , we can provide legal assistance to the New Jersey public in navigating divorce and spousal support matters.

The Role of an Escrow Attorney in a Smooth Real Estate Closing in New Jersey

Wed, 20 Aug 2025 19:43:27 GMT

The Role of an Escrow Attorney in a Smooth Real Estate Closing in New Jersey

Buying or selling real estate in New Jersey can be one of the largest financial transactions of your life. The process often involves multiple parties—buyers, sellers, lenders, title companies, and real estate agents. At the center of it all is the escrow process, which ensures that funds and documents are exchanged fairly and securely. An escrow attorney plays a crucial role in making sure the transaction closes smoothly and in compliance with New Jersey law.

What Is Escrow in a Real Estate Transaction?

Escrow refers to the process in which a neutral third party holds money, deeds, and other important documents until all conditions of a real estate agreement are satisfied. This arrangement protects both buyers and sellers by ensuring that neither party is at risk of losing money or property due to incomplete or improper performance of the contract.

Why an Escrow Attorney Matters in New Jersey Closings

Unlike other states where escrow may be handled entirely by title or escrow companies, New Jersey real estate law requires attorneys to be actively involved in the closing process. Having an escrow attorney offers:

Legal oversight : The attorney ensures all documents are drafted, reviewed, and executed properly.
Funds protection : The attorney manages the escrow account, holding deposits and settlement funds until closing.
Problem resolution : If disputes arise—such as inspection issues, title concerns, or contract terms—the attorney provides legal solutions.
Compliance with state law : New Jersey has unique requirements for disclosures, recording, and deed transfers, all of which an attorney helps navigate.

How an Escrow Attorney Facilitates a Smooth Closing

The escrow attorney coordinates with lenders, title companies, and both parties’ representatives to ensure the closing is seamless. This includes:

Reviewing contracts for accuracy and enforceability
Confirming title is clear and marketable
Ensuring mortgage documents are properly prepared
Collecting and disbursing funds at closing
Recording deeds and mortgages with the county clerk

By guiding every step of the process, an escrow attorney reduces delays and helps prevent costly mistakes.

Legal Support for New Jersey Real Estate Transactions

At Juan C. Velasco, Esq. , we provide legal assistance to the New Jersey public to make real estate closings as smooth and stress-free as possible. Whether you are buying your first home, selling property, or handling a complex commercial transaction, our office can help ensure your closing is handled with care and compliance.

How Debts Are Handled in New Jersey Probate

Tue, 29 Jul 2025 20:17:25 GMT

How Debts Are Handled in New Jersey Probate

When a loved one passes away in New Jersey, their estate must go through a legal process called probate. This process ensures that debts are paid, and assets are distributed according to the will or state law if there is no will. Understanding how debts are handled during probate is essential for executors, heirs, and anyone navigating this process.

1. Identifying the Estate’s Debts

The first step in handling debts during probate is identifying all outstanding obligations. These can include:

Credit card balances
Mortgages and home equity loans
Car loans and personal loans
Medical bills
Utility and service bills

The executor, appointed to manage the estate, must gather this information and notify creditors of the probate proceeding.

2. Prioritizing and Paying Creditors

Not all debts are treated equally under New Jersey law. Certain debts have priority:

Funeral expenses and estate administration costs
Taxes owed to the state or federal government
Secured debts, such as mortgages and car loans

After priority debts are paid, remaining assets are used to satisfy unsecured debts like credit cards. If the estate does not have enough funds to cover all debts, the estate may be considered insolvent, and creditors will be paid in order of legal priority.

3. Protecting Heirs from Personal Liability

In most cases, heirs and family members are not personally responsible for the decedent’s debts. Debts are paid only from the estate’s assets. Exceptions may apply if someone co-signed a loan or jointly owned a credit account.

4. When Legal Guidance is Essential

Probate can quickly become complicated, especially when debts exceed available assets or when creditors make claims against the estate. Working with an experienced probate attorney ensures compliance with New Jersey laws, protects the executor from liability, and helps resolve creditor issues efficiently.

At Juan C. Velasco, Esq. , we provide compassionate and knowledgeable legal assistance to the public in Akron and beyond. If you are facing the challenges of probate and debt resolution, we can guide you every step of the way.

What Happens to My Home If I File for Bankruptcy in New Jersey?

Fri, 20 Jun 2025 15:37:26 GMT

What Happens to My Home If I File for Bankruptcy in New Jersey?

Filing for bankruptcy can feel overwhelming—especially when you're concerned about keeping your home. At Juan C. Velasco, Esq. , we understand how important your property is to you. If you're considering bankruptcy in New Jersey, here’s what you need to know about what happens to your home.

1. The Type of Bankruptcy Matters

There are two main types of consumer bankruptcy:

Chapter 7 : This is a liquidation bankruptcy. Non-exempt assets may be sold to pay off creditors.
Chapter 13 : This is a reorganization bankruptcy that allows you to repay some or all of your debt over a 3- to 5-year period.

If you're current on your mortgage and file under Chapter 13, you're more likely to keep your home.

2. New Jersey’s Homestead Exemption

Unlike many states, New Jersey does not have a state-specific homestead exemption . However, you can use the federal exemption , which protects up to $27,900 in home equity (as of 2025). If you’re married and filing jointly, that amount doubles to $55,800 .

This means that if the equity in your home is less than the exemption, your home is more likely to be protected in a Chapter 7 bankruptcy.

3. Are You Behind on Mortgage Payments?

If you’re behind on your mortgage:

Chapter 13 can allow you to catch up on missed payments while keeping your home.
Chapter 7 may not help you avoid foreclosure unless your lender agrees to a loan modification.

4. Is There Equity in Your Home?

The amount of equity you have in your home can determine whether the bankruptcy trustee might try to sell it in Chapter 7. If your home’s equity exceeds the exemption limits, it may be at risk.

5. Automatic Stay Protection

When you file for bankruptcy, an automatic stay goes into effect. This temporarily stops foreclosure proceedings and collection efforts, giving you some breathing room. However, lenders can ask the court to lift the stay.

6. Legal Guidance Is Critical

Every bankruptcy case is unique. How your home is treated depends on:

The type of bankruptcy you file
Your current mortgage status
The value and equity in your home
How exemptions apply to your case

At Juan C. Velasco, Esq. , we assist New Jersey residents in navigating these complex issues. We’ll help you understand your options and protect your interests.

How to Avoid Probate in New Jersey: Legal Tools and Strategies

Fri, 30 May 2025 17:57:56 GMT

How to Avoid Probate in New Jersey: Legal Tools and Strategies

Probate is the legal process through which a deceased person’s assets are distributed and their debts settled. In New Jersey, probate can be time-consuming and may lead to additional legal fees, public exposure of financial affairs, and delays in asset distribution. Fortunately, there are several strategies individuals can use to avoid probate and ensure a smoother transfer of assets to loved ones.

At Juan C. Velasco, Esq., we assist individuals and families across New Jersey in crafting estate plans that minimize the impact of probate—or eliminate it entirely.

Why Avoid Probate?

Avoiding probate offers multiple advantages, including:

Faster distribution of assets to beneficiaries
Increased privacy , as probate proceedings become part of the public record
Reduced costs associated with court filings and attorney fees
Less stress for surviving family members

Common Ways to Avoid Probate in New Jersey

Revocable Living Trusts
A revocable living trust is one of the most effective tools to avoid probate. When you transfer assets into a trust during your lifetime, those assets are no longer part of your “probate estate.” Upon your death, your chosen successor trustee can distribute assets to beneficiaries without court intervention.
Joint Ownership with Right of Survivorship
Property held jointly—such as a home or bank account—automatically transfers to the surviving owner upon one party’s death. This method avoids probate entirely for the jointly owned asset.
Payable-on-Death (POD) and Transfer-on-Death (TOD) Designations
Bank accounts and certain investment accounts can include POD or TOD designations, which name a beneficiary to receive the account balance after death. These assets bypass probate and are transferred directly to the named individual.
Beneficiary Designations on Life Insurance and Retirement Accounts
Life insurance policies, IRAs, and 401(k)s allow you to name beneficiaries. These designations ensure that the proceeds pass directly to your beneficiaries outside of probate.
Small Estate Affidavit (if applicable)
For smaller estates, New Jersey allows a simplified process through a small estate affidavit. While this doesn't technically avoid probate, it expedites the process significantly for estates that qualify.

Importance of Proper Legal Guidance

Even with these tools, avoiding probate requires careful planning and proper legal documentation. Failing to update beneficiary designations, neglecting to fund a trust, or improperly titling assets can undermine your intentions.

That’s where Juan C. Velasco, Esq. can help. Our firm guides New Jersey residents in developing comprehensive estate plans that align with their goals and preserve their legacy without the burden of probate.

Get Help Avoiding Probate in New Jersey

Avoiding probate is not only possible but often advisable. Whether you’re planning your own estate or handling the affairs of a loved one, working with an experienced legal professional can make all the difference. Contact Juan C. Velasco, Esq. to start building an estate plan that keeps your assets protected and your family secure.

Top Legal Considerations When Starting a New Business in New Jersey

Thu, 20 Mar 2025 15:29:35 GMT

Top Legal Considerations When Starting a New Business in New Jersey

Starting a new business is an exciting venture, but it also comes with important legal responsibilities. New Jersey has specific laws and regulations that entrepreneurs must understand to lay a strong foundation and avoid future complications. Whether you’re launching a sole proprietorship, LLC, or corporation, here are the top legal considerations you should keep in mind when starting a business in New Jersey.

1. Choosing the Right Business Structure

Your business structure affects everything from personal liability to tax obligations. In New Jersey, common options include:

Sole Proprietorship – Easiest to set up, but offers no personal liability protection.
Limited Liability Company (LLC) – Offers flexibility and shields personal assets.
Corporation (C-Corp or S-Corp) – Suitable for larger businesses, offering strong liability protection and growth potential.

Each option has legal implications, so consulting with an attorney early can help you select the structure that aligns best with your goals.

2. Registering Your Business

Once you've chosen a structure, the next step is registering your business with the New Jersey Division of Revenue and Enterprise Services . This includes filing formation documents (such as a Certificate of Formation for an LLC) and obtaining a Business Registration Certificate .

3. Naming Your Business

New Jersey requires businesses to have unique names that are distinguishable from others registered with the state. Before registering your name, conduct a name search to ensure it’s available, and consider trademarking it for additional protection.

4. Obtaining Licenses and Permits

Depending on your industry and location, your business may need federal, state, or local licenses or permits to operate legally. These may include:

Sales tax licenses
Health permits
Professional licenses It’s essential to research what applies to your business to remain compliant.

5. Creating an Operating Agreement or Bylaws

For LLCs and corporations, internal documents like Operating Agreements or Corporate Bylaws are not legally required by the state but are strongly recommended. These documents outline decision-making processes, ownership percentages, and conflict resolution procedures.

6. Understanding Employment Laws

If you plan to hire employees, New Jersey has strict rules around wages, anti-discrimination, workers' compensation, and more. Familiarize yourself with both state and federal employment laws to ensure compliance.

7. Tax Obligations

Register with the New Jersey Division of Taxation and obtain any necessary employer identification numbers (EINs) from the IRS. You may be subject to sales tax, corporate income tax, and employer withholding taxes.

8. Protecting Intellectual Property

If your business relies on logos, branding, or proprietary information, consider protecting your intellectual property through trademarks, copyrights, or patents. This can prevent competitors from using your brand elements or business methods.

9. Creating Contracts and Agreements

Solid contracts are essential when working with vendors, employees, or partners. Well-drafted agreements help minimize disputes and ensure clear expectations.

10. Zoning and Home-Based Business Regulations

If you plan to operate from home or a specific location, be sure your business complies with local zoning laws . Some areas have restrictions on the types of businesses that can operate in residential zones.

Can I Keep My Car if I File for Chapter 7 Bankruptcy in New Jersey?

Fri, 21 Feb 2025 18:42:25 GMT

Can I Keep My Car if I File for Chapter 7 Bankruptcy in New Jersey?

Filing for Chapter 7 bankruptcy in New Jersey can help eliminate overwhelming debt, but many people worry about what will happen to their assets, including their car. Whether you can keep your vehicle depends on several factors, including the amount of equity in the car, available exemptions, and your ability to stay current on payments.

How Chapter 7 Bankruptcy Affects Car Ownership

Chapter 7 bankruptcy is a liquidation process, meaning that non-exempt assets may be sold to repay creditors. However, both federal and New Jersey state laws allow exemptions to protect certain property, including vehicles, up to a specific value.

Equity in Your Car: If you own your car outright, the court will assess how much equity you have. If your equity falls within the allowed exemption limits, you can typically keep your vehicle.
New Jersey Vehicle Exemptions: New Jersey allows filers to use either state or federal exemptions. The federal motor vehicle exemption is $4,450 (as of 2023), meaning you can protect up to this amount of equity in your car. If you owe more on your car loan than its current value, there may be no equity for the trustee to seize.
Wildcard Exemption: If the motor vehicle exemption is not enough to cover your car’s equity, you may use part of the federal wildcard exemption (up to $1,475 plus any unused portion of the homestead exemption ) to protect additional value.

What Happens If You Still Owe Money on Your Car?

If you are financing your car, you generally have three options in a Chapter 7 bankruptcy case:

Reaffirm the Loan: This means you agree to continue making payments under the existing loan terms. The lender will not repossess the vehicle as long as you stay current.
Redeem the Car: If you have the funds, you may pay a lump sum to purchase the car at its fair market value, potentially saving money if the loan balance exceeds its actual worth.
Surrender the Vehicle: If you can no longer afford payments or the car is worth less than you owe, surrendering it as part of the bankruptcy can help eliminate the debt.

Avoiding Repossession

Filing for Chapter 7 bankruptcy triggers an automatic stay , which temporarily prevents lenders from repossessing your car. However, if you fall behind on payments and do not reaffirm the loan, the lender can request permission from the court to repossess the vehicle.

Speak with a Bankruptcy Attorney in New Jersey

At Juan C. Velasco, Esq. , we help individuals navigate bankruptcy and protect their assets. Every case is different, and understanding how bankruptcy laws apply to your specific situation is essential. If you're considering filing for Chapter 7 bankruptcy and are concerned about keeping your car, contact us to discuss your options.

Essential Documents for a Residential Real Estate Transaction in New Jersey

Mon, 10 Feb 2025 17:34:48 GMT

Essential Documents for a Residential Real Estate Transaction in New Jersey

Buying or selling a home in New Jersey involves a complex legal process, and having the right documents in place is critical to ensuring a smooth transaction. At Juan C. Velasco, Esq. , we assist clients throughout New Jersey with the legal aspects of residential real estate transactions, helping them navigate the required paperwork and avoid potential pitfalls. Below are the key documents you will need when buying or selling residential property in New Jersey.

1. Sales Contract (Purchase Agreement)

The purchase agreement is the foundation of any real estate transaction. It outlines the terms and conditions agreed upon by the buyer and seller, including the purchase price, closing date, contingencies, and responsibilities of both parties. This document should be carefully reviewed and negotiated to protect your interests.

2. Deed

The deed is the legal document that transfers ownership of the property from the seller to the buyer. In New Jersey, the most common type is a bargain and sale deed with covenants , which provides limited warranties to the buyer. The deed must be properly executed, notarized, and recorded with the county clerk's office.

3. Mortgage Documents (For Buyers Using Financing)

If the buyer is obtaining a loan, several mortgage-related documents will be required, including:

Loan Application & Approval – Buyers must complete a loan application and secure approval from a lender.
Mortgage Agreement & Promissory Note – These documents outline the terms of the loan, including interest rates, repayment terms, and lender rights.
Closing Disclosure – This document provides a breakdown of all loan terms and closing costs, which must be reviewed at least three days before closing.

4. Title Documents

A title search ensures that the property is free of liens, claims, or legal issues that could affect ownership. Important title-related documents include:

Title Report & Title Insurance – The title report discloses any encumbrances, and title insurance protects buyers and lenders from hidden title defects.
Certificate of Occupancy (if required) – Some municipalities require this to confirm that the property complies with local building codes.

5. Seller’s Disclosure Statement

New Jersey law requires sellers to disclose known material defects about the property. While there is no mandatory form, most sellers complete a Seller’s Property Condition Disclosure Statement , detailing issues such as structural problems, water damage, or environmental hazards.

6. Home Inspection Report

Buyers typically conduct a home inspection before finalizing the sale. The inspection report can identify necessary repairs or safety concerns that may affect the transaction. If issues arise, buyers may negotiate repairs or request credits from the seller.

7. Closing Statement (HUD-1 or ALTA Statement)

This document provides a final breakdown of all financial aspects of the transaction, including the purchase price, loan amounts, closing costs, prorated property taxes, and any outstanding balances. Both parties must review and sign this statement before closing.

8. Real Estate Transfer Tax Forms

New Jersey requires payment of a real estate transfer tax upon sale, with exemptions available for senior citizens, low-income individuals, and certain transactions. The appropriate tax forms must be completed and submitted at closing.

9. Power of Attorney (If Needed)

If the buyer or seller cannot attend closing in person, they may grant a power of attorney to a trusted individual to sign documents on their behalf. This must be legally drafted and notarized.

Get Legal Assistance for Your New Jersey Real Estate Transaction

Ensuring all necessary documents are in order is crucial for a successful home sale or purchase. At Juan C. Velasco, Esq. , we provide legal guidance to buyers, sellers, and real estate professionals throughout New Jersey. Our team ensures compliance with state laws and protects our clients’ interests at every step of the process.

If you need assistance with your real estate transaction, contact us today to schedule a consultation.

Who Qualifies for Chapter 13 Bankruptcy in New Jersey?

Fri, 31 Jan 2025 20:19:30 GMT

Who Qualifies for Chapter 13 Bankruptcy in New Jersey?

Chapter 13 bankruptcy is designed for individuals who need debt relief but have the financial means to repay their debts through a structured repayment plan. Unlike Chapter 7, which involves liquidating assets, Chapter 13 allows filers to retain their property while making manageable payments over three to five years. At Juan C. Velasco, Esq. , we help New Jersey residents determine if they qualify for Chapter 13 bankruptcy and guide them through the filing process.

Eligibility Requirements for Chapter 13 Bankruptcy

To file for Chapter 13 bankruptcy in New Jersey, you must meet the following criteria:

1. You Must Have a Regular Source of Income

Since Chapter 13 involves a court-approved repayment plan , you must demonstrate that you have a steady income to cover both living expenses and debt payments. Acceptable income sources include:

Employment wages
Self-employment income
Rental income
Social Security or disability benefits
Pension or retirement income

2. Your Debts Must Fall Within Certain Limits

As of 2024 , the debt limits for Chapter 13 bankruptcy are:

Unsecured debt limit: $465,275 (e.g., credit cards, medical bills, personal loans)
Secured debt limit: $1,395,875 (e.g., mortgages, car loans)

If your debts exceed these amounts, you may need to explore Chapter 11 bankruptcy instead.

3. You Must Be Up to Date on Tax Filings

The bankruptcy court requires proof that you have filed state and federal tax returns for the past four years before approving your repayment plan.

4. You Cannot Have a Recent Bankruptcy Dismissal

If you have filed for bankruptcy before, you may still qualify, but if a previous bankruptcy case was dismissed within the past 180 days due to failure to comply with court orders, you may have to wait before refiling.

5. You Must Complete Credit Counseling

Before filing, you must complete a credit counseling course from a court-approved agency within 180 days of filing .

Benefits of Chapter 13 Bankruptcy

Stops foreclosure and repossession by allowing you to catch up on missed payments.
Protects assets from liquidation.
Consolidates debts into one affordable monthly payment.
Provides legal protection from creditors and collection actions.

If you are struggling with debt but want to keep your assets, Chapter 13 bankruptcy may be the right solution for you. At Juan C. Velasco, Esq. , we provide personalized legal assistance to help New Jersey residents navigate the bankruptcy process and regain financial stability.

How Long Does Probate Take in New Jersey?

Thu, 14 Nov 2024 01:14:35 GMT

How Long Does Probate Take in New Jersey?

Probate is the legal process of administering a deceased person's estate, including validating their will, settling debts, and distributing assets to beneficiaries. In New Jersey, the probate process can vary in length depending on several factors. At Juan C. Velasco, Esq. , we assist Edison residents with navigating probate efficiently to reduce stress during this challenging time.

Typical Timeline for Probate in New Jersey

Initial Filing :

The process begins with filing the will and other necessary documents with the Surrogate’s Court in the county where the deceased resided. This typically takes 1-2 weeks if all paperwork is in order.

Appointment of Executor or Administrator :

Once the court validates the will, it issues Letters Testamentary (or Letters of Administration if there is no will), officially granting authority to the executor or administrator. This step can take an additional 1-3 weeks .

Notifying Creditors and Beneficiaries :

The executor must notify creditors and beneficiaries of the probate process. Creditors are given 9 months to file claims against the estate, which can delay final distribution.

Asset Inventory and Valuation :

Gathering and appraising all assets can take 3-6 months , depending on the complexity of the estate and whether any assets are difficult to locate or value.

Paying Debts and Taxes :

The executor is responsible for paying outstanding debts, taxes, and administrative costs. New Jersey estate and inheritance tax filings may take 6-9 months to process.

Final Distribution of Assets :

Once debts and taxes are settled, the executor can distribute assets to beneficiaries. This final step depends on the court’s approval and the complexity of the estate, typically taking several weeks to months .

Factors That Can Prolong Probate

Disputes Over the Will : Challenges to the validity of the will can add months or even years to the process.
Missing Documentation : Incomplete or missing records can cause delays.
Complex Estates : Estates with numerous assets, out-of-state property, or business interests require additional time for administration.

How Juan C. Velasco, Esq. Can Help

Probate can be a time-consuming and complex process, especially when managing a loved one’s estate during an emotional time. At Juan C. Velasco, Esq. , we provide comprehensive legal support to ensure probate proceeds smoothly and efficiently, minimizing delays and complications.

If you need assistance with probate in Edison or elsewhere in New Jersey, contact us today for expert guidance and compassionate representation. Let us help you honor your loved one’s legacy with confidence and ease.

What Are the Documents Required to File for Chapter 7 Bankruptcy in New Jersey?

Wed, 30 Oct 2024 15:20:58 GMT

What Are the Documents Required to File for Chapter 7 Bankruptcy in New Jersey?

Filing for Chapter 7 bankruptcy can be an effective way to find relief from overwhelming debt. To start the process, certain documents are required to provide a comprehensive overview of your financial situation. At Juan C. Velasco, Esq., we assist New Jersey residents through the Chapter 7 bankruptcy process, helping them gather the necessary paperwork for a successful filing.

Key Documents Needed for Chapter 7 Bankruptcy in New Jersey

Proof of Income

Pay Stubs: Recent pay stubs for at least the past six months.
Tax Returns: Federal and state tax returns from the past two years.
Income Records: Documentation of other income sources, like Social Security, pensions, or rental income.

List of Assets

Bank Statements: Recent statements from all checking, savings, and investment accounts.
Real Estate Documents: Deeds or mortgage statements for owned property.
Vehicle Titles: Titles and loan statements for cars, boats, and other vehicles.
Other Valuable Assets: Documentation for items like jewelry, collectibles, or retirement accounts.

List of Debts

Credit Card Statements: Including balances owed to each creditor.
Medical Bills: Documentation of any outstanding medical expenses.
Loan Documents: Information on personal loans, student loans, and any secured debts.

Monthly Expense Records

Proof of regular expenses such as rent or mortgage payments, utilities, food, transportation, and medical costs to help assess your financial obligations.

Credit Counseling Certificate

A certificate from a court-approved credit counseling agency, which must be completed within 180 days before filing.

Why Work with Juan C. Velasco, Esq.?

The Chapter 7 filing process can be complex, but having the right documents prepared can help streamline the experience. At Juan C. Velasco, Esq., we guide New Jersey residents through each step, ensuring they have all required paperwork in place for a smooth filing.

If you’re considering Chapter 7 bankruptcy in New Jersey, contact Juan C. Velasco, Esq. today for dedicated support in your journey toward financial stability.

Understanding the Differences Between Wills and Trusts in New Jersey

Mon, 01 Jul 2024 01:54:00 GMT

Estate planning is a crucial process that ensures your assets are distributed according to your wishes after your death. Two primary tools used in estate planning are wills and trusts. While both serve the purpose of managing and distributing your assets, they have distinct differences and benefits. At the law office of Juan C. Velasco, Esq., we specialize in helping clients in New Jersey navigate the complexities of estate planning. Here’s a detailed look at the differences between wills and trusts, and how each can serve your estate planning needs.

What is a Will?

A will, also known as a last will and testament, is a legal document that outlines how you want your assets distributed after your death. It allows you to:

Advantages of a Will:

Disadvantages of a Will:

What is a Trust?

A trust is a legal arrangement where one party (the trustee) holds and manages assets on behalf of another party (the beneficiary). Trusts can be either revocable or irrevocable:

Advantages of a Trust:

Disadvantages of a Trust:

Choosing Between a Trust and a Will:

The choice between a trust and a will depends on your specific circumstances and estate planning goals. Here are some considerations:

Both trusts and wills are vital tools in estate planning, each offering unique benefits and serving different purposes. At the law office of Juan C. Velasco, Esq., we are dedicated to helping you understand your options and create an estate plan that meets your needs and goals. Whether you choose a trust, a will, or a combination of both, our experienced attorneys are here to guide you through the process and ensure your wishes are honored.

Navigating Business Transactions with the Help of an Attorney

Thu, 16 May 2024 18:31:00 GMT

As a business owner in New Jersey, you understand the importance of smooth and legally sound transactions. Whether you are negotiating contracts, buying or selling a business, or dealing with any other type of commercial transaction, having a knowledgeable attorney by your side can make all the difference. In this blog post, we will explore the role of a business transactions attorney and how they can help protect your interests and ensure that your transactions are conducted in compliance with state laws.

Working with Juan C. Velasco, Esq. can help safeguard your interests and ensure that your commercial dealings are conducted smoothly and legally sound manner. By leveraging their expertise in legal requirements, negotiation skills, due diligence practices, document drafting abilities, and dispute resolution techniques; you can navigate complex transactions with confidence. Don't hesitate to seek out professional legal guidance from Juan C. Velasco, Esq. when engaging in any type of business transaction – it could save you time, money, and headaches in the long run.

The Benefits of Filing for Chapter 7 Bankruptcy with Velasco Law Office

Mon, 22 Apr 2024 15:32:00 GMT

The Benefits of Filing for Chapter 7 Bankruptcy with Velasco Law Office

Are you drowning in debt and struggling to make ends meet? Have creditors been hounding you day and night, causing immense stress and anxiety? If so, filing for Chapter 7 bankruptcy may be the solution you need to get a fresh start. In this blog post, we will discuss the benefits of filing for Chapter 7 bankruptcy, who qualifies for this type of bankruptcy, and how Velasco Law Office can assist residents of New Jersey with their bankruptcy matters.
One of the main benefits of filing for Chapter 7 bankruptcy is that it allows individuals to discharge most or all of their unsecured debts. This means that debts such as credit card bills, medical bills, personal loans, and utility bills can be wiped clean, giving individuals a chance to start over with a clean financial slate. This can provide immense relief from the burden of overwhelming debt and give individuals a fresh start financially.
Another benefit of Chapter 7 bankruptcy is that it puts an immediate stop to creditor harassment and collection actions. Once an individual files for Chapter 7 bankruptcy, an automatic stay goes into effect, preventing creditors from continuing their collection efforts. This can provide individuals with much-needed peace of mind and breathing room to focus on rebuilding their financial future without the constant stress of aggressive debt collectors.
Qualifying for Chapter 7 bankruptcy involves meeting certain income requirements known as the means test. In general, individuals who earn less than the median income for their state or who pass the means test based on their income and expenses may qualify for Chapter 7 bankruptcy. It is important to consult with a knowledgeable bankruptcy attorney like Velasco Law Office to determine if you meet the eligibility requirements for Chapter 7 bankruptcy.
At Velasco Law Office, we understand that dealing with overwhelming debt can be incredibly stressful and overwhelming. Our experienced team is dedicated to helping residents of New Jersey navigate the complexities of bankruptcy law and find relief from their financial burdens through Chapter 7 bankruptcy. We provide personalized guidance and support throughout the entire process to ensure that our clients receive the best possible outcome for their unique situation.
If you are considering filing for Chapter 7 bankruptcy in New Jersey, don't hesitate to reach out to Velasco Law Office for expert legal assistance. We offer free consultations to assess your financial situation and determine if Chapter 7 bankruptcy is right for you. Let us help you take control of your finances and gain a fresh start through the benefits of filing for Chapter 7 bankruptcy.
Filing for Chapter 7 bankruptcy can provide individuals with a much-needed fresh start by discharging unsecured debts, stopping creditor harassment, and offering relief from overwhelming financial burdens. At Velasco Law Office, we are committed to helping residents of New Jersey navigate the complex process of filing for Chapter 7 bankruptcy and finding solutions that work best for their unique circumstances. Contact us today to schedule a free consultation and take the first step towards financial freedom.

Is it Time to File for Chapter 11 Bankruptcy?

Mon, 01 Apr 2024 20:54:00 GMT

Deciding to file for bankruptcy is never an easy decision, but for many individuals and businesses in New Jersey, it can be a necessary step in order to regain financial stability. Chapter 11 bankruptcy is often seen as a last resort, but knowing when it's time to consider this option can help prevent further financial decline. In this blog post, we will discuss the signs that indicate it may be time to file for Chapter 11 bankruptcy in New Jersey.

The first sign that you may need to file for Chapter 11 bankruptcy is if your debts have become overwhelming and you are struggling to keep up with payments. If you find yourself constantly falling behind on bills or unable to negotiate more favorable repayment terms with creditors, it may be time to consider bankruptcy. By filing for Chapter 11, you can restructure your debts and create a plan to repay them over time, giving you the breathing room needed to get back on track financially.

Another indication that Chapter 11 bankruptcy may be the right choice for you is if your business is facing lawsuits from creditors or suppliers. Filing for bankruptcy can put a stay on these legal actions and give you the opportunity to negotiate more favorable terms with creditors. This can help prevent further financial strain on your business and allow you to focus on restructuring your operations for long-term success.

If you are struggling with cash flow issues and are unable to meet payroll or other financial obligations, it may be time to consider filing for Chapter 11 bankruptcy. By reorganizing your debts and creating a realistic repayment plan, you can alleviate some of the pressure on your finances and work towards a brighter future for your business. Consulting with a bankruptcy attorney in New Jersey can help guide you through this process and ensure that you are making informed decisions about your financial future.

Additionally, if your business has experienced a sudden drop in revenue or faced unexpected expenses that have put a strain on your finances, filing for Chapter 11 bankruptcy may be the best course of action. This type of bankruptcy allows businesses to continue operating while they work towards repaying their debts, providing some much-needed relief during challenging times. By seeking professional guidance from a bankruptcy attorney in New Jersey, you can navigate the complexities of this process and make informed decisions about your financial future.

In conclusion, knowing when it's time to file for Chapter 11 bankruptcy in New Jersey requires careful consideration of your financial situation and future prospects. If you find yourself overwhelmed by debt, facing legal action from creditors, struggling with cash flow issues, or experiencing unexpected financial challenges, it may be time to consult with a bankruptcy attorney about your options. While filing for Chapter 11 bankruptcy is not an easy decision, it can provide the relief needed to address financial difficulties and work towards a fresh start. Don't hesitate to seek professional advice and take control of your financial future today.

What Happens If You Don't Get Around To Making A Will In New Jersey?

Fri, 09 Feb 2024 15:33:00 GMT

Death is an inevitable part of life that we all must face at some point. While it may be a difficult and uncomfortable topic to discuss, it's important to plan for the future and ensure that your assets are distributed according to your wishes. One way to do this is by creating a will. However, many people put off making a will, either because they think they're too young or healthy to worry about it or because they simply don't want to think about their own mortality. But what happens if you don't get around to making a will in New Jersey? Let's take a closer look.

If you die without a will in New Jersey (also known as dying intestate), your assets will be distributed according to the state's laws of intestacy. This means that the court will appoint an administrator who will distribute your assets among your surviving heirs based on their relationship to you. For example, if you are married with children, your spouse and children would likely inherit everything equally. If you are unmarried with no children but have living parents, your parents would inherit everything.

However, there are some exceptions and complications that can arise when distributing assets through intestacy laws. For example, if you have step-children or foster children whom you haven't legally adopted, they may not be considered legal heirs and therefore wouldn't receive any inheritance under the law. Additionally, if you have debts or outstanding taxes at the time of your death, those debts must be paid before any assets can be distributed.

Another issue that arises when dying intestate is probate. Probate is the legal process by which a deceased person's estate is settled and their assets are distributed according to their wishes (if outlined in a will) or according to state law (if there is no will). When someone dies intestate, the probate court will appoint an administrator to oversee the distribution of assets. This process can be time-consuming, costly, and stressful for your loved ones who are left behind.

So how can an attorney help?

An experienced estate planning attorney can help you create a comprehensive estate plan that includes a will, trusts, and other documents that ensure your assets are distributed according to your wishes. They can also help minimize taxes and avoid probate altogether. Hiring an attorney may seem like an unnecessary expense, but it's important to remember that the cost of not having a proper estate plan in place can far outweigh the cost of hiring an attorney.

While no one likes to think about their own mortality, creating a will is an essential part of planning for the future. By taking the time to make a will and other estate planning documents with the assistance of an experienced attorney, you can ensure that your assets are distributed according to your wishes and avoid any unnecessary complications or costs for your loved ones after you're gone. Don't wait until it's too late – start planning today!

How Long Does Probate Take in New Jersey?

Fri, 26 Jan 2024 18:21:00 GMT

How Long Does Probate Take in New Jersey?

When a loved one passes away, the process of settling their estate can be long and complex. One aspect of this process is probate, which is a legal procedure used to distribute assets according to the deceased's will or state law if there is no will. Probate can take several months to complete, and there are various factors that can impact the timeline. In this blog post, we will explore how long probate takes in New Jersey, why it might take a few months, and how an attorney can help.
In New Jersey, probate can take anywhere from several months to more than a year. The amount of time depends on several factors such as the complexity of the estate, the number of heirs, and whether or not there are any disputes. One reason why probate can take several months is because the court requires the executor to give notice to beneficiaries and creditors before distributing any assets. This notice period can take 4-6 months in some cases.
Another reason why probate might take a few months is because of the mandatory waiting periods for filing documents and contesting wills. For example, after the executor files the will with the court, there is a 10-day waiting period before any action can be taken. Additionally, if someone contests the will, the case could take months or even years to resolve.
Thankfully, an experienced probate attorney can help alleviate some of the delays and complications associated with the probate process. Attorneys can assist with tasks such as filing documents, preparing inventories of assets, and resolving disputes with beneficiaries. They can also advise executors on matters such as tax liabilities and how to avoid potential legal pitfalls.
At Juan C. Velasco, Esq. we have extensive experience assisting New Jersey residents with probate matters. Our team is committed to providing compassionate and effective legal guidance during this difficult time. We understand the nuances of the New Jersey probate process and can help you navigate its complexities with ease.

Probate can be a lengthy and complex process, but with the right legal representation, you can take steps to expedite the process. Remember that probate can take anywhere from several months to more than a year and be prepared for some of the potential delays and complications. If you need assistance with probate in New Jersey, reach out to Juan C. Velasco, Esq. today to schedule a consultation. Our experienced team can help you navigate the probate process and provide the support you need.

The Benefits of Filing for Chapter 13 Bankruptcy: A Guide for New Jersey Residents

Fri, 15 Dec 2023 19:27:00 GMT

The Benefits of Filing for Chapter 13 Bankruptcy: A Guide for New Jersey Residents

Filing for bankruptcy can be a difficult decision, but in some cases, it can provide the relief you need to regain your financial footing. Chapter 13 bankruptcy is a type of bankruptcy that allows you to reorganize your debt and repay it over a longer period of time. In this guide, we will explain why filing for chapter 13 bankruptcy might be the right choice for you, the advantages and benefits of doing so, and how our team at Velasco Law Office can assist you with this process.

Adequate solution for you

Filing for chapter 13 bankruptcy could be the best option for you if you have a steady income but are overwhelmed with debt. This type of bankruptcy is also known as the "wage earner’s bankruptcy". As the debtor, you can create a payment plan based on your income, which can help you become debt-free in three to five years. Chapter 13 bankruptcy provides you with a structured solution that enables you to pay down your debt and, at the same time, keep much of your property.

Protect your property

One of the major benefits of filing for chapter 13 bankruptcy is the ability to keep your property, including your home and car. Unlike chapter 7 bankruptcy, where you need to give up non-exempt property in exchange for the discharge of your debt, chapter 13 bankruptcy allows you to reorganize your debts and keep your assets. As long as you make your payments on time, you can keep your home, car, and other valuable assets.

Stop foreclosure and collection efforts

If you are behind on your mortgage payments or facing foreclosure, filing for chapter 13 bankruptcy can help you stop foreclosure proceedings and give you the time you need to catch up on your payments. In addition, chapter 13 bankruptcy puts an automatic stay on any collection efforts, including those from credit card companies, medical providers, and other creditors. This means that all legal action and collection efforts against you must stop while you are under the protection of the court.

Lower interest rates and fees

Another benefit of filing for chapter 13 bankruptcy is the possibility of reducing the interest rates on your debt. With chapter 13 bankruptcy, you can consolidate your debt into one payment plan with a significantly lower interest rate. In addition, you may be able to eliminate some of the fees and penalties that are associated with certain types of debt, such as credit card balances. This means that you can save money on your debt and ultimately pay less overall.

Assistance from Velasco Law Office

Filing for bankruptcy is a complex process, and it's essential to have an experienced team of legal professionals on your side. At Velasco Law Office, we specialize in helping New Jersey residents navigate the bankruptcy process. Our legal team can guide you through every step of the process and ensure that you receive the best outcome for your particular circumstances. We will work with you to create a payment plan that fits your current budget and enables you to become debt-free over time.

Filing for chapter 13 bankruptcy can be an excellent option for those who have steady income but are struggling with unmanageable debt. By reorganizing your debt and creating a payment plan based on your income, you can regain your financial footing and keep your valuable assets, such as your home and car. At Velasco Law Office, we understand that the bankruptcy process can be challenging and emotionally taxing, which is why we are committed to helping our clients every step of the way. If you need assistance with chapter 13 bankruptcy, contact our team today to schedule a consultation.

What Happens If You Don't Have an Estate Plan in New Jersey?

Fri, 01 Dec 2023 03:17:00 GMT

Estate planning is often overlooked and neglected by most individuals. While it's hard to think about what will happen after we pass away, it's an important matter that shouldn't be ignored. If you don't have an estate plan, your assets and property are distributed according to state laws, which may not coincide with your wishes. In this blog post, we'll explore the consequences of not having an estate plan in New Jersey, what probate is and how it works, and how an attorney can help.

If you pass away without an estate plan, your assets and property will go through the probate process. Probate is the court-supervised process of settling and distributing a deceased person's assets and property. In New Jersey, such proceedings usually take at least a year, but they can often be delayed for much longer. During the probate process, your assets will be distributed according to the state's intestacy laws. These laws list out the hierarchy of potential heirs, which starts with spouses and children, followed by parents, siblings, grandparents, and so on. If you have no living heirs, your assets will go to the state of New Jersey.

If you don't have an estate plan, you may have to pay higher estate taxes. In New Jersey, the state estate tax exemption, which is the amount an individual's estate is allowed to be worth before taxes are imposed, is only $675,000. If your estate is worth more than that, it will be subject to estate taxes. Estate taxes can be as high as 16 percent in New Jersey, which can significantly reduce the amount of your estate that is available for distribution to your heirs. However, with proper estate planning, you can reduce or eliminate estate taxes.

When you have an estate plan in place, you will have more control over how your assets are distributed after you pass away. You can designate the beneficiaries of your assets and property, set up trusts to protect your assets, and name guardians for your minor children. Moreover, if you have a business, you can name your successors and set up a plan for the transition of the business to them.

An estate planning attorney can help you avoid the pitfalls of not having an estate plan. They can guide you through the process of creating a will or trust and make sure your assets are distributed in the way you intended. A good attorney can help you minimize your tax burden by creating trusts or other tax-saving methods. Additionally, if you have minor children or children with special needs, your attorney can help create a plan that meets their unique needs.

In conclusion, it's crucial to have an estate plan in place to protect your assets, minimize taxes, and ensure your family's well-being after you pass away. Failure to have one can lead to your assets being distributed according to New Jersey's intestacy laws, which may not serve your wishes and can result in hefty tax bills. Consulting with an experienced estate planning attorney can help you prepare an estate plan that conforms to your wishes and protects your assets. Take the first step today and contact an estate planning attorney in your area.

How Subchapter 5 Bankruptcy Helps New Jersey Businesses

Thu, 26 Oct 2023 15:26:00 GMT

Running a business is no easy feat, especially in today's challenging economic climate. Despite your best efforts, factors beyond your control may have led your New Jersey business toward financial ruin. While there are many reasons why a business may file for bankruptcy, Subchapter 5 offers a unique opportunity for small businesses to restructure their debts and reorganize their operations. In this blog, we'll explore the requirements and benefits of Subchapter 5 bankruptcy in New Jersey, so you can make an informed decision for your business.

What is Subchapter 5 bankruptcy?

Subchapter 5 bankruptcy is a type of reorganization bankruptcy introduced by the Small Business Reorganization Act of 2019. This type of bankruptcy is designed specifically for small businesses with debts under $7.5 million, whose owners wish to restructure their debts and avoid liquidation. Subchapter 5 bankruptcy is typically quicker, less expensive, and more accessible than a traditional Chapter 11 bankruptcy, making it a popular choice for small businesses.

What are the requirements for Subchapter 5 bankruptcy in New Jersey?

To qualify for Subchapter 5 bankruptcy in New Jersey, your business must meet several requirements. Firstly, your business must be a corporation, partnership, or sole proprietorship. Secondly, your business must be engaged in commercial or business activities. Thirdly, your debts must be no more than $7.5 million. Fourthly, you must be able to demonstrate that your business requires restructuring due to financial hardship. Finally, you must be willing to propose a plan for repayment through the bankruptcy court.

What are the benefits of Subchapter 5 bankruptcy for New Jersey businesses?

There are several benefits of filing for Subchapter 5 bankruptcy in New Jersey. Firstly, this type of bankruptcy allows you to retain ownership of your business and reorganize your debts, while still remaining in control of your business operations. Secondly, Subchapter 5 bankruptcy proceedings can be completed in a shorter time frame than other types of bankruptcy, typically lasting around 90 days. Thirdly, Subchapter 5 bankruptcy allows for less complicated and costly legal procedures and can be less burdensome on small business owners.

Subchapter 5 bankruptcy also provides several specific benefits for New Jersey businesses. One such benefit is the new ability to modify commercial real estate leases. Previously, businesses could not modify commercial real estate leases in bankruptcy, but Subchapter 5 has changed this, allowing businesses to renegotiate leases to better fit their current financial situation. Another significant benefit of Subchapter 5 bankruptcy is the ability to have a court-appointed mediator for disputes between the business and its creditors, reducing the cost and burden of litigation.

Subchapter 5 bankruptcy offers a unique opportunity for small businesses in New Jersey to restructure their debts, renegotiate leases, and avoid liquidation. If your business is struggling with financial hardship, it may be worthwhile to investigate whether you qualify for Subchapter 5 bankruptcy. However, it's important to remember that bankruptcy proceedings can be complex, and it's always wise to consult with an experienced bankruptcy attorney before proceeding. With the right guidance, you can take advantage of the benefits of Subchapter 5 bankruptcy and get your New Jersey business back on its feet.

Subchapter 5 Bankruptcy

Thu, 28 Sep 2023 21:40:00 GMT

Filing for bankruptcy can be an overwhelming experience, but it can also provide you with a new financial beginning. In February 2020, the Small Business Reorganization Act (SBRA) was enacted, which introduced a new type of bankruptcy called Subchapter 5 bankruptcy. The SBRA was created to help small businesses and individuals with debts under $2,725,625 to reorganize their debts and keep their businesses alive. In this blog post, we will discuss the benefits of Subchapter 5 bankruptcy, how to file for it, what happens during and after filing, and how Juan C. Velasco, Esq. can assist New Jersey residents with sub chapter 5 bankruptcy matters.

Benefits of subchapter 5 bankruptcy

One of the advantages of Subchapter 5 bankruptcy is that it allows small businesses to restructure their debts and retain ownership of their company. This kind of bankruptcy is faster, less expensive, and easier than a Chapter 11 bankruptcy. Subchapter 5 bankruptcy also allows debtors to modify their mortgages on investment properties, if the sale or refinance of the property is not feasible. Debtors can also modify their car loans, reducing the amount owed to the fair market value of the car and reducing the interest rate.

Filing for subchapter 5 bankruptcy

To file for Subchapter 5 bankruptcy, you have to complete specific forms, such as a petition, schedules, and a proposed plan, and submit them with the court. You also have to attend a meeting with the trustee and the creditors and provide the necessary documentation to support your case. If your proposed plan is approved by the court and meets the bankruptcy code's requirements, it will be confirmed, and you will make monthly payments to the trustee for three to five years. After successful completion of the plan, any remaining unsecured debt will be discharged, and you will be debt-free.

What happens after filing subchapter 5 bankruptcy

After filing, you'll have an automatic stay, a legal injunction that stops most creditors from making collection attempts, and may even stop foreclosure and repossession proceedings on your property. You will also have to attend a hearing to go over the proposed plan with the trustee and the creditors, and possibly modify the plan if needed. During the three- to five-year plan period, you will make monthly payments to the trustee, who will distribute the funds to your creditors. Once the plan period is over, any remaining unsecured debt will be discharged.

Juan C. Velasco, Esq. is a trusted bankruptcy and debt relief lawyer who can help you navigate the complex process of Subchapter 5 bankruptcy. He can assist you in preparing necessary documents, attending meetings, and representing you in court. He offers tailored legal solutions that fit your specific situation and can help you eliminate your debt and achieve financial relief.

Subchapter 5 bankruptcy can provide a powerful financial solution for small businesses and individuals struggling with debt. It is a faster, less expensive, and more accessible form of bankruptcy than Chapter 11 bankruptcy. Filing for Subchapter 5 bankruptcy can be challenging, but the benefits of doing so can be life-changing. With the help of an experienced bankruptcy lawyer like Juan C. Velasco, Esq., you can navigate the bankruptcy process with confidence and achieve lasting financial relief. If you are a New Jersey resident facing financial difficulties, contact Juan C. Velasco, Esq. to discuss your options for Subchapter 5 bankruptcy.

What Is Considered when Deciding upon Spousal Support?

Mon, 11 Sep 2023 19:03:20 GMT

When a couple decides to get divorced, one of the questions that frequently arises is whether there will be an award of spousal support for either party. Keep in mind that spousal support isn’t always even necessary. If each party can financially support themselves, it may not even come into play in the divorce. However, if it does, it is important to be aware that there are a lot of factors that will be considered.

The court will take a look at each spouse’s financial documents and statement of net worth to decide whether they will be able to individually support themselves. If one spouse actually needs financial support because, for example, they did not work at all over the last several years, the court may grant them spousal support. They will also consider whether the spouse who would have to make these payments can actually afford to make them. They will look at the employability and earning capacity of each spouse, what parental responsibilities each spouse has, the higher education levels of each spouse, and the financial contributions each spouse put into the marriage. The court will also assess the duration of the marriage and the age of the spouses. If the marriage lasted 40 years and the spouses are close to retirement age with one spouse having never worked, they will likely grant that spouse support.

If you have questions about spousal support, contact our firm today.

Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.

Essential Legal Tips for Small Business Owners

Thu, 31 Aug 2023 20:16:20 GMT

Starting a small business is an exciting and challenging journey. It requires careful planning, hard work, and a lot of determination to make it successful. One aspect of running a business that can be intimidating for owners is dealing with legal requirements. In New Jersey, there are various legalities that small business owners should be aware of to avoid legal problems and protect their companies. In this blog, we will provide essential legal tips that every small business owner in New Jersey should know.

1. Choose the Right Legal Structure for Your Business: One of the primary decisions small business owners in New Jersey need to make relates to the legal structure of their company. Selecting the right structure can mean the difference between success and failure. The most common forms of business structures in New Jersey are Sole Proprietorship, Partnership, Limited Liability Company (LLC), and Corporation. Each structure has its pros and cons and varying legal formalities that should be considered.

2. Register Your Business: In New Jersey, all businesses must register with the New Jersey Division of Revenue and Enterprise Services. Registering your business is a critical step in complying with the State's legal requirements, obtaining tax identification numbers, and opening a business bank account.

3. Obtain Licenses and Permits: Depending on the type of business you operate, you may need to obtain licenses and permits from the local or state government. In New Jersey, certain businesses require permits for operating in specific industries. Failure to obtain these licenses and permits can result in penalties, fines, and legal problems.

4. Protect Your Business with Contracts: Contracts play an essential role in protecting your business interests. They define the terms of service, payment, and the expectations of both parties. Every business deal should be backed by a written contract, even with trusted customers or partners.

5. Consult an Attorney: Small business owners in New Jersey must ask for legal guidance from an experienced business attorney. An attorney can help you establish legal best practices and avoid legal issues in the future. If you are involved in legal disputes, an attorney can help you navigate through the complexities of the legal system.

Starting a small business in New Jersey is an incredible accomplishment. However, small business owners must be aware of the legal implications of running a business. By following the essential legal tips highlighted in this blog, you can protect your business and avoid legal trouble. Remember to choose the right legal structure, register your business, obtain licenses and permits, protect your business with contracts, and consult with a business attorney. With these legal tips, you are on your way to running a successful business in New Jersey.

What Happens if You Die Without a Will in New Jersey?

Tue, 04 Jul 2023 20:15:09 GMT

What Happens if You Die Without a Will in New Jersey?

No one likes to think about their own death, but it is still critical to plan for the inevitable. A will is an essential component of estate planning, but many people neglect to create one. In cases where someone dies without a will, their property will be distributed according to state law. In this blog, we will explore what happens if you die without a will in New Jersey and why it is important to create a will.

If you pass away without a will, your assets will be distributed in accordance with state law. In New Jersey, the law dictates that a spouse and children receive the entire estate if there are no living parents or siblings. If there are parents but no children or spouse, the parents will receive the estate. If there are siblings but no surviving spouse, children, or parents, the assets will be divided equally among the siblings.

If you do not have any living relatives, or if your relatives cannot be found, your assets will go to the state of New Jersey. This is known as escheat and serves as a last resort when there are no living heirs.

It is also important to note that without a will, the state will appoint an administrator to distribute your assets. This process can be costly, time-consuming, and may lead to family squabbles over assets. By creating a will, you can avoid all of these issues and ensure your wishes are carried out properly.

Moreover, if you have minor children, it is imperative to create a will as it determines who will become their guardians in case of your death. It also enables you to set up a trust for the benefit of your children and your relatives.

In conclusion, creating a will is essential if you want to ensure your assets are distributed according to your wishes in New Jersey. Without a will, your assets could end up with family members you never intended to receive them, or be turned over to the state. At Velasco Law Office, we provide comprehensive estate planning services to ensure that your assets are protected and distributed the way you want. Contact us today to schedule a consultation.

Understanding the Differences Between Chapter 7 and Chapter 13 Bankruptcy

Wed, 26 Apr 2023 20:13:48 GMT

Understanding the Differences Between Chapter 7 And Chapter 13 Bankruptcy

Bankruptcy is a legal process that can provide debtors with a fresh start when financial troubles threaten to overwhelm them. But choosing the right type of bankruptcy can be challenging, particularly when there are different options available. In this blog post, we'll discuss the two most common types of bankruptcy that individuals can file: Chapter 7 and Chapter 13. We'll walk you through the differences between them and give you an idea of what each type can do for you.

Chapter 7 Bankruptcy:

Chapter 7 bankruptcy is often called a "liquidation" bankruptcy because it requires the debtor to give up most of their non-exempt assets to the court-appointed trustee. These assets are then sold to repay creditors. Chapter 7 is only available to individuals who pass the means test, which determines whether you have enough disposable income to repay your debts. If you don't, then you may be eligible to file for Chapter 7. Typically, this means that you have minimal assets and live below the median income level for your family size.

Who Should File For Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is well-suited for individuals with significant unsecured debts, such as medical bills or credit card debt. It's also a good option for those who don't have many assets or much income to protect. Typically, Chapter 7 cases take around 90-100 days to complete, and debts are typically discharged in full.

Chapter 13 Bankruptcy:

Chapter 13 bankruptcy is also called a "reorganization" bankruptcy because it allows debtors to restructure their debts into an affordable repayment plan. Under Chapter 13, the debtor keeps their assets and makes payments to a court-appointed trustee for 3-5 years. At the end of the payment plan, any remaining dischargeable debts are wiped out.

Who Should File For Chapter 13 Bankruptcy?

Chapter 13 is ideal for individuals with regular income who want to keep their assets but are struggling with secured debts, such as car loans or mortgages. It's also a good option for individuals with non-dischargeable debts, such as tax liens or student loans. Chapter 13 offers a way for people to catch up on missed payments.

At Velasco Law Office, We Can Assist The New Jersey Public With Bankruptcy Matters

If you're struggling with debt, bankruptcy may be an option for you. However, it's not a decision to be made lightly. You'll need the guidance of an experienced attorney to help you navigate the complex bankruptcy process. At Velasco Law Office, we understand that every case is unique. We'll work with you to find the best solution for your individual circumstances. Contact us today to schedule a confidential consultation.

In conclusion, there are several key differences between Chapter 7 and Chapter 13 bankruptcy. Chapter 7 is faster, requires the debtor to give up most non-exempt assets, and is only available to those who pass the means test. Chapter 13, on the other hand, allows debtors to keep their assets but requires that they make payments for 3-5 years. Deciding which type of bankruptcy to file can be challenging, but the experienced attorneys at Velasco Law Office are here to help guide you through the process. Whether you're struggling with medical bills, credit card debt, or secured debts like mortgages or car loans, we can help you find the debt relief you need.

Understanding the Key Differences Between a Will and a Trust

Fri, 31 Mar 2023 20:12:17 GMT

Understanding The Key Differences Between A Will And A Trust

Creating an estate plan is one of the most important things you can do for your family and loved ones. It ensures that your assets are distributed according to your wishes and that your loved ones are taken care of even after you pass. When it comes to estate planning, there are two main options to consider: a will and a trust. While they both serve similar purposes, it’s important to understand the key differences between the two to determine which option is best suited for your needs.

At Velasco Law Office, we have years of experience helping New Jersey residents with estate planning matters. With our guidance, you can make informed decisions and create an estate plan that truly protects your loved ones.

What Is A Will?

A will is a legal document that outlines your wishes for the distribution of your property and assets after you pass away. It is a traditional tool for estate planning and has been around for centuries. In a will, you can name an executor to manage your estate, name guardians for any minor children, and specify who receives your assets. In most cases, a will must go through the probate court process, which can be time-consuming and expensive.

What Is A Trust?

A trust is a legal arrangement that allows you to transfer assets to a trustee, who manages the assets on behalf of your beneficiaries. A trust can be revocable or irrevocable, and there are many different types of trusts to choose from. One of the main advantages of a trust is that it can help your loved ones avoid probate court and receive their inheritance quickly.

Should You Create A Will Or A Trust?

There is no one-size-fits-all answer to this question, as the best option for you will depend on your unique circumstances. In general, people with larger estates and complex asset structures may benefit from a trust, while those with a simpler estate may prefer a will. Additionally, trusts can offer added privacy, asset protection, and tax benefits that a will can’t provide.

Working with an experienced estate planning attorney can help you determine which option is right for you. At Velasco Law Office, we can provide guidance on wills, trusts, and other estate planning tools to help you make informed decisions.

Common Misconceptions About Wills And Trusts

There are several misconceptions about wills and trusts that can lead people astray when it comes to estate planning. For example, some people believe that a trust is only for the wealthy or that a will is all you need for your estate plan. However, the truth is that anyone can benefit from a well-crafted estate plan, and a trust can be a valuable tool for many people.

Creating an estate plan is an essential step in protecting your loved ones and ensuring that your assets are distributed according to your wishes. Whether you choose a will or a trust, working with an experienced estate planning attorney can make a significant difference in the outcome. At Velasco Law Office, we are committed to helping New Jersey residents navigate the complexities of estate planning and achieve their goals. Contact us today to schedule a consultation and learn more about how we can assist you.

What to Know About Chapter 13 Bankruptcy in Edison, NJ

Tue, 28 Feb 2023 21:11:09 GMT

If you’re considering filing for bankruptcy in Edison, NJ, it’s important to understand the different types of bankruptcy and how they might affect your financial situation. There are two main types of consumer bankruptcy—Chapter 7 and Chapter 13. This blog post will focus on Chapter 13 bankruptcy and provide a brief overview of what it entails.

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is designed to help individuals who have a regular income but can’t pay their debts. Under this form of bankruptcy, debtors propose a repayment plan to pay off all or part of their debt over a three-to-five year period. The repayment plan must be approved by the court before the debtor can complete the process. Once approved, creditors are not allowed to contact the debtor or take any collection actions against them while they are making payments under their plan.

When Should I File For Chapter 13 Bankruptcy?

The best time to file for Chapter 13 is when you have enough disposable income each month that you can make regular payments towards your debt without putting yourself further into financial hardship. It’s important to speak with an experienced bankruptcy attorney before proceeding with this type of bankruptcy filing as there are certain eligibility requirements that must be met in order for a person to qualify for it.

What Can I Keep If I File For Chapter 13 Bankruptcy?

Under most circumstances, you will be allowed to keep most of your possessions during a Chapter 13 filing such as your car, furniture, jewelry and other personal effects. In some cases, you may even be able to keep property such as real estate or business assets if they are included in your proposed repayment plan and approved by the court.

Will Filing For Chapter 13 Bankruptcy Affect My Job?

No—filing for chapter 13 should not affect your job unless you work in an industry where financial transactions require trustworthiness (such as banking). In those cases, employers may want proof that you have completed all required payments before granting approval or allowing access to certain accounts or services.

At Velasco Law Office we can assist New Jersey residents with any chapter 13 bankruptcy matters they may face. With our experienced team of professionals at hand we can help clients navigate through one of life's toughest challenges; filing for chapter13 bankruptcy in Edison, NJ . Our team understands how difficult it can be and will strive hard to make sure our clients understand everything they need know about this process so they can make an informed decision with confidence and peace of mind knowing that they have taken the right steps towards financial freedom. Thanks for reading! Contact us today if you're ready to get started!

Paperwork and Real Estate: The 3 Most Important Documents

Thu, 12 Jan 2023 20:46:24 GMT

Paperwork And Real Estate: The 3 Most Important Documents

A real estate transaction involves well-defined steps, and each part of the process is accompanied by specific documents. Both buyers and sellers may find the amount of paperwork overwhelming. However, it is necessary to put everything in writing and provide supporting documentation to ensure every phase goes smoothly.

Many people are involved in real estate transactions. In addition to agents and brokers, inspectors and appraisers, mortgage lenders, title companies, and lawyers are involved in the process. These professionals will either supply or request different types of paperwork. However, the most important documents in real estate are offers, agreements, and contracts between the buyer and seller.

Here is a look at the three most important documents you will encounter when buying or selling a property in Edison, New Jersey.

The Initial Offer

When you are interested in purchasing a property, your first interaction with the buyer is the initial offer (or offer letter). This paper will include the amount you are willing to pay for the property, but it will also have other important information.

If you are a buyer working with a real estate agent, they will handle most of the paperwork, but you will have to approve the details and sign the document. Here is a look at the information in an initial offer.

You should include the seller's name and the legal address of the property.
You will also need to include your legal name and the names of anyone else purchasing the property should the sale go through. This could be a spouse, partner, or other investors.
You also need to mention the purchase price and information about the down payment amount.
Are there any actions you need the seller to take before the sale? For example, you could list repairs or maintenance you expect.
The document will also list the date you would like to close on the property.
You will also mention a preferred timeline for a response to your offer.

State laws differ, so there may be other requirements. A lawyer or real estate agent in Edison, New Jersey can ensure you include these details in your initial offer.

Typically, you make the initial offer after being pre-approved for a mortgage. Most sellers require that you have funding in place before they accept the offer, though some may accept a contingency that requires mortgage approval before the sale goes through.

The seller can accept or decline the offer, or they can draft a counteroffer. The document can include a different price for the property and changes to other details, such as the closing date or contingencies.

The buyer and seller can choose to continue counteroffers until they reach an agreement on all the details.

Purchase Agreement

Once both parties accept an offer, it is time to draft a purchase agreement. This document is essential because it spells out all the details of the property and other important information about the sale.

The purchase agreement is a legal document that becomes enforceable once it is signed by both buyer and seller. Therefore, it is essential to make certain all the details are correct. You can enlist the help of a lawyer to ensure the document includes everything necessary to protect your rights during the sale.

Here is the information you can expect in a purchase agreement.

The agreement must have a detailed description of the property, including location, dimensions, and condition.
You should also include a date for the closing and all fees associated with the closing.
You will also mention the selling price and information about a down payment.
The purchase agreement should also provide a detailed description of any contingencies that both buyer and seller agreed to during negotiations. Common contingencies include having the home pass a final inspection or appraisal, the buyer getting final approval for a mortgage, or specific repairs getting completed.
The seller needs to make disclosures on the purchase agreement. These are any known problems on the property. These issues could include past flooding or storm damage, septic tanks or wells on the property, or other issues like mold, radon gas, or lead paint.

Once the buyer and seller sign the document, it is legal and enforceable, and the sale is set to go ahead as long as contingencies are met.

The Deed

All other real estate documents lead up to the transfer of the deed. The party holding the deed is the legal owner of the property. The deed includes the name of the buyer and seller and a detailed description of the property.

Most importantly, the deed must contain proper legal language that conveys the transfer of property. A lawyer or title company typically handles this aspect of the deed to ensure it is legal.

Finally, the seller (known as the grantor in legal terms) must sign the document and deliver it to the buyer. However, if a property has more than one owner, the other owners must sign, too.

Technically, the transfer of property isn't officially complete until the buyer (known as the grantee in legal terms) accepts it. In most cases, this is merely a formality, but there could be some instances where the buyer rejects the deed.

What to Expect When Selling Your Business

Mon, 12 Dec 2022 20:26:04 GMT

What To Expect When Selling Your Business

Business owners spend most of their time focusing on increasing the value of their business. So when the time comes to sell, getting the best price is often very important, but it's only one aspect of the transaction. You need to take specific legal steps to ensure the process goes smoothly.

Luckily, most business sales follow a well-defined set of steps, and you can enlist the help of an experienced lawyer to ensure that you and the buyer meet all requirements and legal obligations.

Here is what to expect when you sell your business.

The Six Legal Steps for Selling a Small Business

Deciding to sell your small business marks the end of your efforts to build a valuable company. However, it is only the start of the legal process. Here is what you can expect to happen after you decide to sell and start discussions with the potential buyer.

1. Initial Valuation And Declaration Of Intent

The first step to selling a small business is the declaration of intent. This is normally done through a letter or advertisement in which you announce your intention to sell a business. This step begins the sales process and turns the negotiations from casual discussion into serious deal-making.

Often, a seller has already discussed the sale with potential buyers before drafting the letter of intent. However, the publishing of this declaration makes the negotiations more formal.

Basically, the letter of intent outlines the terms for the sale. Though there is room for negotiation, it is important to have a reasonable valuation in mind before starting this process.

A professional business appraisal can be worthwhile. Appraisers may find additional value in your company. While they will count assets, sales, and projections, they can also measure intangibles. For example, the expertise of employees or the efficiency of processes in the business can give the company an edge in the marketplace.

In addition to the purchase price, the letter of intent outlines other steps needed to complete the sale.

A letter of intent is not legally binding. The sale does not take place until both parties sign a legal purchase agreement. However, you cannot advertise the business or negotiate to sell it to anyone else.

The Due Diligence Process

After the initial letter of intent, you must give the buyer access to your business records. The buyer can then perform their due diligence and get a clear picture of what they are buying. They can use this information to decide whether or not to continue with the sale and negotiate a different final price, if necessary.

As the seller, you must produce financial records, including sales reports, profit and loss statements, current business contracts, loan and debt information, and other documents relating to existing business agreements and expenditures.

Depending on the type of business, the due diligence process can also include inspecting any physical sites and observing operations.

In addition to helping with decisions about the final sale, due diligence protects you from future lawsuits. Providing full access to records means the buyer has all the information necessary to make a decision about the sale. You can then prove that any errors happened because of the buyer's mistakes, not your lack of transparency.

Meeting Local And State Requirements

In addition to general steps for the sale of a business, some local and state governments have additional requirements for the sale of a company.

These steps can vary from place to place. In some cities, you may need to transfer a license or permit or prove that the buyer has qualified employees to handle specific regulated tasks. You can meet these requirements at the same time as you work on the due diligence and purchase agreement phases of the process.

Again, professional legal advice can be valuable during this part of the sales process. Failure to meet local requirements can delay the sale or cause additional legal issues after the transfer of ownership.

Some industries also have financial or regulatory reporting requirements. You may need to notify the regulatory agency that gets these reports of a change in ownership.

Signing The Purchase Agreement

After the buyer has all the information they need, you can begin negotiations and write a final purchase agreement. This document sets the actual sales process in motion.

Most business owners rely on a lawyer to draft the purchase agreement because it is a legally binding document.

Purchase agreements go into great detail. They include the price and a complete list of what is being sold. It also transfers any liabilities and commitments associated with the business from the seller to the buyer.

You can also include any agreements about current employees and relationships with clients, suppliers, and other third parties.

Once both sides are happy with all the details, you and the buyer sign the purchase agreement. This step makes the sale official and sets the final phase of the transaction into motion.

Receiving Payment Or Arranging Financing

The purchase agreement will include details about payment. Buyers may obtain financing, pay for the business in installments, or use cash or loans to make a one-time payment for the business. Ideally, the payments will happen smoothly and quickly. You will likely need to enlist the help of a lawyer to deal with any payment delays or issues.

Final Transfer Of Ownership

The final round in the process is the actual transfer of ownership. If you have handled the previous steps correctly, the actual transfer of ownership is a formality that involves signing official documents.

Additional documents you usually have to sign at this time include the following:

A confidentiality agreement that keeps both sides from disclosing privileged information that could compromise future business dealings
A personal financial statement from the buyer that shows their ability to make the agreed-upon payments
A financing agreement that details the payment plan for the transaction
Any local or state-required registration, name change, reporting, or licensing documents

With the right type of legal advice and a methodical, step-by-step approach to the sale of your business, you can enjoy a smooth (and hopefully profitable) process.

What Are the Benefits of Filing for Chapter 7 Bankruptcy?

Tue, 29 Nov 2022 20:22:35 GMT

What Are The Benefits Of Filing For Chapter 7 Bankruptcy?

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What should I know about when a power of attorney goes into effect?

Thu, 20 Oct 2022 19:21:34 GMT

What Should I Know About When A Power Of Attorney Goes Into Effect?

Power of attorney (POA) is the authority given to one or more persons, called agents, to act on behalf of another person, known as the principal.

POA transfers decision-making to the agents for different reasons. It could cover instances when the principal is traveling or ill or if they are temporarily or permanently incapacitated.

Agents can be attorneys, family members, partners, financial managers, or anyone else named in the power of attorney contract. The POA agreement can also specify the level of decision-making powers and the areas that the agent gets to control.

Most POAs cover healthcare decisions or financial matters. Here is what happens once a power of attorney contract goes into effect.

When Does Power Of Attorney Go Into Effect Edison, New Jersey?

Once the parties sign a power of attorney agreement, it goes into effect immediately unless the contract declares a different start date. The powers are limited to the duties stated in the contract. It is also important to explicitly state the duration of the agreement. For example, someone can grant financial power of attorney while they undergo a medical procedure. In this instance, they may only want to power to last until they recover and leave the hospital.

Power of attorney can be an important choice. If you become incapacitated, and you have not named someone as your agent, a court may select someone to make decisions on your behalf. If you want to be sure that you choose an agent who you trust to respect your wishes, it is best to draft a power of attorney contract early and ensure it goes into effect immediately. It will cover you if you get into an accident or have a sudden illness and are unable to make medical or financial decisions for yourself.

You should understand that decisions about POA agents are not final. You can cancel power of attorney at any time and select someone else to represent you.

When And How Does Power Of Attorney End?

You can set up power of attorney so that it has an expiration date, or you can name a specific action or set of actions an agent can take that will cause them to lose power.

In most cases, however, you revoke power of attorney by creating another document. If you wish to completely end POA, you can create a revocation of POA document, which ends the agent's powers. You can also create a new POA contract, which nullifies the previous one and grants POA to a different agent.

In some cases, durable power of attorney can last until the principal dies unless it is explicitly revoked. This can occur when you want someone to handle your estate as you grow older.

How To Set Up Power Of Attorney

The steps for setting up a POA can vary depending on the details of your plans and your location. However, in most cases, you will follow the same general steps:

Choose an agent. You should opt for someone you can trust to be calm, and impartial, and follow your wishes.
Download the POA template or get it from an attorney's office. It can be good to consult an attorney to ensure you have the correct documents because requirements vary by state and type of POA.
Fill out the document, ensuring you explicitly state any details about decision-making powers and duration. Attorneys can be helpful during this step. They can help you use correct terminology that cannot be misinterpreted by agents or a court.
In almost all cases, POA agreements require notarization. That means you need to sign the document in front of a notary before they stamp it.
Some states allow verbal power of attorney. Even if this option exists in your location, a written document is better to avoid confusion and ensure clear directions.
Fill out duplicate copies of the power of attorney document and give one to your attorney, one to the court, and keep one for yourself. Some states require that power of attorney be filed in court before they are made legal.

Healthcare And Financial Powers Of Attorney

For individuals, there are typically two areas that could require power of attorney: healthcare and wealth. Here is a look at these two categories.

Healthcare power of attorney

A principal can choose to have a durable power of attorney for someone to make health-related decisions on their behalf. This type of POA agent is also called a health proxy.

The decision-making powers usually start when the principal can no longer make their own medical decisions. In most cases, you cannot give a direct caregiver, such as your physician or nurse, healthcare POA. It must be someone else.

You can replace an agent or draft a new healthcare POA at any time, but it is always good to have one in case of an unexpected accident or illness.

Financial powers of attorney

Someone with financial powers of attorney can make money and estate-related decisions for you. In cases involving incapacitation, an agent can pay your bills and taxes and manage your assets.

You can have multiple financial POAs. This is common if you own a business. In some cases, an agent can simply make day-to-day business decisions for a business owner when they are on vacation or have a short illness.

You can have different powers of attorney for financial and healthcare matters, and these will typically be separate documents.

Do you need a lawyer to grant power of attorney in Edison, New Jersey?
It is possible to fill out a POA document and have it notarized. However, you may want to consult an attorney to ensure you use the correct terminology and include details about the type of actions that could nullify the agreement.

If you have questions about power of attorney, contact us today for a consultation.

Short Sale vs Foreclosure: What You Should Know

Tue, 13 Sep 2022 19:19:55 GMT

A short sale and a foreclosure are options that homeowners may seek if they are having trouble making payments on their mortgage. A short sale is a means of selling a home for less than the home’s outstanding mortgage and is typically initiated by the homeowner when the home’s value is less than the home’s current appraised value. Conversely, a foreclosure is when a lender seizes the home due to the homeowner’s failure to make payments on the mortgage loan.

SHORT SALE

Although the homeowner initiates the process of a short sale, the short sale must be approved by the lender that holds the mortgage. This process usually requires that the homeowner submit documents or proof that the short sale is the most viable option, since the bank can stand to lose a lot of money from this type of sale. No short sale process can occur without the approval of a lender.

FORECLOSURE

Different from a short sale, a foreclosure is when the bank that holds the mortgage seizes the home due to the borrower’s failure to make payments. Foreclosures are only initiated by the lender. Sometimes they may occur if a borrower has abandoned the home, or the homeowner may currently live in the home until the lender forces them out. Once the home is foreclosed, a lender may have its own appraisal completed and attempt to sell the home.

WILL A SHORT SALE OR FORECLOSURE EFFECT MY CREDIT?

Both short sales and foreclosures have an effect on your credit. Every seller’s situation may be different, but generally both can create dings on your credit report.

If you are considering a short sale or foreclosure on your home, contact an experienced attorney to help you choose the best option for you.

When Should I Start Considering Bankruptcy?

Tue, 13 Sep 2022 19:18:24 GMT

When an individual or a business is experiencing financial hardship, they may be overwhelmed and unsure of where to turn. One option that may at first seem daunting is bankruptcy. Bankruptcy has traditionally had a negative stigma but it may be the only way a debtor is able to clear their financial slate and start fresh. There are different types of bankruptcy that a debtor can consider depending on their situation.

Bankruptcy may be a good option for a homeowner who is facing foreclosure and would like to save their home. It is also an option that can allow businesses to take some time to restructure their finances while keeping their employees on the payroll and their doors open for business. If your bank account has been frozen, if you can no longer pay your mortgage, medical bills, or credit card bills, or your wages are garnished, it is definitely time to consult with your accountant and a bankruptcy attorney.

Another aspect of facing serious debt is frequently being contacted by debt collectors. This can be frustrating and nerve wracking for a person who can’t pay their bills. It is important to note that when you file for bankruptcy, an automatic stay will go into effect that puts a stop to any contact from debt collectors. This can come as a serious sigh of relief to those facing calls from debt collectors and allows you to take some time to regroup and figure out your next steps.

If you are facing overwhelming debt and know that you won’t be able to repay it, contact an experienced bankruptcy attorney who can guide you out of this difficult situation.

Custody & Child Support in New Jersey

Tue, 13 Sep 2022 19:16:55 GMT

Custody and child support issues can be two of the most difficult issues to surpass in any divorce or custody/support proceedings. In New Jersey, the courts favor parents that work amicably, with the child’s best interest in mind, when determining any custody and support issues. However, in situations when the parents cannot work together for a favorable solution to their co-parenting obligations, the courts may intervene and adjudicate an agreement that has the child’s best interest at its core, which includes custody and financial support.

CHILD CUSTODY IN NEW JERSEY

In New Jersey, the courts should give both the mother and father of the child the same consideration when determining the custody arrangement for the child. The court may decide on whether a joint or sole custody arrangement works best. In order to do so, the court may consider a child’s age, health, parental roles, and the needs of any other children from the relationship. The court may also consider a child’s wishes if she/he is able to articulate them and if the child is old enough.

NEW JERSEY CHILD SUPPORT

In New Jersey, the courts use the “Income Shares Model” to determine child support. With this model, each parent’s income is considered proportionately. The calculated support amounts can determine which parent should receive the support and which should pay the support. The goal in calculating support is to try and maintain the correct proportion of support from each parent to meet the needs of the child.

Although the Income Shares Model should be used to determine the support requirement, sometimes the courts can implement a different standard. In order to adopt a different standard, there should be clear definition of the parents’ financial obligations and how using a different standard could be of a greater benefit to the child. Effective February 1, 2017, the paying parent will be required to pay his or her obligation until the statutory age of termination which is 19 years old.

It’s important to contact an experienced family law attorney in New Jersey who can best represent your needs during child and custody proceedings. Contact the Velasco Law Office today to schedule your free consultation.

What Are Some Misconceptions of Bankruptcy?

Tue, 13 Sep 2022 19:15:40 GMT

When a person is facing overwhelming debt, they may find themselves considering bankruptcy. No one ever wants to be in a situation where they have to consider bankruptcy. Sometimes it can be your best option. There are a lot of negative stigmas about bankruptcy. Too many people don’t want to file for bankruptcy, even if it may be a saving grace. It is better to think of bankruptcy as a fresh start instead of a last resort.

One common misconception that many people have about bankruptcy is that their credit will be ruined forever. That is simply not the case. Though filing bankruptcy does stay on your credit report for up to 10 years and it does make your credit score go down quite a few points, it doesn’t stop you from rebuilding credit. When you file for bankruptcy, credit card companies will offer you credit cards almost immediately, though the terms may not be in your favor. Even if you only put small charges on the card, such as gas for your car, it can help rebuild your credit as long as you make the payments in full.

Another common misconception is that you won’t be able to keep your home or your car. However, that is not always the case. In many situations, people are able to keep their homes and vehicles in Chapter 7. Additionally, many people think that they will never be able to get a mortgage again and will never be able to buy a home. However, when you have begun rebuilding your credit score, you actually may be able to qualify for a mortgage within just a few years.

Though having to file for bankruptcy is a stressful situation, it may be the right move. If you are considering bankruptcy, contact an experienced bankruptcy attorney who can provide you with assistance.

How Do I Know If My Will Is Valid?

Tue, 13 Sep 2022 19:14:48 GMT

If you are thinking about planning your estate, it is important that you have a valid will. There are a number of requirements that make a will valid and it essential that you make sure yours is recognized by the state. If you already have a will, you should take some time to determine whether it is valid. If not, your family may be left in the dark about your wishes, which just adds stress during the difficult time after your passing.

In the state of New Jersey, it is important that you have two witnesses present when your will is signed. They will have to testify that they are, in fact, at a will signing and that they proclaim they are aware that a will is being signed. In addition, the witnesses will have to sign a statement stating they have fulfilled the previously mentioned obligations. The will itself must be in writing and needs to be signed by the individual who created it.

If you don’t have a will, you should consult with an experienced estate planning attorney who can help you get started. You don’t need to be a person of great means to have a will. Anything you own, no matter how big or small or expensive or inexpensive, can be included in a will. Make sure you protect the future of your assets. Contact our firm today for legal assistance with estate planning and administration matters.

What Debts Can’t Be Discharged in Bankruptcy?

Tue, 13 Sep 2022 19:13:58 GMT

When an individual is facing serious and overwhelming debt, there’s a chance they will consider filing for bankruptcy. Bankruptcy can be a great option for those who know there is no way that they will be able to repay their debts. However, many people aren’t sure of what exactly is dischargeable under the bankruptcy code and what they are still going to be held liable for.

In the United States, you are permitted to discharge debts that were acquired from credit cards, medical expenses, automobile repossessions, and more. You can even save your home from a foreclosure by filing for bankruptcy. However, it is important to be aware that there are some debts that an individual is not permitted to discharge when they file for bankruptcy. These can include student loan debt and debt from taxes. In addition, if the court has ordered you to make payments for child support, spousal support, fines for breaking the law or restitution to a victim for committing a crime against them, you may not be able to discharge them.

It is important that if you are facing serious financial instability, you consult with an experienced bankruptcy attorney who can assess your situation and determine whether bankruptcy is the right option for you. Contact the bankruptcy attorneys at Velasco Law Office for strong legal representation that can guide you through this difficult time.

What Are the First Things To Do when You Move Into a New House?

Tue, 13 Sep 2022 19:12:54 GMT

Moving into a new home can be a very stressful yet exciting process. There are so many tiny details that need to be remembered and it can be hard to stay organized. When you get into the new house, it may be hard to remember to do anything but unpack, but here are a few things to keep in mind.

If you have decided to use a moving company, you may want to consider checking that all of the furniture and boxes you had them move is still in tact and nothing has broken. You should have connected all of your utilities before the move but just be sure that they are all working when you get in the house. You will also want to make sure that you change the locks and have new keys made for all of your doors that lead outside. This is essential in making sure that your family is the only group of people that have access to the home.

It is also important that you take some time to conduct a deep clean on the house before you settle down. A lot of dust and other unwanted germs may be around from the previous owners and simply because of the moving process. Plus, it always feels better to move into a clean home. Finally, you should be sure to change your mailing address on all important documents.

If you need any legal assistance during the real estate process, contact an experienced real estate attorney who can provide you with assistance.

How Can I Stop Creditors from Calling Me?

Tue, 13 Sep 2022 19:12:00 GMT

Being in a lot of debt is an overwhelming situation for a lot of people, especially if you have no idea how you will get out of debt. It is usually only made worse by calls from debt collectors and creditors who are trying to collect money from you that you simply do not have. This can be incredibly stressful, emotional, and embarrassing.

If you are wondering how you can stop creditors and debt collectors from calling you at your home, on your cell phone, and at your place of employment, you should consider filing for bankruptcy. As soon as you file for bankruptcy, you will put subject to the automatic stay. An automatic stay makes it so debt collectors are not permitted to contact you and ask for money from the second your bankruptcy petition is filed.

This can take a great financial burden off your back and give you a chance to regroup without the constant fear of calls from creditors. Bankruptcy can allow you to get a fresh start with your finances and it basically gives you a second chance.

If you have any questions about filing for bankruptcy, contact an experienced bankruptcy attorney who can provide you with assistance.

What if My Spouse Can’t Be at Closing Day?

Tue, 13 Sep 2022 19:10:16 GMT

There are often situations where a couple purchases a home together but one spouse has another important engagement that makes it impossible for them to be present at closing day. However, when both names are on the mortgage, it is necessary for both parties to sign the documents at closing. Many people may worry about what they can do to overcome this hurdle in an already-complicated process of purchasing a house.

Luckily, this isn’t too big of a deal and the couple can obtain a power of attorney that will allow one spouse to sign on behalf of themselves and the spouse that cannot be at closing. This will make the entire process significantly easier and remove the worry of a delayed closing. Obtaining a power of attorney is especially helpful to obtain for couples that spend a significant amount of time apart, such as those with a spouse in the military or who travels frequently on business. When time spent apart is often unknown far in advance and it may last for a long time, a power of attorney can make all the difference, especially in matters or real estate or other financial transactions.

If you need to assign a power of attorney, contact our firm today.

How Can I Repair My Credit After Bankruptcy?

Tue, 13 Sep 2022 19:09:16 GMT

For many people, their biggest concern when considering bankruptcy is the impact it has on your credit score. Sure, your credit score will take a hit upon filing bankruptcy but quite honestly, if you had to file bankruptcy because you couldn’t pay your bills, it probably wasn’t great to begin with. On the bright side, your debts will be wiped out and your score can really only go up from here!

WHY IS MY CREDIT SCORE SO IMPORTANT?

A credit score is a number assigned to you based on how reliable you are at repaying debts. There are a number of other factors that are taken into consideration such as your credit history, how many credit cards you have, how many payments you’ve missed, and how long your accounts have been open. Your credit score is referred to any time you make a big financial commitment to something. If you want to apply for a loan, the lender will look at your credit score. If you want to buy a car, they will look at your credit score. If you want to apply for an apartment…you guessed it! They look at your credit score.

HOW CAN I REPAIR IT?

After you file bankruptcy, you will actually get a number of different credit card offers because these companies know you have to pay your bill each month. You should get a credit card and only put small charges on it that you know you will be able to pay on time and in full. On time and in full are the two keys to building your credit again. Over time your credit score will climb as long as you make all of your payments.

If you are considering bankruptcy and need assistance from an experienced attorney, contact our firm today.

What Should I Do After I Get a Foreclosure Notice?

Tue, 16 Aug 2022 19:08:25 GMT

Getting a foreclosure notice is not anything anyone ever wants to happen. Losing your home can be devastating, especially for people who have a family and children living in that home. If you do receive a foreclosure notice, you should absolutely talk to an experienced bankruptcy attorney as soon as possible. It is important that you do not procrastinate on contacting an attorney because they can help you prevent your house from actually going into foreclosure.

The biggest thing to realize here is that you should make sure you contact an attorney regardless of what you think you want to do with the house. So, even if you want to sell your home, you should still speak with a bankruptcy attorney. There are situations in which you may actually lose the house but you still owe the remaining mortgage balance that was on the house.

In a foreclosure, the homeowner loses the title to the house because they can’t afford to continue making mortgage payments on it. Once it goes into foreclosure, the house will be auctioned in a sheriff sale. The person who buys the house will be the one responsible for paying the remaining mortgage. In other situations, the bank may actually buy the house back because no one else was interested in taking this risk.

Are You Buying a Home? Don’t Skimp on Tests

Tue, 16 Aug 2022 19:07:18 GMT

Welcome to the road to buying your new home. This road is fraught with obstacles and hazards that can derail your quest for the home of your dreams. You may be thinking that small issues with a house don’t matter, but it could be a small sign for a huge problem. When you sign the contract, and proceed through the attorney review period, you need to make sure that the house is in shape and you are not going to be blindsided when they keys are handed over. For this reason, you have the right to get a variety of tests and it is imperative that you order ones that could apply to you.

Most people have already heard of the home inspection. It is a must. No one should move on to buying a house without a comprehensive house inspection. The cheaper home inspection may not be the best choice. You get what you pay for in many of these situations. It is important to consider other tests as well.

Tank test: Many NJ homes are older. These homes often has an in-ground oil tank that required maintenance or extraction. All too often, people believe this is a non-issue, leading to a future burdened by finding one in a terrible way, including leaking tanks years later. It is in your best interests to pay for a tank sweep of the property.
Radon test: New Jersey homes are built on ground that leaks an odorless gas called Radon. When found, a radon mitigation system must be installed in the house at cost to the owner. Before buying a home, pay for a radon test and see if your purchase could include the installation of a mitigation system.
Chimney test: Chimneys are great. Bringing warmth to the home and light to the room. Older homes and prefab houses can come with defective chimney flues that can be dangerous. Conducting a level two chimney test can help protect your purchase and negotiate with the seller if the chimney is not up to code.

When buying a home, a little bit of investigation now can help you in the future. If you need an experienced real estate attorney, contact Velasco Law Office.

Can a Bankruptcy Stop a Foreclosure?

Tue, 16 Aug 2022 19:05:27 GMT

One of the most stressful parts of being in a dire financial situation is that a person in debt may fear they will lose their home due to a foreclosure. Though many people are wary about filing for bankruptcy, what they may not realize is that filing for bankruptcy can actually put a stop to a foreclosure as soon as bankruptcy is filed.

Filing bankruptcy will implement an automatic stay, which means that mortgage lenders and any other creditors you have debts with are no longer allowed to contact you at all. This means no more phone calls, emails, letters in the mail, or repossessions, which is a serious weight off of one’s shoulders. Now, you can work with an experienced bankruptcy attorney to focus on figuring out a way to save your home and possibly even discharge some of your other debts.

Depending on which type of bankruptcy you file, you may be able to restructure some of your debts, which gives you a chance to make smaller payments over a longer period of time. If you have questions about how you can save your home and stop a foreclosure, as well as rid yourself of other debts, contact an experienced bankruptcy attorney today.

What Is the Difference Between Dischargeable and Non-Dischargeable Debts?

Mon, 15 Aug 2022 19:01:36 GMT

There are many people who struggle financially at different points in their life. When this happens, it can be a stressful situation that is hard to keep under control. If an individual finds themselves in this situation, it can be beneficial for them to consider filing for bankruptcy to regain control of their financial situation.

Filing for bankruptcy can give a person a fresh start. This can be done through Chapter 7 and Chapter 13 Bankruptcy depending on the individual’s circumstances. These options allow them to restructure their finances and pay back creditors what they owe. When bankruptcy is filed there are many different types of debts that will be discharged at the end of the individual’s case. While this is true for some debts, there are some nondischargeable debts that are not thrown out.

Dischargeable Debt

When bankruptcy is filed, the term “dischargeable debts” is often used. This means that if a debt is discharged, the debtor is no longer required to pay it. It also means the creditor cannot try and collect that money anymore. There are several types of debts that may be discharged after an individual pays their bankruptcy plan. This may include but is not limited to:

Credit card debt
Medical bills
Lawsuit judgments against the individual
Obligations under leases and contracts
Personal loans made by friends, family, and other individuals
Past due utility bills

Non-Dischargeable Debt

While some debts can be ignored once a bankruptcy plan is paid off, there are other debts that cannot. These are called “nondischargeable” debts. These are debts that are still required to be paid once a debtor finishes their bankruptcy plan. These debts may include but are not limited to:

Student loans
Child support payments
Alimony payments
Attorneys’ fees for child custody or support
Certain types of taxes
Fraud debts
Fines or penalties owed to government agencies
Criminal restitution and other court fines or penalties
Civil judgments for injuries due to deliberate wrongdoing or driving while intoxicated

Certain non-dischargeable debts are not subject to a hearing. In other cases, some non-dischargeable debts can be discharged if a creditor does not challenge that they are dischargeable.

Contact Our Firm

If you or someone you know is facing bankruptcy and wishes to speak with an experienced attorney, contact Velasco Law Office today.

What Should I Look for In the Final Walkthrough Before Closing?

Mon, 15 Aug 2022 19:00:22 GMT

When it gets close to closing day on a new house, one of the things that the buyers will have to do is conduct a final walkthrough of the home. The purpose of the final walkthrough is to make sure that everything about the house is as expected when the buyer moves in. In the event that there were negotiations made to update, fix, or remove certain things in the house, it is important to make sure that all of these were done as agreed upon. A few other things that you should do when conducting the final walkthrough of the home include:

Lock and unlock all doors and windows to make sure they all work
Flush all toilets
Turn on and off all lights
Check for any leaking faucets and water damage
Turn on and off air conditioning and heating units
Test garage door openers
Make sure no trash or building debris has been left behind
Make sure there hasn’t been any exterior home damage since your last visit

The final walkthrough is one of the most important parts of any real estate transaction. If you have questions about the legalities of buying or selling a home in New Jersey, contact us today.

When Is It Time to Consider Bankruptcy?

Mon, 15 Aug 2022 18:59:17 GMT

When an individual or a business in New Jersey is struggling financially, they may feel like there is nowhere to turn. They may be facing serious debt with no way to repay it. They may be frequently contacted by debt collectors who are looking for money they simply just don’t have. When everything feels overwhelming, it may be time to consider filing bankruptcy.

Though bankruptcy has traditionally had a negative stigma, it is important to think about it as the light at the end of a tunnel of debt and despair. Once you file for bankruptcy, all collection agencies and creditors will no longer be able to contact you thanks to what is known as an automatic stay. After your bankruptcy has been finalized, your debt may be completely cleared, depending on the situation. Perhaps you have chosen an option where you still have debt but you were granted some time to come up with a repayment plan.

Sure, bankruptcy stays on your credit report for a while after filing, but this is not the end of the world. After filing for bankruptcy, you can work to rebuild your credit score and it won’t take more than a few years. The key is just to get a credit card and only put small purchased on it that you know you can make payments on each month. Maybe only use it for your car’s gasoline, or whatever small payments you choose. Little by little, your credit score will climb and you can focus on keeping yourself free and clear of debt.

If you need the assistance of a bankruptcy attorney, our firm can assist you through these tough times and help guide you towards financial success.

What Is the Impact of Housing Inventory on The Real Estate Market?

Mon, 15 Aug 2022 18:57:08 GMT

One of the biggest impacts on the real estate market, if not the most important factor, is the amount of housing inventory that is available. The ratio of how many people trying to sell homes vs. how many people there are trying to buy homes is what determines what type of market it is. When there are a lot of houses for sale and not a lot of buyers, the market is considered a buyer’s market. The other type of real estate market is known as a seller’s market. A seller’s market occurs when there are a lot of people looking to purchase a home but not very many people who are trying to sell their home. According to the New York Times, we are currently experiencing a seller’s market.

A seller’s market can allow sellers to price their home a little higher than they would be able to if there were more homes listed in their area. But since there aren’t, if a potential buyer really wants to purchase in a specific area, they may be willing to pay more to be where they want. In addition, buyers may find themselves in a bidding war during this time because there aren’t many homes available for sale.

In a buyer’s market, sellers may have to price their home at a lower listing price because there are a lot of homes for sale and not many people looking to buy. When buyers have a lot of options and little competition, they can easily move on from a home if they believe the seller isn’t accepting their bid because they have other options and may be able to find a seller who is willing to negotiate.

If you need an experienced real estate attorney to represent you, contact our firm today.

What Is the Process of Buying a House?

Mon, 15 Aug 2022 18:56:12 GMT

When an individual or a couple makes the decision that they want to stop renting and become a homeowner, so begins the very long, yet very exciting process of purchasing a house. Of course, many people get the ball rolling by checking out home listings online in an effort to see what kinds of houses are available in the neighborhoods they like. Searching online gives potential buyers an idea of what they can get for their money. It is important to determine what the buyer can’t live without and what they can wait a few years to upgrade.

The next step is to sit with a mortgage broker or a bank and get pre-approved for a mortgage. Once the buyer’s credit score is to their liking and they feel they have enough money saved for a down payment, it is time to get serious about the buying process. Then, it is a good idea to meet with a real estate agent that can help you during the process. They can show you around and give you a realistic idea about any potential for price negotiations.

Eventually, the buyer will find the perfect home, make an offer, and get it under contract. Then, a real estate attorney will review the contract for 3 days. Once the contract is approved and signed, the closing process can proceed. If you need an experienced real estate attorney, contact us today.

Debt Discharges in Chapter 7 Bankruptcy

Mon, 15 Aug 2022 18:55:11 GMT

When a person is having an issue with their finances, they may be considering bankruptcy. If they file for a Chapter 7 bankruptcy, they may be able to discharge some of their debts. When a debt is discharged, they are no longer liable to pay it back. Once the discharge occurs, creditors are not permitted to communicate or take legal action in an attempt to collect the debt anymore. While there are a number of debts that can be discharged, it is important to know that not all debts are eligible for discharges.

For Chapter 7 bankruptcies, the discharge usually takes place 60 days after the meeting of the creditors, which usually takes place 4 months after the initial bankruptcy petition has been filed. Some debts that can be discharged include credit card debt, medical bills, and more. It is important to note that certain debts, such as student loans, can’t be discharged. However, a creditor is permitted to submit an objection and doesn’t have to discharge the debt.

There are some differences in discharging debts for different types of bankruptcy. Some debts can be discharged in a Chapter 13 but not in a Chapter 7. It is important that you consult with an experienced bankruptcy attorney who can help you understand your financial situation and determine which debts you may be eligible to discharge.

What Should I Ask a Potential Real Estate Attorney?

Mon, 15 Aug 2022 18:54:11 GMT

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NJ Ranked First in National Foreclosure Rates

Mon, 15 Aug 2022 18:53:17 GMT

Foreclosure rates for the United States in 2017 were just released and yet again, New Jersey takes the cake for most foreclosures in the country. A report on national foreclosure rates was done by ATTOM Data Solutions. The findings revealed that there were nearly 70,000 properties that went through foreclosure in 2017. On the bright side, this is four thousand less foreclosures than there were the previous year in New Jersey.

The report also shows that in the last quarter of 2017, New Jersey took an average of 1300 days to complete the entire process of foreclosing a home. According to the study, this is one of the lengthiest foreclosure processes in the entire United States. The reason behind having such a long foreclosure process is that in New Jersey, each and every individual foreclosure case has to be heard by a judge.

In addition, the data report broke down the foreclosure rates in each county. Some of the counties with the highest rates of foreclosure per number of homes are as follows:

Salem County: 943 foreclosures, an 18 percent increase from 2016’s numbers
Camden County: 5,686 foreclosures, a 14 percent decrease from 2016
Sussex County: 1,936 foreclosures, a 2 percent increase from 2016
Monmouth County: 4,533 foreclosures, down 4 percent from 2016

If you need help with a foreclosure, contact our firm today.

How Can I Request Child Support Payments?

Mon, 15 Aug 2022 18:51:21 GMT

Raising a child is one of the greatest joys in life but it is also very expensive to do so. When you have a child with another person who is no longer in your life, you want to make sure that you aren’t left with the financial burden of caring for the child on your own. Luckily, the parent that primarily cares for the child can request that the other parent pays them child support.

In New Jersey, a parent is permitted to submit an application requesting child support from the other parent. It is also important to be aware that you can request either full or partial child support payments, including medical support only, paternity establishment, and more. The New Jersey court system will use the state’s child support guidelines to determine the amount of money that will be paid. In order to determine the child support amount, the court will take into consideration the income of each parent as well as the amount that intact families of the same size and income levels spend on their children.

Some challenges with requesting child support are locating the other parent and having them admit that they are, in fact, the parent. You may have to take measures to establish paternity or locate the parent.

If you need assistance with any of these matters, contact an experienced attorney today.

Contesting a Will in New Jersey

Mon, 15 Aug 2022 18:50:31 GMT

When a person reaches the end of their life, they usually have many cherished assets. These are things that should be passed on to loved ones to continue to be taken care of when their life is over. This can be done with the creation of an extensive estate plan that prepares for what will happen to these assets in the event of an individual’s death. This allows them to protect their assets by ensuring they end up in the right hands.

Part of an estate plan can include a written will. A will documents how an individual wants their estate to be handled after their death. This plan makes sure there are no worries about where their assets belong and do not end up in the wrong hands. Unfortunately, there are cases in which an illegitimate will is created. This may happen the correct legal process was not followed when creating the document.

Creating a Will

In the state of New Jersey, a will must be written and signed by the person writing the document. During this process, the signing must have two witnesses present that will attest to hearing the testator say they understand they are signing their will. In addition to this, the witnesses may also be obligated to sign the will.

Contesting a Will

When a will is created, the document is required to go through probate court once the testator dies. Probate works to determine if a will is a valid document. If an individual believes the will was created without following the legal guidelines, it can be contested. It is important to know that under probate law, a will can only be contested by those who are mentioned in the current will or a previous will that was written.

A will may be contested for the following reasons:

If it was created under the influence of another party
If the deceased was not mentally competent when writing the will
If the will was not executed properly
If fraud or forgery took place

If the court agrees that the will is invalid, the document can be thrown out. If there is no other will, the deceased individual’s assets can be distributed by the state of New Jersey through a succession plan.

Contact Our Firm

If you or someone you know is looking to contest a will, contact Velasco Law Office today.

What Is a Reaffirmation Agreement?

Mon, 15 Aug 2022 18:49:35 GMT

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What Is a Beneficiary’s Role in Estate Administration?

Mon, 15 Aug 2022 18:48:06 GMT

When people administer their estate through a will and other documents, they include directions on how to complete this process and who should be involved in it. This provides an outline on how they want their assets to be distributed when they die. They can include the names of beneficiaries in their will. These beneficiaries will receive a specific part of the estate, whether it is a sentimental possession or a greater asset in the estate. You may appoint as many beneficiaries as you need to administer your estate to your satisfaction. This can include various loved ones, including family members and friends. Assets can include your real estate, your motor vehicles, sentimental items or highly valued possessions. It can include a range of items that you wish to pass on to other individuals to benefit them and have your assets inherited. Beneficiaries will be administered their share of the estate after the individual dies and probate is completed. The executor will distribute the assets to the beneficiaries to ensure they are given the proper asset.

A beneficiary does not have responsibilities as an executor does. The beneficiary is supposed to collect assets that are named to them. To determine where an individual’s assets and possessions will go when they die, they need to make plans to administer their estate. For estate administration, individuals have many options. They can draft a will to list who their assets should go to and who will assist with their estate after they are gone. Trusts can also be set up to provide more efforts for estate administration. In their will, individuals may name people to administer their estate to. These individuals are called beneficiaries. A beneficiary collects what was given to them. They do not have to take part in the responsibilities as an executor does. Beneficiaries can also acquire a trust from the deceased individual. There may be benefits to trusts due to varying types of trusts. Beneficiaries should be sure to receive what is entitled to them. This can be a valuable item from a loved one.

How Can the Automatic Stay Be Beneficial?

Mon, 15 Aug 2022 18:46:21 GMT

During times of financial difficulty, individuals can turn to the bankruptcy process to help them fix their situation and work toward a more successful financial future. This process can help them take a look at their finances and see where they went wrong and how they can improve their situation. When you are unsure of your financial future, bankruptcy can help improve it. You can plan for a more successful financial future. It can help you improve your current situation to become on that is easier to handle. The automatic stay is a tool involved in the process that can aid people. During the bankruptcy process, the automatic stay goes into effect to help those that are going through the bankruptcy process. Once the paperwork is filed, individuals will have the automatic stay go into effect. This tool bars creditors from contacting you. They are not able to reach you in regards to your finances. Instead of facing this harassment, you can focus on your finances and fix this situation without dealing with people you owe money to.

Who Is Eligible for The Bankruptcy Process?

The bankruptcy process can seem scary for some people. However, it is not a sign of defeat for people. Instead, it is a useful tool to rearrange your financial situation. It can help you get back on your feet. Before this process can be used, you must be deemed eligible to go through it. Asa an individual, you can look to file for Chapter 7 or Chapter 13 bankruptcy . Individuals have to go through credit counseling and attend a debtor education course to be considered eligible for bankruptcy. After they complete these requirements, they must pass a means test, which compares their income to the median income in the United States. Their income should be below the median income in order for them to be eligible for bankruptcy.

The process of filing for Chapter 13 bankruptcy is similar to Chapter 7 bankruptcy. Before you file, you will need to complete credit counseling 180 days before you file. If you previously filed a petition that was dismissed in the 180 days, you cannot file again. You will need to fill out a petition for bankruptcy. You will then have to list all your assets and debts. Full disclosure of your finances should be done in order to prepare you for a repayment plan and a better financial future.

How Does the Probate Process Work?

Mon, 15 Aug 2022 18:44:52 GMT

It can be beneficial for you to plan for your estate administration. By planning for your estate administration, your friends and family will not have to worry about your possessions and what to do with them. Instead, you will have already created a plan for them. Probate is an important part of the estate administration process. It is a process that is involved in estate administration where documents to plan for someone’s estate are involved in the planning process.

These documents can include a will, which is made by an individual to plan for their possessions. There are certain procedures that need to be followed to ensure that a will was made legally. The one making the will should not be deceived or convinced in any way. They must be of a clear state of mind to show that they were capable of making decisions for their will. An executor of the estate is named in someone’s will to be involved in the probate and estate administration process. They will have to bring the will to probate once the individual dies. This can then allow the will to be processed and examined for the distribution to occur. An executor of the will has to carry out tasks that were left behind, which can involve paying for debts and taxes. Executors must take their role seriously as they are the ones who are now representing this individual’s estate. They also have to gather and distribute the assets that are named in the will to be given to a specific beneficiary.

When Are Assets Distributed to Beneficiaries?

The distribution of someone’s estate is an important part of the process that involves the role of a beneficiary or multiple beneficiaries . In their will, they have named beneficiaries to collect assets. They could have given their house to their child. They may have named a sentimental item to a close friend. Whatever the case is, these beneficiaries are entitled to that piece of property. When all the proper documents are filed with the Surrogate’s Court, the heirs of the estate should receive a citation that establishes the Surrogate’s Court where probate will occur. This citation will also include a list of the rights of all interested parties and the responsibilities that the executor must complete. When no issues are present, the executor can then carry out the wishes outlined by the testator and administer the will.

What Are Bank Owned Properties?

Mon, 15 Aug 2022 18:43:11 GMT

In response to delinquent or defaulted payments, a property becomes an REO (another term for bank owned property) when a lender takes possession of a property. Most bank owned properties are because of late payments, no payments, or missed deadlines. In general, there are three ways in which a property becomes bank-owned:

Deed-in-lieu of foreclosure
Foreclosure
Auction

Purchasing and Negotiating

The acquisition of bank owned property is similar to any other real estate transaction. You will find a property you are interested in, make an offer, negotiate, sign a contract, complete due diligence, and close. There are a few differences though. You will have to purchase the house “as is”. While most people do not believe you can negotiate with banks, this is not truly the case. With secured funds or a pre-approval letter for a mortgage, you can negotiate price, what costs are who’s responsibility, right to inspect the property, and a closing date.

Because the bank is motivated to move the property, price is one of the easiest things to negotiate. A bank generally knows how much a property is worth through a broker’s price opinion. You may be able to justify a lower offer because of the local market, comparable sales, property condition, and more. Proving yourself as the most reliable and easiest buyer may award you with even deeper savings. If you are a real estate investor who buys multiple properties through the same bank, you could see saving up to 30%. Contact an effective attorney to help you forge a lasting relationship with lenders looking for an easy offload of property.

Difference Between a Trust and a Will

Mon, 15 Aug 2022 18:41:54 GMT

The Difference Between a Trust and a Will Explained

There is no set time for anyone to develop an estate plan. Many people suggest doing it early in life since you never know what the future will bring. Even if you don't have a family, there may be some possessions that you want to go to certain people. If you have wishes for what happens to your belongings after you die, it's a good time to make out a will, trust, or both.

You can update wills and some types of trusts when your needs or wishes change. While wills and trusts are both documents used in estate planning, there are some differences. You should talk to a lawyer about which one is best for your situation.

When You Need a Will

Most people already know that a will dictates what happens to your assets after you die. It ensures that the wealth you have accumulated during your lifetime goes to the beneficiaries that you want to have it. People use wills to protect their families and control who gets what when they are no longer there to provide for them.

In most states, you can write a will if you are 18 or older and of sound mind. Even if you don’t have a lot of assets this early in life, you need to protect what you do have. A savings account, personal items like heirlooms or a car, and digital property like photos or blogs have some value. You will also want to include online banking and investment accounts.

If you don’t have a will, the state will usually give your assets to your next of kin. Each state follows its definition of intestate succession statute . Someone other than the beneficiary you have in mind could end up being your heirs.

You also need to update your will whenever you experience any life-changing event. For example:

You get married, divorced, or lose a spouse or partner.
You give birth or adopt a child.
Tax or estate laws change.
You experience a significant financial change.
You have a decline in health.
You move to a different state.
You want to change beneficiaries.

You might benefit from making an entirely new will or by adding a codicil. This is a supplemental document that is added to your existing will for small changes. A codicil is simpler but should only be used for minimal changes. Otherwise, it leaves more room for confusion and could lead to disputes.

Almost anyone can benefit from having a will. It gives you control over what happens to your things after you're gone. It isn't just for people with lots of wealth.

When a Trust Is Appropriate

A trust is a legal arrangement where a person is designated to protect your assets and control their use according to your wishes. Where a will takes effect at the time of death, trusts are effective immediately. As the one who creates the trust, you are the grantor or trustor. The person you entrust with your assets is the trustee.

All trusts fall under the broader types of revocable and irrevocable trusts. The type determines whether you retain control of your assets and whether you receive taxable interest from them.

A trust might have a limited term, or it might last for your or someone else’s lifetime. You might retain control of your trust while you are alive with a trustee to step in after you die. You determine the terms for how the trustee will manage your assets, distribute them to your beneficiaries, and dispose of them.

There are different types of trusts , which serve a broad range of purposes. Some of the most common are:

Irrevocable Trust – An irrevocable trust is one that you do not control and cannot change during your lifetime. You give up all control to a trustee. This type of trust can protect your assets from creditors if properly structured. You won’t receive any interest from the trust assets, and they aren’t included in your taxable income.

Revocable Trust – A revocable trust is one you can revoke, or change whenever you want or need to. You control the terms and you can receive any economic returns from it. Assets are included in your taxable estate.

Living Trust – With a living trust, you, as the grantor, transfer property to a trustee but retain the power to change or revoke the trust. At the time of your death, the trust converts to an irrevocable one. The trustee must follow the rules listed in the documents about distributing property and paying taxes.

Living trusts offer multiple benefits. They allow you to plan for your healthcare and end-of-life provisions. The trust protects, eliminates or reduces probate and provides immediate access to assets by your beneficiaries. It also provides more privacy in those states where a will requires the filing of an inventory of assets.

Special Purpose Trust – If your needs don’t fit completely into one of the traditional types of trusts, a special purpose trust can meet your needs. It can include arrangements for special family situations, to support a charity, or for a special purpose.

Bypass Trust – This type of trust helps wealthy married couples minimize their estate tax obligations. A bypass trust is also called an AB trust, or credit shelter trust . The A portion of the trust holds assets for a surviving spouse while the B portion serves as a credit shelter to minimize estate tax.

Life Insurance Trust – The life insurance trust is irrevocable and is created to hold a life insurance policy. Placing the policy in a trust helps reduce the estate tax burden on the beneficiary.

Choosing a Will, Trust, or Both
If you are confused by the rules for using wills and trusts, you aren’t alone. There are minor differences between wills and different types of trusts that make them appropriate for different circumstances. You might even need both a will and a trust(s) to suit your personal situation.

Reach Out for Expert Advice You Can Trust

Don’t try to navigate the legal world of wills and trusts on your own. Planning for your family’s future is an important and sometimes complex matter. Call Velasco Law Office today, and let's get started.

Drafting a Will in New Jersey

Wed, 27 Jul 2022 18:39:56 GMT

One of the most important things an individual can do for themselves while they are alive is creating an extensive estate plan. By doing so, they will have a plan for what happens after they pass away. This helps an individual to protect their assets and belongings. This includes things like real estate, bank accounts, securities, and personal items. A crucial part of an estate plan is a written will. This is a legal document that recognizes how an individual wishes to have their possessions handled after they are gone. A skilled attorney can guide you through creating a will that is best for you and your family.

Why Is a Will Important?

There are many benefits to creating a will. With a long life comes many precious collected belongings that are valuable to them. These are things that should continue to be cherished and taken care of after a life is over. In writing a will, you are able to pass these belongings on to whomever you wish. This ensures that they fall into the right hands and prevents any possible concerns about what would happen to your estate if it was left without a plan.

When someone fails to create a will, they die “intestate.” When this happens, their estate may be left in the hands of the state of New Jersey. It is then that a judge can then make all decisions about where and whom the assets go to. Dying intestate may also result in disputes amongst family members as they may feud over where they believe the assets belong.

Executing a Will

There are particular guidelines to follow when creating a will to ensure that it is a valid document. In the state of New Jersey, the will is required to be written and signed by the subject of the document. It is also required for the signing to have two witnesses to be present that can attest to hearing the individual say that they understand they are signing their will. The witnesses may also be obligated to sign the will for verification.

Modifications

A person can create a will at any time in their life to prepare for the future. Because of this, they are also able to make changes to it. Given that life and dynamics may alter over time, the individual is able to change the will to accommodate any life changes. Some reasons an individual would want to update a will may be:

A divorce

Remarriage

The birth of a child

Adopting a child

The death of a spouse or family member

A change in finances

Contact

If you or a family member is looking to create a will for your estate and wish to speak with an experienced attorney, contact Velasco Law Office today.

Myths of Bankruptcy

Fri, 01 Jul 2022 18:38:19 GMT

Addressing the Myths of Bankruptcy for New Jersey Clients

When you are facing a grim financial situation, you may consider filing for bankruptcy but shy away because of the stigma associated with those who have filed in the past. Many people believe that filing for bankruptcy is for the irresponsible, will tarnish their reputation, take all of their possessions, and permanently ruin their credit. Velasco Law Office understands the tough times one goes through when considering the process of bankruptcy. Though the road may be tough, it is possible to endure with the right guidance. Juan C. Velasco, Esq. is ready to compassionately and effectively guide you through the process of bankruptcy and help you right your financial ship. Do not allow the unfounded myths of bankruptcy to scare you. Contact Attorney Velasco today.

My Reputation Will Be Ruined

You may be nervous about filing for bankruptcy because you think it will tarnish your reputation. The only people that should know about your filing are the ones you tell, the trustee and your creditors. In rare cases, high profile individuals and major corporations are in the media for filing. Though bankruptcy is on the public record, the number of cases are so massive that few publications have the ability to run them all.

Bankruptcy Is only For the Irresponsible

This is an unfortunate myth of bankruptcy. Yes, some irresponsible people file for bankruptcy. The fact of the matter is that there are far more instances of responsible people filing for bankruptcy in the face of major life experiences. Some examples of major life events that lead people to bankruptcy include:

- The loss of employment

- Divorce

- Mounting medical bills

Unfortunately, when a person loses a job and cannot recover, he or she may have to consider filing for bankruptcy in the face of mounting bills. Divorcing individuals will sometimes have to file for bankruptcy because of the overwhelming financial strain of legal costs or the cost of running two households. In the face of illness, the high cost of medical care has the potential to ruin a stable financial situation. Bankruptcy is a difficult situation but it does not always mean you are irresponsible.

They Will Take All of My Possessions

This is just false. One of the most frightening facts about filing for bankruptcy is that you will lose all of your possessions in the process. Simply put, many of your small possessions are not worth enough to be included in the process. Many states allow for exemptions up to a certain amount. In addition, many approved Chapter 13 plans allow for people to retain many or all of their possessions through a repayment plan.

I Will Never Get Credit Again

After you file for bankruptcy, you will soon have credit card offers in the mail. Though the terms are not ideal, you will be able to build your credit once again. If you need to buy a car, you will have the opportunity to receive credit to make the purchase. There are plenty of credit card companies that want your business. If you are careful, you may be able to make a comeback as bankruptcy only stays on your credit statement for 10 years.

To learn more about the bankruptcy process, simply read Attorney Velasco’s Complete Guide to NJ Bankruptcy.

Contact a Knowledgeable Attorney to Guide You Through the Process of Bankruptcy

Velasco Law Office has years of experience guiding New Jersey clients through all forms of bankruptcy. We understand that bankruptcy is a difficult situation. Do not allow the stigma of bankruptcy put you in a further dire situation. The right attorney can help you through the process and protect your rights. If you need an effective law firm to represent your needs and ease your stress, contact Velasco Law Office for a consultation.

Everything You Need to Know About Filing for Bankruptcy in New Jersey

Fri, 01 Jul 2022 18:35:57 GMT

For many people, there are few words more intimidating than “bankruptcy,” however, the Velasco Law Office is here to assure you that with a bit of self-education and an experienced Edison, New Jersey bankruptcy attorney on your side, it does not have to be. Attorney Velasco understands that you have a lot on the line, and that filing for bankruptcy is a major life decision. However, most often, those who file with an attorney they can trust feel a weight lifted off their shoulders, as they can now finally move on with their lives. To start you off, we’ve compiled a guide containing virtually everything you will ever need to know about bankruptcy to hopefully shed some light on the subject and allow you to feel far more confident before you ever even speak with our knowledgeable firm. So, if you are someone who would like to learn more about filing for bankruptcy in the state of New Jersey, please continue reading and contact our firm today.

Business Bankruptcy

To start, we’d like to say that very many businesses file for bankruptcy. This does not make you unsuccessful, and it also does not necessarily mean that you will have to close up shop and give up your dream of owning a business. This alone provides many hard-working business owners with a huge sigh of relief. There are two primary types of business bankruptcy: Chapter 7 and Chapter 11, and each is designed for different circumstances.

Chapter 7 Business Bankruptcy

In Chapter 7 bankruptcy, also referred to as liquidation bankruptcy, you will liquidate your business to pay as much of your debt as you can. Chapter 7 business bankruptcy is ideal for business owners whose debt surpasses their business’s assets, whose business has very little, or even no potential for profit, or when debt restructuring is impossible. Fortunately for many business owners, when the filing is successful, they can effectively walk away from any remaining unsecured debt they have. That being said, the obvious downside of a Chapter 7 bankruptcy is that generally, your business will close in the end.

The Chapter 7 business bankruptcy process is as follows:

1) File a petition with the bankruptcy court.

2) Provide the court with a financial statement, as well as documents detailing your business’s assets, liabilities, executory contracts and leases, and current income and expenditures.

3) Provide the bankruptcy trustee your tax returns from last year, as well as potentially all other years spanning the duration of your case, and sometimes even farther back than that.

4) As soon as you file, an automatic stay goes into effect, preventing all collection activities (more on the automatic stay later).

5) After a few weeks, you will attend the Meeting of Creditors (also known as a 341 meeting). This is where you, your attorney, the bankruptcy trustee, and any creditors will meet so the creditors and trustee can ask certain questions to better understand your business’s financial affairs, functionality, and property. From here, the trustee will decide whether Chapter 7 bankruptcy is the appropriate course of action.

6) Finally, as long as all goes as planned, your business will be liquidated, your business’s assets will be sold to pay your creditors, and all remaining unsecured debt will be discharged, or eliminated.

Chapter 11 Business Bankruptcy

Chapter 11 business bankruptcy, on the other hand, is ideal for businesses that are capable of restructuring their debt. In a nutshell, if you file for Chapter 11 bankruptcy, your business can continue operations, continue receiving income, and keep its employees working. This debt restructuring occurs in a 5-year plan under the Bankruptcy Court’s protection. Not unlike other forms of bankruptcy, Chapter 11 business bankruptcy halts all collection activities from creditors, vendors, and banks. In many cases, by filing Chapter 11 bankruptcy, your business can even retain its line of credit. The ultimate goal of filing Chapter 11 bankruptcy is to increase your net flow and keep your business fully operating, eventually becoming profitable once again.

The Chapter 11 business bankruptcy process is as follows:

1) You and your attorney will file a bankruptcy petition, which includes a financial statement, a list of your business’s assets, as well as liabilities, and a statement regarding any outstanding contracts or leases your business may have.

2) As soon as you file, it triggers an automatic stay, preventing any further collection activities.

3) From here, you will have what is known as the Meeting of Creditors, where your business’s largest creditors can meet with you and your attorney to learn more about the reorganization plan you developed. Essentially, the reorganization plan will work to restructure your business’s debt, cancel cumbersome contracts, and reduce overhead. When you create a reorganization plan, your business will continue to operate, though all profits generated will pay your operating expenses first, and then they will pay off a portion of the debt you owe, gradually eliminating the remaining balance.

4) Finally, the Bankruptcy Court will look at your proposed plan, and as long as it is in the best interests of the business, its creditors, and it satisfies the Liquidation Analysis, it will be voted on by the largest creditors and approved by the Bankruptcy Court.

Alternatives to Filing for Business Bankruptcy

In many cases, when business owners cannot pay bills and debt begins to exceed revenue, it can be very tempting to simply file for bankruptcy and accept the protection that bankruptcy offers. However, in many cases, we can actually help restructure your debt and solve your problem without you ever having to file for bankruptcy. Together, we can privately renegotiate any delinquent debt your business may have, which improves liquidity, profitability, and may ultimately save your business. If this is something that sounds like it may work for you, speak with Attorney Velasco today.

INDIVIDUAL BANKRUPTCY

Of course, bankruptcy is not just for businesses. In many cases, individuals can also file for bankruptcy. The two main types of individual bankruptcy include Chapter 7 bankruptcy and Chapter 13 bankruptcy.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy, in most cases, is granted for individuals whose income is less than the average family income in the county they live in. This is known as the means test. That being said, if successfully filed, most of your debt will be discharged, and, to the delight of many, you can actually keep a significant amount of your assets. For example, you may keep your bank accounts, automobiles, and your home, thanks to the automatic stay that goes into effect upon filing. If you believe you may qualify for Chapter 7 bankruptcy, please do not hesitate to speak with our experienced New Jersey bankruptcy attorney today to learn more about how our firm can help you.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is primarily for families that earn above the average family income in their county. When you file for Chapter 13 bankruptcy, you may keep your assets by creating a 3-5-year plan. This plan helps individuals catch up on auto payments and mortgage payments, halting all collection activities. When you establish this plan, you repay your creditors only what you can afford, and at the end of your 3-5-year plan, all the remaining debt is discharged.

Benefits of Bankruptcy

Though we’ve touched on some of the many benefits of bankruptcy throughout this guide thus far, we have put this section together to clearly illustrate just how beneficial individual bankruptcy can be. For many, bankruptcy can do the following:

Save your home from foreclosure: This is many homeowners’ primary concern. Fortunately, by filing Chapter 7 or Chapter 13 bankruptcy, an automatic stay goes into effect, which immediately prevents creditors from collecting debt, thereby defending your home from foreclosure.

Bankruptcy and tax debt: When you file Chapter 13 bankruptcy, you are given between 3 and 5 years to repay any taxes you owe to the state or the IRS.

Chapter 7 can discharge certain debts: In Chapter 7 bankruptcy, you may discharge several types of debts, such as medical bills, credit card debts, and more. Once these debts are discharged, you will never have to worry about them again. In certain cases, when you file for Chapter 13, you can even discharge a second mortgage if your house is worth less than your first mortgage.

Potentially lower your car payment: In certain cases, filing for bankruptcy can reduce your loan to the value of your car, as long as you have owned your automobile for a certain period of time.

Keep various assets in Chapter 7 bankruptcy: In Chapter 7 bankruptcy, you may keep various assets, including your bank account, pension, retirement accounts, many household goods, furnishings, and clothing. Additionally, most life insurance policies are exempt from bankruptcy, as well as 401k plans and workers’ compensation benefits, to name just some of the assets that you may keep after filing.

You can gradually rebuild your credit: Of course, bankruptcy does have an impact on your credit score, and it will stay on your record for 10 years. That being said, if you already cannot pay your debts, your credit score is most likely negatively affected anyway. Fortunately, as long as you pay your remaining and future bills on time, your credit score will gradually improve.

Bankruptcy FAQ

Over the years, clients have trusted us to provide reliable, practical advice about the bankruptcy process. We pride ourselves in giving our clients straightforward, clear-cut answers, dispelling the various myths and heresy surrounding bankruptcy. Some of the most frequently asked questions we receive are as follows:

How do I know if I should file for bankruptcy?

There are several indicators that you may be ready to file. If your bank account has been frozen, or if your personal wages are being garnished, you are most likely ready to file. If creditors have obtained judgments against you or your company, you should consider filing. Finally, if bills are simply piling up and you are unable to pay them, you are most likely ready to file.

Will anyone know if I file for bankruptcy?

Though bankruptcy is part of the public record, the truth is that in most cases, the only people who will know that you filed for bankruptcy are you, your creditor, and the bankruptcy court.

Can filing for bankruptcy impact my career?

No. Your boss is not allowed to fire you over filing for bankruptcy, and, as mentioned above, chances are, he/she will never even have to know unless you choose to disclose that information.

Will the Bankruptcy Court garnish my wages?

Fortunately, the answer to this question is also “no.” Both the Bankruptcy Court and creditors cannot garnish your wages once you are under the protection of the Bankruptcy Court.

How hard is it to get credit after filing for bankruptcy?

In many cases, people can get credit in months, or even weeks after filing. Though yes, filing for bankruptcy will stay on your record for 10 years, there are various things you can do to ensure you get credit after filing. Attorney Velasco would be happy to inform you of your options.

Does filing for bankruptcy affect my spouse?

As long as your spouse did not co-sign or guarantee payment of your debt, you filing for bankruptcy should not affect your spouse directly.

What assets are not dischargeable through bankruptcy?

Though bankruptcy is a fantastic solution for many, there are still several debts that are not dischargeable via bankruptcy. In most cases, student loans are not dischargeable, meaning you will still have to pay them even if you do file for bankruptcy. Additionally, income taxes, unpaid withholding tax, Social Security tax, and other back taxes are nondischargeable. Debts incurred as a result of “willful and reckless acts,” such as financial compensation owed in a lawsuit are also nondischargeable. Alimony payments, as well as child support payments, are also nondischargeable, among other things. Our experienced New Jersey bankruptcy attorney can analyze your specific situation and inform you of all debts you owe that may not be discharged via bankruptcy.

Do I need an attorney to file for bankruptcy?

Though technically, you can file for bankruptcy without an attorney, as with all legal matters, it is always best to proceed with the assistance of a knowledgeable attorney to help ensure everything goes as planned. Bankruptcy is a complex and document-heavy process, and, as mentioned earlier, you have a lot on the line. By retaining the services of an experienced New Jersey bankruptcy attorney, you know you have someone fighting in your corner, ready to guide you through every step of the process.

Contact an Experienced New Jersey Bankruptcy Attorney

We hope this guide was helpful. Though we created this guide to inform and demystify the notion of filing for bankruptcy, the truth is, there is no substitute for a seasoned New Jersey bankruptcy attorney. Attorney Velasco has been helping individuals in situations just like yours for years, which is why you can feel confident knowing he has the experience needed to do the same for you. If you believe you are ready to file for bankruptcy, contact the Velasco Law Office today. We look forward to serving you.

Benefits of Bankruptcy

Fri, 01 Jul 2022 18:34:11 GMT

Velasco Law Office understands that the thought of bankruptcy can be overwhelming for many who are in dire financial situations. It is obvious that bankruptcy has some negative aspects to it, including impacting your credit score, but it is important to note that bankruptcy comes with some benefits. If you need an effective bankruptcy attorney to ease your stress while zealously representing your needs through the process, contact Velasco Law Office for a consultation.

The Benefits

Bankruptcy is not a punishment. It is designed to help those in a serious financial situation get the relief they need. Chapter 7 and Chapter 13 comes with many benefits that can help you and your family through tough times.

Save your home : You can stop foreclosure on your home through Chapter 7 or Chapter 13. Once you file, the automatic stay goes into effect, prohibiting creditors from pursuing debt collection, including taking action against your home. Chapter 7 may offer you time to negotiate a modification with the lender. Through Chapter 13, you can include your late payments and stretch the term up to 5 years.

Chapter 7 and discharging debts : Chapter 7 is supposed to be a fresh start. Through the process, you can discharge many debts, including credit card debts and medical bills. In addition, you are protected from being liable for these debts in the future. Once you have received a discharge for a debt, the lender may not pursue payment of said debt.

Faster loan modifications : Through the Loss Mitigation Program and Procedures, you may be able to stop foreclosure on your home and quickly obtain a loan modification. After filing a request for loss mitigation, the court will supervise negotiations between you and your lender, aiming to complete the process within 90 days and hold the lender accountable for an answer.

Strip a second mortgage : Through Chapter 13, if your house is worth less than your first mortgage, you may be able to discharge your second mortgage.

You can lower your car payment : Through bankruptcy, you may be able to reduce your loan to the value of your car if you have owned your vehicle for a certain amount of time.

Catch up on payments : You may be able to keep your home, car, and other secured assets by catching up on late payments through Chapter 13.

Bankruptcy and tax debt : Through the process of chapter 13 bankruptcy, you are allowed up to 5 years to repay taxes owed to the state or the Internal Revenue Service. Through either Chapter 7 or Chapter 13, certain debt older than 3 years may be dischargeable.

Rebuild your credit over time : It is not news that bankruptcy will affect your credit score. Bankruptcy will stay on your record for 10 years. It is important to note that if you cannot pay your debts, your credit may already be impacted. After you successfully file for bankruptcy, you can start rebuilding credit by paying your remaining and future bills on time. Many individuals who file for bankruptcy are able to secure credit soon after the filing.

To learn more about the bankruptcy process, simply read Attorney Velasco’s Complete Guide to NJ Bankruptcy.

Contact a Middlesex County Law Firm with Bankruptcy Experience

Do not let bankruptcy scare you. It may be your best option to handle the issues your face in the most effective way possible. If you need an attorney to ease your stress through the process of bankruptcy, contact Juan C. Velasco, Esq. The firm will guide you through your legal options and represent your needs through the bankruptcy process, protecting your rights. If you need a knowledgeable attorney for your bankruptcy needs, contact Velasco Law Office for a consultation.

Bankruptcy Options

Fri, 01 Jul 2022 18:24:17 GMT

Guiding New Jersey clients through their Bankruptcy options

If you are in a dire financial situation, you may be considering the process of bankruptcy. Velasco Law Office is an experienced bankruptcy law firm ready to guide you through your options and help you choose the right path to right your financial ship. There are two options under the bankruptcy laws: a liquidation or a repayment plan. In order to know what is right for your situation, you should consult with an attorney to discuss your circumstances. If you need the legal support of a knowledgeable and skillful attorney, contact Juan C. Velasco, Esq.

Liquidation (Chapter 7)

In liquidation, also called a Chapter 7 bankruptcy, the bankruptcy court will use whatever cash is generated by selling off your assets to fully satisfy creditor claims. You will be allowed to keep a certain amount of property under the exemptions allowed by federal and state bankruptcy laws. The definition of “exempt property” differs in each state, and it can include clothing, furniture, household appliances, tools of your trade and, perhaps, your home or car.

Repayment Plan (Chapter 13)

In a repayment plan, sometimes called a Chapter 13 bankruptcy, you pay a portion of your monthly income to a trustee for distribution to your creditors. A repayment plan is useful when you are behind on your home or car loan. The repayment plan can be used to extend the time period for paying your bills and might allow you to pay less than you owe. The extended payment period, up to 5 years, has the advantage of allowing you to make smaller payments. You will be allowed to keep part of your monthly income to pay for living expenses, such as food, clothing, housing, and medicine. To qualify for a Chapter 13 repayment plan, you must have regular income and your debts, both secured and unsecured, must not exceed specific amounts.

To learn more about the bankruptcy process, simply read Attorney Velasco’s Complete Guide to NJ Bankruptcy.

Contact a Middlesex County Law Firm with Your Best Interests in Mind

If you are facing the reality of bankruptcy, you need an experienced attorney to help you choose the right option. Your lawyer can study your situation and advise whether to seek a liquidation or repayment plan. The best bankruptcy option for you depends on a number of things, including the source of your income, the amount and types of your bills, your desire to protect any cosigners or guarantors, and the importance to you of maintaining your record of paying your debts. If you need quality legal advice and an attorney to represent your needs through the bankruptcy process of your choice, contact Velasco Law Office for a consultation.

juan-velasco

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