Bankruptcy & Creditor's Rights

If a Sheriff’s Sale results in more money than needed to satisfy the foreclosure judgment, fees, costs and commissions, the remaining amounts are referred to as “surplus funds”. Junior lien holders and others have the right to make an application for these funds. During the 2007-2008 time frame such applications were quite common. With the real estate bust they have been far less common but there are signs everywhere that real estate values are coming back and so may the opportunity for these applications.
Continue Reading Applications for Surplus Funds in New Jersey Foreclosure Proceedings

What do you do if the property you are foreclosing is vacant? Signed into law on December 3, 2012 and effective April 1, 2013, the New Jersey Legislature passed N.J.S.A. §2A:50-73 which provides for “vacant and abandoned” properties to be foreclosed in an expedited manner. For a property to be foreclosed in this manner, it must be proven by “clear and convincing” evidence that the property is vacant and has been abandoned. The property will be deemed abandoned if the court concludes that the property is not occupied (by a tenant or mortgage holder) and at least two of the following conditions exist:
Continue Reading Foreclosing Vacant Properties

Recently, as of April 1, 2013, the New Jersey Mediation Program has been modified. In New Jersey, the mediation program is offered to homeowners who have filed an answer and are contesting a foreclosure as well as to those homeowners who fail to make a formal appearance. The property in foreclosure must be the primary residence of the homeowner and must be a one-four family residential property.
Continue Reading Modifications to the New Jersey Mediation Program

If you hold a judgment obtained in another state against a resident of New Jersey, you may wonder whether your judgment can be enforced in New Jersey without new legal action being initiated. The answer is “yes”. New Jersey has adopted the Uniform Enforcement of Foreign Judgments Act (N.J.S.A. 2A:49A-25, et seq.) (the “Act”) which sets forth a fairly simple process by which a foreign judgment -a judgment, decree or order issuing from a court outside of New Jersey but which is entitled to full faith and credit in New Jersey[1] – can be filed with the Clerk of the Superior Court, and thereafter enforced in the same manner as if it had been entered in New Jersey.
Continue Reading Enforcing an Out-of-State Judgment in New Jersey

Maintain accurate records. While this might seem basic, keeping accurate records on accounts is vital to increasing the likelihood of collections on delinquent accounts. Without accurate records and the ability to provide a set amount that is due and owing, the courts will not award a judgment for the amount claimed to be owed.
Continue Reading Five Easy Tips for Small Businesses to Increase the Likelihood of Turning Delinquent Accounts into Cash

There are two types of consumer bankruptcy filings that many creditors will likely encounter. A Chapter 7 and a Chapter 13. In a Chapter 7, the debtor is attempting to liquidate his/her assets. In a Chapter 13, the debtor is proposing to pay creditors some of what creditors are owed over time (3-5 years.). In a Chapter 13, the debtor will file a Chapter 13 Plan which sets forth how the debtor plans to pay back creditors and how much they propose to pay.
Continue Reading Basic Issues Creditors Should be Aware of in a Consumer Bankruptcy

Marshall T. Kizner from Stark & Stark’s Bankruptcy and Creditor’s Rights Group authored the article, Commercial Property Taxes: Is Your Business Paying More Than Its Fair Share?, published on March 20, 2013 in US1 Newspaper.
Continue Reading Stark & Stark Associate in Bankruptcy and Creditor’s Rights Group Published in US1

On Sunday, March 24, 2013, Namco, LLC dba Branch Brook filed for Chapter 11 bankruptcy protection before the District of Delaware (docket # 13-10610). The Manchester, Connecticut based retailer sells pools, pool accessories and other recreational equipment and operates 37 stores mostly in the Northeast. Bankruptcy documents state Namco closed 21 stores since January 2012.
Continue Reading Branch Brook Pools Makes a Splash with Chapter 11Bankruptcy Filing in Delaware – Landlord and Trade Creditors Protect Your Rights

The bad news is that costs increased when taxes rose in January. Interest rates may also rise. The good news is that for savvy landlords, there are some proactive strategies to improve the bottom line now with the help of sound legal counsel. Following are Stark & Stark’s top 10 tips for landlords to consider:
Continue Reading 10 Ways Landlords Can Cut Costs and Increase Income Now

The New Jersey legislature recently made changes to the law that may have a significant impact on industrial property that is environmentally contaminated. The law requires a municipality to pay any property tax refund ordered by the Tax Court or a County Board of Taxation to the Commissioner of Environmental Protection for required site remediation when the property under appeal is an industrial property that has is “currently vacant or underutilized” and that is subject to any federal or State court order, or administrative action or order, for environmental remediation.
Continue Reading Legislative Update Concerning Environmentally Contaminated Industrial Property Under a Tax Appeal