Practice Areas and Legal Definitions

Joseph I. Windman represents clients in a variety of bankruptcy and related financial matters, including Chapter 7 and Chapter 13 bankruptcies and foreclosure litigation. Call today if you or a loved one needs experienced and dedicated legal advice or representation.

Very often a consumer can detect warning signs of being in too much debt long before any collection notices are received. If more than two of the following signs apply to you, you are probably in too much debt:

• You have begun charging to your credit card essential expenses like food and daily expenditures
• You are making only the minimum payments on your credit cards each month
• You are near the limit of your credit cards
• You have too many credit cards
• You are unsure how much money you owe creditors

Bankruptcy Laws:
Bankruptcy is a federal court process designed to help individuals and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcies can generally be described as liquidation or reorganization. Under a liquidation bankruptcy (Chapter 7), a debtor files to eliminate debt through the bankruptcy court. Under a reorganization bankruptcy (Chapter 13), a debtor files a plan with the bankruptcy court proposing how to repay creditors.

In 2005, the requirements under which a debtor could file Chapter 7 bankruptcy changed with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act.  Debtors are now required to seek budget and credit counseling within six months of filing, financial “testing” is required to determine the debtor’s capacity for debt repayment and Chapter 7 cannot be filed if the household income is greater than the median household income as deemed by the state.

Due to the imposed requirements for Chapter 7 bankruptcy as set forth by the new law, debtors who were once eligible to file under Chapter 7 may now have to file under Chapter 13 bankruptcy instead, in a court approved plan that requires some or all debts be repaid over five years, with an appointed trustee assigned to monitor the repayment process. Bankruptcy filings will continue to be recorded on an individual’s credit report for seven years in the case of Chapter 13, and up to ten years for Chapter 7.

Chapter 7:
Chapter 7 cases are commonly referred to as straight bankruptcy or liquidation cases, and may be filed by an individual, corporation, or a partnership. A Chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in Chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under Chapter 7 may result in the loss of property.

Chapter 13:
A Chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. Chapter 13 permits individuals to keep their property by repaying creditors out of their future income.  It is not available to corporations or partnerships. After completion of payments under the plan, Chapter 13 debtors receive a discharge of most debts.

Foreclosure:
Foreclosure is the legal proceeding in which a bank or other secured creditor terminates an owner’s interest in a parcel of real property, usually the home, due to the owner's default under the "mortgage" agreement with the lender. Commonly, it is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien."

A Foreclosure by Sale ends in the posting of a sign advertising the auction of your home on the sale date. The only ways to stop a foreclosure are full payment of the arrearage, or the filing of a Chapter 13 bankruptcy. Full Payment: If you are able to obtain and tender the full amount of your arrearage, including fees and costs, you can stop the foreclosure of a standard residential mortgage. Most people lack the money to make full payment. A Chapter 13 Bankruptcy stops the foreclosure and allows you to repay your mortgage arrearage amount over a three-to-five year period. The arrearage amount is paid through a court-appointed official, while you resume your regular monthly payments to the bank in order to keep your home. A Chapter 13 can be filed at any time prior to the foreclosure sale date, and it is often the only avenue to save your home.

Chapter 11:
Chapter 11 is typically used for business bankruptcies and restructuring. It is not commonly used by individual consumers since it is far more complex and expensive to pursue. It allows businesses to reorganize themselves, giving them an opportunity to restructure debt and get out from under certain burdensome leases and contracts. Typically a business is allowed to continue to operate while it is in Chapter 11, although it does so under the supervision of the Bankruptcy Court and its appointees.

If you or someone you know needs the assistance of an experienced bankruptcy attorney, call the Law Office of Joseph I. Windman today at 732-474-7402, or complete the contact form provided on this site to schedule your free consultation.

If you or someone you know needs the assistance of an experienced bankruptcy attorney, call the Law Office of Joseph I. Windman today at 732-474-7402, or complete the contact form provided on this site to schedule your free consultation.

ADDRESS OF THE FIRM:
Law Office of Joseph I. Windman
4400 Route 9 South, Suite 3000
Freehold, NJ 07728
Phone: 732-474-7402
Hours: M-F, 8:00AM-5:00PM
After Hours Provided

Attorney Joseph I. Windman, Esq.

Jurisdictions Attorney is Licensed in

• New Jersey
• New York

Date Admitted to the Bar

• New Jersey 1975
• New York 1976

Colleges Attended, Degree & Year Graduated

• Rutgers University, Bachelor of Arts, 1972
• Brooklyn Law School, Doctor of Jurisprudence, 1975
• Real Property Law Certificate, New York University, Real Estate Institute, 1984

Professional Memberships & Achievements

• American Bar Association
• Consumer Bankruptcy Committee
• National Association of consumer Bankruptcy Attorneys
• Third Circuit Bankruptcy Court  
• New Jersey Bar Association
• Bankruptcy Law Section
• American Bankruptcy Institute
• Monmouth County Bar Association
• Panelist in Seminar for Institute for Continuing Legal Education "Get Smart! Understanding Current Issues in Chapter 7 and Chapter 13 Consumer Bankruptcies;" Adjunct Instructor of Legal Studies, Paralegal Studies Program, Bankruptcy Law and Procedures, Fairleigh Dickinson University.