William L. Pegg, Jr.

Let us put our years of legal expertise to work for you. We can help you navigate the red tape and confusion of dealing with your debt.

If you are facing overwhelming debt problems, the Morris County, New Jersey bankruptcy attorney William L. Pegg, Jr. understands your situation.  A financial crisis can happen to anyone and, when it does, life can become frightening and complicated. We understand the impact that a financial crisis can have on you and your family, so we strive to make the transition during this time as simple and painless as possible.

New Jersey Attorney with over 39 years experience.

The Law Offices of William Pegg, P.C. is a full service boutique practice whose primary focus is financially based legal matters. Mr. Pegg personally handles all matters for which he is retained. He is dedicated to providing his clients with a level of knowledge and understanding specific to their matter. He discusses any/all legal remedies available to the client and outlines potential result scenarios. This collaborative approach enables the client to participate in making decisions with regard to their matter, while still maintaining effective legal representation. This holistic approach has proven effective in addressing questions and easing fears that a client may have with regard to the legal process.

If you are experiencing financial difficulties, have substantial credit card debts, unpaid medical bills, repossession (s), pending lawsuits or judgments and you are being harassed by creditors, a Chapter 7 or a Chapter 13 filing may be of great benefit to you. If you are past due on your mortgage payments and are about to be or have been served with Foreclosure Complaint, a full Foreclosure Defense with subsequent Mortgage Loan Modification can enable you to save your home.

Take the first step towards your new life!

 

 

THE PERILS OF BANKRUPTCY AVOIDANCE

Many people will go to great extremes to avoid filing a bankruptcy,  all of which plays into the hands of their creditors and  in the long run costs then dearly and fails to resolve their financial problems.   Instead of seeking proper legal advice, they go on to the internet seeking legal advice and wind up hiring a debt consolidation company.  Thousands of dollars of “blood money” is then “invested” over a course of many months in an attempt to pay down  their unsecured creditors.   After a time, they realize that they are getting almost no where and that the process will continue  for years to come.  Why do people do this?

They believe that their good FICO credit rating must be preserved at all costs so they can borrow yet more money.   This is almost silly when you think about it.   What does a good FICO score really entitle you to do?
▪ Buy a house.   Not really, at least not after this current mortgage melt down.  While a good FICO score is helpful in this process, such things as annual income, overall debt,  how much you are putting down,  longevity of employment,  have a far more important role in the mortgage qualification process.

▪ Buy  or lease a new car.   Yes, good credit will help here.  But again, it is but one of the factors.   Good income and employment history are equally important in this climate.

▪ Get more credit cards.    Yes, a good FICO score is a shorthand  way the credit industry looks to see if they should lend you money at a high rate of interest.   Well, is this not a continuation of  mushrooming pile of high interest debt that is causing the problems in the first place?

They believe that if they file for bankruptcy they will never have any credit again.  This is simply false.   Consider that after the bankruptcy process is completed, people are a far better credit risk .  Why?  Simple: they now have no or little unsecured debts; and,  assumedly,  they are gainfully employed; and they cannot file for another bankruptcy for 8 years (in the case of a Chapter 7 bankruptcy).   In short, from the standpoint of creditworthiness, they are more appealing prospects.

They believe they will loose their home.   In the vast majority of bankruptcies , this simply does not occur if the mortgage payments are kept current (in the case of a Chapter 7 case) or are reorganized (in the case of a Chapter 13 case). They are feeling guilty.   Of course it does take “two to tango” and you did borrow the money, for whatever good or bad reason.   But didn’t they make it easy for you with their low introductory rates, the promise of good times, and their “free” and easy credit?   And then what happened?  Were you late with the payment of a $50 utility bill only to find all of your credit card companies have boosted you to 30 odd percent interest because you are now a bad credit risk.   And note they do this for your total outstanding debt, often with no warning at all as you simply see your monthly payments jump through the roof.   This is nonsense.

The debt consolidation industry expanded by leaps and bounds over the past 5 years.   They are spending millions on TV and internet advertising.  One should stop  and think about how this industry is funded and why it is so profitable for those engaged in it.   Who pays for this profit?  If the consumer is not paying for it, the answer is obvious: the credit industry.   These people do not do anything which is not to their financial benefit at the expense of the consumer. At least,  to become an informed consumer, one should carefully consider and weigh out the alternatives to such a costly and often totally ineffective process.

What is Bankruptcy?

Bankruptcy is a process by which a debtor can obtain relief from his debts, through the courts. This relief may come in a variety of forms, including full or partial discharge of the debt, or the imposition of a payment program consistent with the debtor’s financial means. The most common types are Chapter 7, Chapter 11 and Chapter 13.

Chapter 7 Bankruptcy Overview:
The filing of a Chapter 7 Bankruptcy petition, sometimes referred to as a “straight bankruptcy,” has one simple goal; Complete release from debt (s).  Some of these debts may include credit cards, medical bills, matters of pending litigation and judgments.. The entire Chapter 7 process takes approximately 100 days to complete.  Immediately upon filing, phone calls and correspondence from your creditors immediately cease and all collection efforts are halted.  Filing is done electronically from the law office as soon as we have completed the Bankruptcy petition.  Once the Bankruptcy filing is completed, an Automatic Stay immediately takes effect thereby “freezing” any/all collection action by your creditors.  All contact with you by your creditors immediately ceases. This includes telephone calls, correspondence, pending lawsuits and any debt collection activity, such as wage executions. As the Automatic Stay is a legal provision of the Bankruptcy Code, there are no “ifs, ands, or buts” about it.

Chapter 13 Bankruptcy Overview:
A Chapter 13 Bankruptcy petition is filed to protect your assets from liquidation through foreclosure, in the case of mortgaged real estate, and to satisfy your outstanding debts. As with a Chapter 7 proceeding, all creditor collection activity against you ceases as of the date of filing, even a mortgage foreclosure sale.  A Chapter 13 petition must be used whenever your non-exempt assets would likely be liquidated to pay your creditors, or when your family income levels exceed the limits set forth in the “means test” calculator.

Helping clients in Boonton, Madison, Denville, Florham Park, Morristown, Montville, Mount Arlington, Dover, Rockaway, Whippany, Cedar Knolls, Flanders, Budd Lake, Parsippany, Randolph, East Hanover, Chatham, Cedar Knolls and Morris, Sussex, Union, Essex, and Passaic Counties,