Archive for the ‘Nj Property Taxes’ カテゴリー
Common Myths About Florida Evictions
10月 2nd, 2011
When an offer to purchase a home is made, the purchaser will provide the seller with a deposit towards the purchase price of the home. This deposit assures the seller that the purchaser intends to complete the transaction if their offer is accepted. The amount of the deposit will vary and is usually determined by negotiation between the real estate agents.
As a result of perceived abuses in the bankruptcy system, Congress passed the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.” The principal provision of this Congressional enactment was the addition of a “means test” designed to prevent higher income earners from filing Chapter 7 bankruptcy.
Real estate attorneys are fully licensed attorneys who focus their practices on real estate law. Real estate law is the sale, purchase, or transfer of buildings, businesses, and properties. There are strict laws that surround these types of transactions and a real estate attorney is required.
Whether you’re buying a new house, selling an old house, being sued, or bringing a lawsuit against another person or business, you should find the best attorney that you can afford.
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These are just two examples of when consulting with an attorney prior to the start of a foreclosure lawsuit may be beneficial to you. Meeting with an attorney could save you money, or could even allow you to keep your home when you otherwise might not be able to later on. You have options- don’t wait too long and risk losing them.
If you think you home assessment is unfair or incorrect, you have until April 1 to file your appeal. To find out if you’re a good candidate for a NJ property tax appeal, you should first have some understanding of how property is assessed in New Jersey and how the appeal process works.
Furthermore, this particular industry employed many Americans. Most individuals are quick to recognize the agents and brokers. In addition, the industry includes appraisers, construction workers, civil servants employed at all government levels and many more. Many other industries are also connected to real estate. Production and manufacturing of construction materials, as well as points of sale and transportation of goods to construction sites from sales locations are few of such connected industries. For example, in order for a house to be build, the builder must purchase a real property, conduct a soil test, contracts an engineering firm for designing and drawing, hires a licensed contractor to build, and purchase all the material needed.
High street shopping has entered a steep decline, with boarded up shops now accounting for more than 15% of space on Britain’s high streets as they lose the battle with malls, out of town retail parks and, increasingly, online shopping.
The purpose of the landlord tenant act is to ensure that there is a smooth relationship between the landlord and the tenant during the period of tenancy. It is not uncommon to note problems such as tenants not paying tenant on time or landlords charging a high rent and so on. The landlord tenant act seeks to address such issues and lays down legal procedure for both parties in the event of disputes. Being aware of the act enables the landlord to carry out their activities according to legal rules and this helps them to avoid conflicts. It also makes them aware on how to take legal action in the event of a dispute.
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Can Insurance Help NJ Small Businesses Be Successful?
7月 17th, 2011
NJ small business health insurance is one of the kinds of insurance small business owners need to have in order to run the organization effectively. Although health insurance may not be the first thing one thinks of as essential to successfully running a business, one should keep in mind that quality employees are often attracted to benefits. With the rising cost of health care, a business that can offer this incentive has a better chance at not only getting quality employees but also retaining them for a longer period of time.
Many small businesses these days are opting to use group health insurance plans. Many times, the business can offer this coverage to employees with little or no cost to them. However, there are a few stipulations that come with this plan. For instance, in New Jersey, the small business must employ from two to 50 people. Of these employees, a specific percentage must enroll in order to be eligible for the plan. If this percentage does not purchase the group health insurance plan, it will be rescinded.
There may be other requirements for this NJ small business health insurance depending upon the company that sells the policy. In some cases, business owners are required to contribute a percentage of the employees’ premiums before the entire group can receive benefits. Insurance companies selling group policies must also adhere to a few rules as well. They may not discriminate against a group because of its health status. They also may not cancel a policy because a group member gets sick. However, they may set rates according to factors such as the age and gender of group members.
People who are self-employed also have options when it comes to health insurance. Although they may not purchase a group health plan in New Jersey, they can alleviate the costs as an itemized tax deduction if they are buying health insurance themselves. Those who belong to professional organizations can also see if they have discounted health insurance available to them through the group affiliation. In either case, they need to look for stipulations that the insurance company cannot cancel a policy as long as premiums are met.
In addition to NJ small business health insurance, business owners should look at commercial property insurance as well as general liability coverage to be fully protected. They may also have to consider other forms of coverage such as surety bonds, errors and omissions insurance and commercial vehicle insurance. Having the necessary protection in place is not only a safeguard to business owners and professionals but also a form of peace of mind. Business owners cannot overlook the importance of insurance when trying to run their organizations efficiently and successfully.
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Quicken Willmaker Plus 2009 Edition: Estate Planning Essentials (Book with Software)
- Living Trusts, including an AB Trust
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- Final arrangements document
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When filing for a chapter 7 bankruptcy, it is important to know what property you can keep. This property is called “exempt”. The bankruptcy code recognizes the needs of individuals and provides for exemptions. New Jersey allows you to choose between the set of state exemptions and federal exemptions. We typically recommend using the federal exemptions because they provide for a larger amount of exempt property than the New Jersey set. If you are married and filing jointly, the amount of the federal exemptions doubles.
Your property will be listed on the bankruptcy petition. It will include a description of the property, the market value, and the law authorizing the exemption of the property. As soon as your bankruptcy petition is filed, all your property becomes part of the “bankruptcy estate”. The trustee, however, will not take physical possession of your property during this time. Additionally, your creditors have 30 days after the meeting of creditors to object to any exemptions on your petition. The burden falls on your creditors to prove that you have improperly claimed the exemption.
1. Your Home
New Jersey does not have a homestead exemption. This means that your property is not exempt from attachment by creditors. If you have too much equity in your property, there will be a forced sale. The federal exemptions allow individuals to exempt ,200 for real property (including co-op and mobile home) and ,400 for joint (husband and wife).
We will recommend that you obtain an appraisal to determine how much equity you have in the property (if you do proceed with the filing, the bankruptcy trustee will require a recent appraisal to determine the value of the property). If you have more equity than allowed by the federal exemptions, we recommend that you choose an alternative to a chapter 7 bankruptcy unless you do not have an intention to keep the property. A chapter 13 bankruptcy will be an option you can explore.
2. Your Car
By looking at the Federal Exemptions listed below, you will see that it allows you to retain a car that is worth up to 25. This does not necessarily mean that you will have to give up a car that is valued at more than this amount. This is because the Federal Exemptions also allow for a wildcard exemption of 75 and ,125 of unused homestead exemption. Therefore, if you do not own a home, you can exempt a car that is valued up to ,425. If you have multiples cars, you can split this amount amongst those cars.
If you are still making payments on a car or leasing a car, the above exemptions do not apply. On your bankruptcy petition, you can list whether your intention is to keep the car or give it back. If you decide to keep the car, your lender will prepare a reaffirmation agreement which will be signed by you and approved by the bankruptcy judge. This reaffirmation agreement is between you and the lender and it states that you will continue to make payments. On this reaffirmation agreement, you must specify your income and expenses to convince the judge that you will be able to afford making the payments post-bankruptcy. If you cannot afford to make the payments, the agreement will not be approved.
3. Other Assets
There are also exemptions for household goods and furnishings, retirement funds, clothing, jewelry, etc. Below is a list of the federal exemptions and of the New Jersey state exemptions.
A. Federal Exemptions
Homestead:
522(d)(1) Real property, including mobile homes and co-ops, or burial plots up to ,200. Unused portion of homestead, up to ,125, may be used for other property.
Personal Property:
522(d)(2) – Motor vehicle up to ,225.
522(d)(3) – Animals, crops, clothing, appliances and furnishings, books, household goods, and musical instruments up to 5 per item, and up to ,775 total.
522(d)(4) – Jewelry up to ,350.
522(d)(5) – ,075 of any property, and unused portion of homestead up to ,125.
522(d)(9) – Health aids.
522(d)(11)(B) – Wrongful death recovery for person you depended upon.
522(d)(11)(D) – Personal injury recovery up to ,200 except for pain and suffering or for pecuniary loss.
522(d)(11)(E) – Lost earnings payments.
Pensions:
522(b)(3)(C) – Tax exempt retirement accounts; IRAs and Roth IRAs up to ,095,000 per person.
Public Benefits:
522(d)(10)(A) – Public assistance, Social Security, Veteran’s benefits, Unemployment Compensation.
522(d)(11)(A) – Crime victim’s compensation
Tools of Trade:
522(d)(6) – Implements, books and tools of trade, up to ,025.
Alimony and Child Support:
522(d)(10)(D) – Alimony and child support needed for support
Insurance:
522(d)(7) – Unmatured life insurance policy except credit insurance.
522(d)(8) – Life insurance policy with loan value up to ,775.
522(d)(10)( C ) – Disability, unemployment or illness benefits
522(d)(11)( C ) – Life insurance payments for a person you depended on, which you need for support
B. New Jersey Exemptions
Personal Property:
2A:17-19 – Clothing; goods, personal property, and stock or interest in corporations up to ,000 total.
2A:26-4 – Household good and furniture up to ,000.
45:27-21 – Burial plots.
Wages:
2A:17-56 – 90% of earned but unpaid wages if your annual income is less than 250 percent of the federal poverty level. If income is higher, 75%.
38A:4-8 Military personnel wages and allowances.
Pensions:
11 U.S.C. § 522 – Tax exempt retirement accounts; Traditional and Roth IRAs up to ,095,000 per person.
A:9-57.6 – Civil defense workers.
18A:66-51 – Teachers.
18A:66-116 – School district employees.
25:2-1 – Trust containing personal property if it was created pursuant to federal tax law.
43:6A-41 – Judges.
43:7-13 – Prison employees.
43:8A-20 – Alcohol beverage control officers.
43:10-57 & 43:10-105 – County employees.
43:13-9 – City workers’ ERISA-qualified benefits.
43:13-44 – Municipal employees.
43:15A-53 – Public employees.
43:16-7 & 43:16A-17 – Police officers, firefighters, and traffic officers.
43:18-12 – City boards of health employees.
43:19-17 – Street and water department employees.
53:5A-45 – State police.
Public Benefits:
34:15-29 – Workers’ compensation.
43:21-53 – Unemployment compensation.
44:7-35 – Old-age, permanent disability assistance.
Insurance:
A:9-57.6 – Civil defense workers’ disability, death, medical or hospital benefits.
17:18-12 & 17B:24-8 – Health and disability benefits.
17B:24-6b – Life insurance proceeds, dividends, interest, loan, cash, or surrender value, if not the insured.
17B:24-7 – Annuity contract proceeds up to 0 per month.
17B:24-9 – Group life or health policy or proceeds.
17B:24-10 – Life insurance proceeds if policy prohibits use to pay creditors.
38A:4-8 – Military member disability or death benefits.
My name is Jay Bhatt. I am a consumer bankruptcy lawyer in New Jersey. A majority of my practice focuses on helping people file for chapter 7 bankruptcy. I provide free information on my website to help decide if bankruptcy is the right option for you.
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THE GENERAL PUBLIC’S GUIDE TO NEW JERSEY WILLS, ESTATES, TAXES AND PLANNING
This book has sold all over New Jersey since 1984. It is written for the average person to explain:What happens when a person dies without a will, who inherits what, how the estate is administered, including schedules for bond premiums and surrogate costs.What a will is and the purpose it serves; how it is made; what it can and cannot include, with answers to often-asked questions.A step by step guide to the administration of an estate, including the handling of medical and funeral expenses, ban
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Tax Planning Real Est Investrs
6月 19th, 2009
New Jersey Homeowner’s Guide to Property Tax Appeals
10月 24th, 2008
New Jersey Homeowner’s Guide to Property Tax Appeals
This guide was written specifically for New Jersey homeowners, in an easy to follow format, by and expert on New Jersey Property Tax Appeals. Homeowners are guided through the appeal process and learn the expert’s secrets used to acheive the greatest possible refund. By following this informative guide, homeowners will have the necessary information to determine the value and proper assessment of their home.
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