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New Jersey Banking Questions & Answers
1 Answer | Asked in Business Law and Banking for New Jersey on
Q: LLP took out SBA EIDL loan. Loan docs mention personal liability. One partner leaving does this effect buyout.

Partner buying out leaving partner wants to reduce buyout amount by leaving partners % of sba loan liability. Is this right? Nothing in partnership agreement and buyout terms mentions liabilities.

T. Augustus Claus
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answered on Sep 15, 2023

When a partner leaves an LLP that has taken out an SBA EIDL loan, the implications for the remaining partners can be influenced by several factors, including the terms of the partnership agreement and the loan documents. If the partnership agreement does not explicitly address the allocation of SBA... View More

2 Answers | Asked in Banking, Consumer Law and Collections for New Jersey on
Q: I hold business credit cards with outstanding balances from major banks including PNC Bank, BOA, and Chase.

These CC accounts are approx. 2-3 years old and unfortunately, due to business challenges, I am considering closing down the business. I personally guaranteed these business CC. The business has been experiencing financial instability for a while now, and it has become increasingly difficult to... View More

Leonard R. Boyer
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answered on Aug 29, 2023

If you are in CA, why are you asking for NJ? The State you live in determines where you would file bankruptcy if that is appropriate. Whether you will have to file both a business and personal attorney cannot be determined on these facts. Pick the best attorney you can find and remember one rule:... View More

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1 Answer | Asked in Banking for New Jersey on
Q: am i legally required to pay back an overdrawn bank account

i deposited a check into my bank account it cleared so i started spending the money, i then got a call from my bank a few days later saying

the check had been flagged as fradulent and my bank account is overdrawn $4500.

Leonard R. Boyer
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answered on May 14, 2023

Yes, you are legally obligated to repay the check. I personally make it a practice if I have any doubts about the person or the check to call the issuing bank. They can tell you if it is safe to deposit the check in your account. The police in your town will probably allow you to file bad check... View More

2 Answers | Asked in Banking, Bankruptcy and Collections for New Jersey on
Q: Hi, I have about $100k in business credit card debt(a total of 11 credit cards). I am the personal guarantee for all

of them. All cards are current and I am still making payments, but not getting no where with the interest rates.

Can I negotiate with the banks for a lower amount?

How will this impact my personal credit and my business credit (Dun & Bradstreet)? If I am not able to satisfy the... View More

Stuart Nachbar
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Stuart Nachbar
answered on Jun 17, 2022

You can negotiate with them. Any break they give you MAY result in a 1099-C for taxes. They start reporting usually after the first late 30 days occurs. Debt management companies, in my opinion, are not good as the first several months of payment go to their fees, and nothing is done to protect... View More

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2 Answers | Asked in Banking, Bankruptcy and Collections for New Jersey on
Q: Hi, I have about $100k in business credit card debt(a total of 11 credit cards). I am the personal guarantee for all

of them. All cards are current and I am still making payments, but not getting no where with the interest rates.

Can I negotiate with the banks for a lower amount?

How will this impact my personal credit and my business credit (Dun & Bradstreet)? If I am not able to satisfy the... View More

W. J. Winterstein Jr.
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W. J. Winterstein Jr.
answered on Jun 16, 2022

If your credit accounts are current, of course you can approach the credit card issuers with a request for a lower interest rate, but your chances of success are dim when the Fed is raising rates steeply toward a tentative goal of 5.5% by year's end (that's the prime rate, and most credit... View More

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2 Answers | Asked in Estate Planning, Family Law and Banking for New Jersey on
Q: My brother passed away October 2022 and didn't have a will, can I collect his funds from his bank account?

His friend and coworker attempted to gain access to his funds from his Bank Of America accounts since my brother didn't have a Will or designate anyone with the Power Of Attorney, does he have a claim even though I'm his sole kin?

Morris Leo Greb
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Morris Leo Greb
answered on Jun 6, 2023

In a joint account, in the case of one joint tenant dying, the survivor takes. In all other matters, probate proceedings must be filed with the County Surrogate, an administrator will be appointed and a bond required. Thereafter, the estate will pass in accordance with state statutes.

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2 Answers | Asked in Banking and Collections for New Jersey on
Q: Wells Fargo is withdrawing money from my account for CC debt without my permission. Is that legal?

I tried to work with them with a debt consolidation firm a few years ago. They were the only CC that would not. I have my personal accounts and my mortgage through them. They continue to take money out of my account and refuse to work with me to set up a payment plan for repayment. I can't... View More

Morris Leo Greb
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Morris Leo Greb
answered on May 3, 2023

In order for the withdrawals to be made there must either be a provision in the loan agreement or a suit was filed for which a judgment was obtained to collect the debt.

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1 Answer | Asked in Banking, Business Formation, Business Law and Contracts for New Jersey on
Q: What documents need to be signed when adding a new Shareholder into a S corporation in New Jersey?

For Example, Currently:

Shareholder 1 owns 51% - President

Shareholder 2 owners 49% - Vice President

The New breakdown will be

Shareholder 1 owns 51% - President

Shareholder 2 owns 24.5% - Vice President

Shareholder 3 owns - 24.5% - Treasurer... View More

Morris Leo Greb
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Morris Leo Greb
answered on Feb 20, 2023

The corporate record book should be updated and kept current showing shareholders' interest, number of share held, transfer information, purchases, and dates of such activity.

2 Answers | Asked in Banking, Business Formation and Business Law for New Jersey on
Q: How do you start a business?
Samuil Buschkin
Samuil Buschkin
answered on Nov 8, 2022

There is a lot that goes into asking and answering this question. The legal aspects are probably secondary to business planning. Before you need an attorney you need to have a clear idea, a business plan, sufficient funding, and the right personal environment to launch a business.

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1 Answer | Asked in Criminal Law and Banking for New Jersey on
Q: I received this summons in my mail saying the charges is 2c:21-5 and 2c:20-3A I’m scared I’m a single mom with three kid

I have three kids I’m all they have I haven no family I’m scared for me n my kids

H. Scott Aalsberg
H. Scott Aalsberg
answered on Oct 29, 2022

Yes you should be concerned whenever you get a criminal charge as you do have two. But if you get a good lawyer you can rest assured that you are doing all that you can to win, reduce or eliminate the penalties that your facing. Most of us criminal lawyers offer a free in office consultation, so... View More

1 Answer | Asked in Banking and Collections for New Jersey on
Q: I found out I have a bank levy and they took all the funds from my account. I have direct deposit from my job.

Since they already withdrew my funds, will I receive my next deposit?

Leonard R. Boyer
Leonard R. Boyer pro label Lawyers, want to be a Justia Connect Pro too? Learn more ›
answered on Feb 26, 2022

First of all, we don't know who "they" are, so realistically, you should first make sure your next direct deposit goes into a new account, like a Credit Union. Second, you need to retain an experienced civil litigation and bankruptcy attorney and possibly someone who also has a... View More

1 Answer | Asked in Criminal Law, Banking and Business Law for New Jersey on
Q: Hello there, how do I go about bringing embezzlement charges against someone? What lawyer would I be looking for?

My husband’s business partner stole $20,000 from their joint business account after my husband was locked out of the online banking portal. It been going on for a couple of months and it’s clear the the former business partner had something to do with that; which I can only assume is bank fraud... View More

H. Scott Aalsberg
H. Scott Aalsberg
answered on Feb 15, 2022

You need a lawyer that handles litigation the lawyer fees however for these types of cases are never cheap as generally you will be in protracted litigation as people will generally try to hide their wrongful actions.

1 Answer | Asked in Estate Planning and Banking for New Jersey on
Q: does a debtor need the POA's SSN, DOB, full name, Address, phone # and email to get information on the account?

i am trying to get information as a POA from an account set up by a prior POA for my grandmother. They are asking for all of my personal information to access her account stating "Banking laws require" it sounds odd since my information has nothing to do with her account.

Nina Whitehurst
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answered on Feb 10, 2022

Personally, I agree with you that all of that information about YOU, the attorney in fact, should not be required. Some of it, maybe, but not all of it. HOWEVER, the sad fact is what the bankers are telling you is correct. They have to satisfy government regulatory requirements that mandate that... View More

1 Answer | Asked in Banking, Criminal Law, Elder Law and Federal Crimes for New Jersey on
Q: selling bitcoin for cash or cashiers cheque is legal in usa . the payments were received from 3 rd party

the cashiers cheques received were from individuals, who I did not know .

H. Scott Aalsberg
H. Scott Aalsberg
answered on Feb 9, 2022

Not necessarily, but more information is needed to answer your question. I suggest that you setup a consultation with a business cybersecurity internet lawyer. That being said this could be a scam. Expect the lawyer to charge you a fee for the advise.

1 Answer | Asked in Banking, Civil Litigation and Collections for New Jersey on
Q: Can a court levy my bank account without notification of any court case against me?

I currently live in FL. Previously lived in NJ. Noticed today that checking and savings accounts were levied. When I spoke to my bank, they said the superior court of NJ authorized this. I never received any notification of a pending court case against me. The address on my license and with the... View More

Leonard R. Boyer
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answered on Jan 18, 2022

Significiantly more information is required for a meaningful answer.

1 Answer | Asked in Consumer Law, Criminal Law, Banking and International Law for New Jersey on
Q: I would like to sue Binance for stealing from me, and am in need of legal assistance

Binance has over 300k in stolen assets, and refuses to return it or cooperate with investigation, and also locked my account.

Hassan Hussein Elkhalil
Hassan Hussein Elkhalil
answered on Mar 30, 2021

File a police report for the stolen assets.

3 Answers | Asked in Bankruptcy, Estate Planning, Banking and International Law for New Jersey on
Q: If Im poa on my Dad's account, that can't be affected by my bankruptcy? Also can I open a new account with us both on?

My father is moving to a new country next week and I am newly appointed durable power of attorney over his financial accounts.... If I file bankruptcy that shouldn't effect his banks accounts correct? Also I was thinking of opening a new checking account with my father and myself as joint... View More

Leonard R. Boyer
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answered on Oct 10, 2020

Do not open any bank accounts until after your bankruptcy is discharged. Do not look for problems. You also need to be represented by an experienced Bankruptcy attorney. What you do not know can cause you all sorts of problems. You really need to leave things alone. Even with the Pandemic, if you... View More

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1 Answer | Asked in Banking for New Jersey on
Q: Can OCWEN (a mortgage servicing company) REFUSE to accept a $5,000 Cashiers check on outstanding mortgage debt?

The agreement was to send the $5,000 Cashiers check and follow it up with 1 ot 2 checks for the remainder.

Bruce Alexander Minnick
Bruce Alexander Minnick
answered on Jul 11, 2019

Rather than ask unanswerable questions to lawyers here on Justia you are advised to put the rejected $5,000 cashier's check in a safe place--or turn it in to the issuing bank, get your $5,000 back and put IT in a safe place while you look for a lawyer capable of defending against the... View More

1 Answer | Asked in Consumer Law, Banking, Business Law and Collections for New Jersey on
Q: Ate payday loans illegal in NJ?

I heard that payday loans are illegal in NJ. I took 600 put and paid four payments of $206 . I also heard that since they are illegal I only have to pay the principal. Is this true,? The rest of my cc and such ate in good standing so I don't want to file for bankruptsy. What can they do to me,,?

Bruce Alexander Minnick
Bruce Alexander Minnick
answered on Jul 8, 2019

Think this all the way through: If the payday loan creditor operates its business anywhere in the state of New Jersey there is a really strong possibility that payday loans are NOT illegal in New Jersey. What can they do if you do not repay? They can sue you.

1 Answer | Asked in Real Estate Law and Banking for New Jersey on
Q: When two co-borrowers own a home in NJ if one person wants to sell and the other doesn't, can a sale be forced?

The remaining mortgage amount is an amount one co-borrower can pay independent of the other co-borrower. (In fact, one co-borrower has always made 100% of the mortgage payments.) One co-borrower is not planning to move; the other had moved away from the home years ago. Both co-borrowers pay real... View More

Vincent Gallo
Vincent Gallo
answered on May 24, 2019

Under normal circumstances, one person can force the sale of real estate by means of an action in partition.

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