Can I Transfer Nonexempt Assets Before Filing for Bankruptcy?

During a Chapter 7 bankruptcy proceeding in New Jersey, your non-exempt assets will be liquidated (sold) in order to  repay the money that you owe creditors, thus wiping your debts clean and giving you the ability to start over financially. The bankruptcy system wants to get you out from under the burden of your debts so that you can continue to be a productive member of society. Thus, there are numerous assets that are protected from bankruptcy liquidation, and these assets allow you to keep living, working, and providing for your family.

Exempt vs Nonexempt Assets

Property that is exempt is property you will be able to keep. Your bankruptcy trustee won’t be able to liquidate items like: your home, vehicle, household furnishings (up to a certain monetary value), the value of life insurance policies, annuities, and retirement accounts.¹ Exemptions do vary by state and federal law, so verify your exemptions with your bankruptcy attorney.

Nonexempt assets are things that are not considered necessary to meet your basic living and working needs. Some examples of items that are usually considered nonexempt in bankruptcy include: expensive collectibles, additional vehicles, musical instruments (unless you are a professional musician), heirlooms, stock & bonds, and vacation homes.

You may be really attached to a nonexempt item, or perhaps you recognize its high monetary value. You might start thinking about ways to be able to ‘beat the system’ so that in the end, you’ll still have that coin collection. Maybe you could just “give” it to your brother for the duration of the bankruptcy, and then he’ll give it back to you after the smoke clears. No one would ever know, right?

During your bankruptcy proceedings, you’ll be asked if you recently transferred, gifted, or sold any property. Lying to the Bankruptcy Court is a very risky endeavor. Once you’ve been assigned a trustee, s/he will comb through all of your assets and actions over the past several years. Anything that seems even slightly suspicious will warrant further investigation. Your trustee has the right to question anyone to whom you may have sold, gifted, or transferred nonexempt property.

Let’s say your mom lent you $10,000 five years ago to help out with a down-payment on your home – with the condition that you would repay her as soon as possible. Nine months ago, when your aunt passed away, you received an inheritance check, and were finally able to pay back your mom, just like you promised.

Neither transferring nonexempt property (like the coin collection) in order to hide it from creditors, nor paying “insiders” before other creditors is permitted under bankruptcy law. Both are considered fraudulent actions. Your trustee has a “look back” period of one full year for transactions that may have occurred between you and family members or friends (“insiders”). [11 U.S.C. § 101(31)]. Any payments to insiders that took place in the year prior to filing your bankruptcy complaint are considered preference payments. These types of payments are prohibited, and will most likely be reversed so that all of your creditors get equal parts of your assets.

If you are considering filing for bankruptcy and have made a payment to someone who is considered an insider under bankruptcy law, be sure to disclose this to your bankruptcy attorney. He may recommend waiting to file until the payment you made no longer falls within the “look back” time frame. He will also advise you against hiding assets from your creditors. Since bankruptcy law is complex and varies on a case by case basis, it’s best to contact a certified New Jersey bankruptcy lawyer as soon as possible.

 

¹nolo.com

 Image credit: Daniel O’Neil

Can My House be Sold at Sheriff’s Sale in the Middle of Winter?

If you’ve failed to make your mortgage payment  (even for one month) – you should know that your bank or lender can start the foreclosure process at any time. Typically, they won’t file for foreclosure unless you have missed at least 3 payments, but each lender is different.

Typically, though, after your first missed mortgage payment, you’ve probably got around 3 months until the foreclosure process starts. Luckily, New Jersey is a judicious foreclosure state, which means that all of our foreclosures go through the court system. There are many homes in foreclosure at the present, creating a substantial backlog, and giving you (most likely) more time to find a suitable place to live when the foreclosure is complete.

Your bank or lender is required by law to send you official notice of their intent to foreclose, and they must do so at least 30 days before they file a Foreclosure Complaint with the court. A Complaint is a lawsuit that someone is initiating against you. This particular lawsuit is brought against you when you fail to pay back the money you borrowed for your home.

The court will send you a copy of the Complaint when it is filed. You may choose to do nothing, if you are in agreement with the lender foreclosing on your property. You can also submit an Answer to the Complaint that is not contesting the foreclosure. The court system will then move your foreclosure case to the administrative processing part of foreclosures in New Jersey. Here, a judge will closely examine all of your foreclosure paperwork to ensure that everything is included and is as it should be. If so, the case will be decided in the favor of your lender.

Will my lender kick me out of my home in the middle of winter?

The short answer to that is: if your house has been properly foreclosed upon and the court has entered a judgement giving your lender the rights to your home, they can sell the property whenever they want.

There are some lenders who, in order to avoid bad press, will wait until after the December holidays to start proceedings for a Sheriff’s Sale, especially if there are children in your family. Additionally, they must advertise the Sheriff’s Sale for a month (4 weeks) in at least one newspaper that is local to your home.

Most lenders today are dealing with a multitude of foreclosures at any given time, which means they probably won’t schedule the sale of your home immediately, allowing you an even longer period of time to find a place to live.

New Jersey has the unfortunate ‘honor’ of having the 2nd highest number of foreclosures in the U.S., second only to New York. Because of the struggling economy in recent years, there was a housing crisis because so many people could no longer afford to pay their mortgages. Due to this, even years later, New Jersey’s foreclosure courts are are still digging themselves out from under all of the foreclosures.

That means, that while nothing is certain, you’ll probably have a significant amount of time from the last mortgage payment you make and when you’ll actually have to vacate your home. It could potentially be in any season of the year when it finally happens, though, so you should prepare yourself and secure a new place to live (or someone to stay with) way ahead of schedule. You can also fight to stay in your home if your circumstances change for the better. In that case, you should contact an attorney experienced in foreclosure defense immediately.

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My Bank Won’t Accept a Deed in Lieu of Foreclosure

Unfortunately, banks and lenders are under no obligation to accept a deed in lieu of foreclosure application from you, or from anyone, for that matter. While it may seem like a much more attractive alternative than foreclosure for you, deeds in lieu are not popular among most lenders.

What is a deed in lieu of foreclosure?

Filing for a deed in lieu of foreclosure (also referred to as a DIL) is an option for a distressed homeowner who is either having trouble paying his monthly mortgage payment or is unable to do so at all due to a change in life circumstance. A DIL is a process in which the homeowner essentially gives his home to the bank and walks away.

Since foreclosure is such a negative event to have listed on a credit report, many people desperately try to avoid foreclosure at all costs. A foreclosure happens when the bank or lender essentially puts your home up for sale if you have not been making payments. You must vacate the home and find another place to live. Even worse news regarding foreclosure is that afterwards, the lender can still sue you for what is known as a “deficiency judgment.”

If the bank secures a deficiency judgment, the homeowner will then owe the bank the difference between what was still owed on the mortgage and what the bank was able to sell it for in a foreclosure sale. So, while you will have already lost your home and your credit score will be marred, you will also have the possibility of still owing money to the bank. All of these reasons combined are why many people are choosing to apply for a deed in lieu of foreclosure.

A deed in lieu of foreclosure (DIL) occurs when the lender agrees to accept ownership of your home without pursuing foreclosure or deficiency judgments. It is important that you get a detailed agreement in writing during your deed in lieu process, so that you are assured that there will be forgiveness of any money you may still owe on the mortgage, along with any deficiency between what is still owed and what the home eventually sells for.

Lenders are hesitant to accept deed in lieu applications. The main reason for this is that they are in the money business, not the property business. Taking care of a home that they now essentially own (via a deed in lieu of foreclosure) means there will be further costs in order to maintain the home, such as homeowners fees, taxes and general upkeep of the home’s exterior and interior until it can be sold.

In order to increase the chances of your deed in lieu application being approved by your bank, you’ll have to be able to prove that you are indeed suffering from significant financial hardship. When a lender sees that you are at least a month behind on your mortgage payments, they are more inclined to accept your proposal.

Additionally, property with liens on their title are not attractive to lenders for a deed in lieu. It’s also extremely important that all of your DIL application paperwork is filled out completely and correctly.

Deeds in lieu of foreclosure do appear on your credit report and will cause an impact on your credit score, though it will be much less of an impact than a foreclosure. Alternatives to filing for a DIL include applying for a loan modification and applying for federal assistance through the Home Affordable Modification Program (HAMP). Both of these options will avoid any negative effects on your credit report or credit score.

To learn more about the specifics behind filing for a deed in lieu of foreclosure or applying for a loan modification to make your payments more affordable, contact Veitengruber Law. We have achieved DILs for many clients before you, and we would love nothing more than to help you get the best result possible as well.

 

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NJ Foreclosure: Can You Afford to Save Your Home?

 

If you find yourself facing a looming foreclosure date but still desperately wish that you could save your home, you may feel that all hope is lost. In all honesty, moving ahead with the foreclosure may be your best option. However, if you have yet to seek a professional opinion about your particular foreclosure case, there is a chance that with the right foreclosure defense team, you could actually remain in your home by stalling or even stopping the foreclosure altogether.

Naturally, the most important question you need to ask yourself is, “Can I actually afford to stay in my home?” It is important that you take a cold, hard look at your overall financial situation and give yourself an honest answer to that question. Set up a monthly budget chart with all of your incoming and outgoing money to get a clear look at how much money you make and spend each month.

A good rule of thumb as stated by the HAMP (Home Affordable Modification Program) is that your mortgage payment should be no more than 31% of your monthly income. By creating a monthly budget chart, you will be able to clearly see the percentage of your monthly income that is going toward your mortgage payment.

When you create your monthly budget, if you discover that your mortgage payment makes up less than 31% of your monthly income, but you’re still struggling to make the payments, you’ll have to take a look at other areas of your budget to see where you can make some changes. If keeping your home is your priority, you will have to do away with some line items on your budget that you may want, but simply cannot afford while paying for your home at the same time.

If your figures show you that your mortgage payment is more than 31% of what you make each month, keeping your home is going to be difficult. That is, it will be difficult unless you enlist help from an experienced foreclosure defense firm.

You must act quickly if your home is already in an active foreclosure proceeding. By working with a foreclosure defense lawyer, you will have his experience on your side, and you will have several strategic options that may allow you to keep your home.

Your NJ foreclosure defense attorney can request a forbearance (or modification) of your mortgage. Forbearance means that you will be given a short period of time where you will not have to pay your scheduled mortgage payments. The idea behind this is that it gives homeowners time to “catch up” and get finances in order. Your attorney may also be able to negotiate you a lower payment each month that fits into your budget and falls below 31% of your monthly income.

Another option that your foreclosure attorney may present to you is filing for bankruptcy. A chapter 13 bankruptcy will allow you to repay the debts you owe your mortgage lender with affordable payments over a set period of years, allowing you to gradually get back on track with your mortgage.

Remember: if your ultimate goal is to save your home, it is essential that you act quickly in order to have your attorney negotiate with your lender before the date of your foreclosure sale. Failure to act before that date means that you may very well be evicted in the near future. Call our office today.

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Do I Need a Lawyer to Fight a Foreclosure?

If you are about to enter into the home foreclosure world, you may be wondering if it is something you can handle on your own. While it is true that you are legally allowed to deal with your own foreclosure case, it is highly recommended that you seek counsel to assist you through the foreclosure process. The only exception would be if you are in agreement with the foreclosure commencing – in which case, you would simply need to find alternative living space.

On the other hand, if you want to remain in your home and are being foreclosed upon, whether justly or in error, it’s in your best interest to hire the most qualified foreclosure defense attorney in NJ that you can find. It may seem counter-intuitive to pay some of your valuable money to retain a lawyer to handle your foreclosure defense. After all, if you’re going through a foreclosure, chances are good that you are stretched a little thin.

However, in this case, going the cheap route (handling the matter without an attorney, or hiring an attorney who knows little about foreclosure) can often end up being more expensive in the long run. The reason for this is because foreclosure laws are extremely complicated, as are rules surrounding foreclosure litigation. As a matter of fact, it is an area of law that many attorneys know nothing about.

This makes it all the more important to find an attorney who is extremely qualified to represent you in your New Jersey foreclosure defense. You will want an attorney who specializes in foreclosure defense, and who has quite a few successful cases under his belt.

Every foreclosure case is complex and unique. Good foreclosure defense attorneys know this and do not treat all foreclosures equally. You want to work with an attorney who has a deep understanding of foreclosure rules, procedures and legalities.

Your qualified New Jersey foreclosure defense attorney will sit down with you and examine all of the details surrounding your specific foreclosure case. He will ask you about your goals and then tell you what your options are. Working closely together with you, a qualified NJ foreclosure defense lawyer will create a strategy specific to your case details and your goals.

Whether you are already knee-deep into the foreclosure process, have simply fallen behind on your monthly payments, or if you are keeping up with your payments but really struggling, you can benefit from meeting with George Veitengruber, Esq. George is a highly qualified foreclosure defense attorney in New Jersey and makes it his goal to keep clients in their homes. He has an extremely high success rate when it comes to foreclosure defense.

To learn more about how Veitengruber Law can help you get through your foreclosure case and end up where you want to be, simply call now for a free consultation appointment. (732) 852-7295. That’s right – we said FREE! If you feel more comfortable emailing rather than calling, simply click here to send us a message about your needs. In the meantime, feel free to browse through some our previous law blog entries regarding foreclosure so that you can begin learning the ins and outs of the process.

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How to File for Bankruptcy and Keep Your Home

Many people who are hundreds of thousands of dollars in debt have probably considered the option of filing for bankruptcy. Those who are hesitant are many times hung up on one detail or another that keeps them from moving forward with the bankruptcy process. One such common detail is the fear of losing literally everything, including your home.

Filing for a chapter 7 bankruptcy and allowing your home to be sold in foreclosure is definitely one option available to debtors who are struggling with no real end in sight. For these debtors, allowing their home to sell via foreclosure frees them up to move to a smaller home, apartment or other rental that falls within their budget. Additionally, sometimes these debtors have the ability to stay with friends or family indefinitely, so allowing their lender to foreclose on their home is not as big of a deal.

On the other side of the coin are different group of people who will do anything to avoid losing their family home. Perhaps the home has been in the family for many generations, or the home has special meaning for other reasons. It’s also possible that staying in the home may be the most financially feasible option for some people, and they may not have anywhere else to go if the home is foreclosed upon.

So the question this group of people asks themselves is, “Will I lose my home if I file for bankruptcy?”

Filing for bankruptcy while keeping your home is definitely a possibility, but the devil is in the details. Depending on your income, credit score and any savings you may have, it may be possible for you to apply for a loan modification. With the help of a bankruptcy attorney in New Jersey, you could make settlement offers with your creditors that will allow the accounts to close and get you on a repayment schedule so that your credit score can begin to repair itself.

Depending on your age, you may also be eligible for a reverse mortgage, and under certain circumstances, any income tax debt may be dischargeable in a bankruptcy.

Filing for a chapter 13 bankruptcy is your best option when retaining your home is your ultimate goal. A chapter 13 bankruptcy is a repayment plan which reorganizes your debt in such a way that is appropriate and affordable to you. Chapter 7 is a liquidation bankruptcy option, which would mean you would lose your home and many other assets in order to be able to repay your other debts.

For more information about filing for bankruptcy in NJ and keeping your home, call or contact our office today. We offer all new clients a free consultation.

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Am I Legally Responsible for My Late Husband’s Debts?

Grieving the loss of a spouse is one of the most stressful periods of anyone’s life, because unfortunately the surviving widow(er) often has much more to deal with than simply grief. Spousal death can leave anyone literally reeling.

In addition to the sadness you are feeling, there are many details to arrange including arranging a funeral, viewing, or other remembrance ceremony for your beloved. On top of the minutiae of planning the commemoration, there are usually other circumstantial issues plaguing your every waking thought regarding your children and/or money. This is especially true if you were not the spouse who was “in charge of” or largely responsible for your family’s finances.

Some of the most common questions running through your mind may include:

• How will I pay for the funeral?
• Will I be able to pay all of the bills without my spouse’s help?
• Is there a life insurance policy to assist me? If so, how do I access it?
• Has my spouse written a will (Estate Plan)?

As you attempt to find answers to these questions, you may realize that you have additional questions once you start sorting through some of the necessary paperwork.

Sometimes, you may even uncover some information that is quite a surprise, like money problems you were in the dark about – perhaps loans that were taken out without your knowledge.

Chances are good, that, as a married couple, most of your finances were merged long ago. However, if you discover that your late husband or wife had personally signed for loans or had taken on other debt without your knowledge, are you now responsible for those debts?

This is actually a situation that arises more often than you might expect. The answer to this question depends on the type of debt that was incurred, and whether or not your signature is on any of the paperwork. Even if you say you were completely unaware of a particular loan, proving that your late spouse forged your signature isn’t an easy task (but not impossible, if it really is the case).

If your late husband or wife personally signed for a home equity loan or other loans wherein your house was used as collateral, you will not be held responsible for paying the lenders. However, the debts will remain attached to the property, so if you wish to continue living there, you will need to address the debts whether you previously knew about them or not.

Filing for bankruptcy after the death of a spouse happens quite often, but in the event that you want to keep the home that you’re living in, a bankruptcy will not discharge the loan(s) taken out by your late spouse unless you plan to enter into foreclosure.

If you have more questions about what to do after the death of your spouse in the State of NJ, call or contact our office today so that we can sit down with you in a free consultation and start sorting out your financial future.

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Home Ownership & Student Loan Debt: How They’re Connected

Applying for a mortgage loan is akin to putting all of your financial cards on the table. Because the amount being borrowed is so high (in most cases), lenders will scrutinize all of your money decisions with a fine tooth comb. With that being said, it is best to wait to apply for a mortgage loan until such a time when your other financial obligations are low and your credit score is good.

However, everyone knows that life doesn’t always go as planned, and many millions of Americans are finding themselves paying off student loan debt years, sometimes decades after they have finished college. Many of these people may have in fact defaulted on their student loans, which can result in a legal judgment from the court.

Understandably, lenders are very wary of giving a loan to someone who has already defaulted on a loan in the past. They’d rather not take the risk of losing big-time money, and may pass you over for the next borrower ‘standing in line.’

So, what is a person to do if they are working hard to make good on an old student loan judgment? Must they wait until their loan is 100% paid off to pursue their dream of owning a home?

The real answer to this question is “maybe.” While that answer may not seem very encouraging, it’s better than an outright “no.” Lenders are going to look at more than just an outstanding student loan judgment (even if you are currently making steady payments on that loan via wage garnishment).

Another big factor that mortgage lenders are going to take into account is your overall credit score and your credit report. If you haven’t taken a look at your credit report recently, take advantage of the free report available to you at annualcreditreport.com. If you want to know your actual score, you will simply have to pay an extra $10.

If your score is at least fair, (above 630), that is proof that your student loan has not put a permanent albatross on your credit score, and moving ahead with applying for a mortgage loan is definitely within the scope of reasonable actions for you at this time.

If, on the other hand, your credit score is less than 630, you probably won’t get approved for a mortgage loan immediately, but you do have several options to help yourself move toward that goal.

First, make contact with your student loan lender(s). By reaching out to them personally, you’ll likely have a better chance of getting out of student loan debt much faster than you will on your current payment schedule. Many lenders have a rehabilitation program that helps debtors get back on track. If your lender is not amenable to speaking with you or negotiating with you, contact a New Jersey attorney who has experience dealing with both student loan debt and real estate. The right NJ attorney can negotiate your outstanding debts down to a much more manageable level – so much so that the fees associated with hiring an attorney will seem like a drop in the bucket.

Another thing you can do is apply for three secured credit cards and begin using them as soon as you receive them in the mail. Pay off the balances consistently every month for the next six months. This action alone will boost your credit score and help put you in position to get that mortgage loan, and get into the home of your dreams.

To get additional information and help negotiating your student loan debt, contact our office now for a free consultation. (732) 852-7295

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If I File for NJ Bankruptcy, Will I Lose My Car?

Just the idea of filing for bankruptcy in NJ can be truly exhausting and stressful. Add in all the questions that come up along the way, and you have a recipe for massive confusion. Luckily, you have already acknowledged that bankruptcy may be a good way for you to get your financial life back in order. That is the first step toward making better decisions that will turn your situation around.

Many people avoid filing for bankruptcy for far too long because of fears, misinformation or misunderstandings about what actually happens when bankruptcy is filed. The best way to make sure you have accurate information about your NJ bankruptcy petition is to work closely with an experienced bankruptcy attorney.

Your NJ bankruptcy attorney will be able to look at your unique financial details and explain to you exactly what may or may not happen should you decide to file for bankruptcy.

Some of the most common questions asked by clients who are contemplating a bankruptcy case include: Will I lose my house? Will I be able to buy a new house? What will happen to my retirement benefits? Will I be able to accept an inheritance? How much of my Social Security check will go to paying off my debts?

Today, we will try to answer the question pretty much everyone wants to know:

Will I lose my car?

Understandably, fear of losing your mode of transportation is quite high for those people who are already struggling to make ends meet. The lack of a proper vehicle may inhibit them from getting to their job every day, which may be the only thing keeping them afloat at this point.

The good news is, that if you own your car outright, you will be able to continue driving to and from work without a problem, as long as it does not have a value above your state’s vehicle exemption amount.

If you are still making payments on your vehicle, it becomes a little bit more confusing. While you are negotiating the terms of your bankruptcy with the help of your NJ attorney, one thing you will have to decide is whether or not you want to keep making payments on your car, or if you want to surrender it.

That’s right, it’s up to you. However, if your vehicle monthly payment is quite high, it would probably be most beneficial to surrender your car in the bankruptcy. In this case, you will not owe any further liability on your vehicle loan after your bankruptcy case is completed, and you can attempt to buy a much less expensive car that falls within your new budget.

If you would like to continue making payments on your vehicle after you file for bankruptcy, you have several options. Sometimes, lenders may simply continue to accept your monthly payment without a reaffirmation agreement (making up a new contract). Some lenders will require that you enter into a new contract with similar terms, stating that you agree to be responsible for the debt even after your bankruptcy case ends.

If at all possible, it is best to keep making your car payment without a reaffirmation agreement because if you do end up defaulting on your payments, you won’t owe any deficiency amount, because it will have been removed from your responsibility in your bankruptcy case.

If you do agree to reaffirm your car loan, your lender can repossess your vehicle if you default on payments, and you will be responsible for any deficiency, since you agreed in writing to be responsible for the debt after your bankruptcy case.

 

Image credit: Michael Evans

 

When Should I Make Changes to my Will?

We understand just how uncomfortable it can be to give much thought to your own mortality. Sometimes, however, it’s necessary to put your discomfort aside in order to do the right thing, which, in this case, is setting up an Estate Plan.

Otherwise referred to as a “will” or Last Will & Testament, having an Estate Plan in place means that your loved ones will have the guidance they need after your passing in order to make decisions on your behalf. Keeping your Estate Plan updated means that you may be able to keep your dearest family members and friends out of major disagreements that can be extremely harmful during the mourning period.

Assuming that you already have a will in place, many people wonder if and when it is necessary to make changes to their Estate Plan. After all, our world is an ever-changing place, and naturally, so are our lives. What we set into place five years ago may be obsolete today.

Consider making formal changes to your New Jersey Estate Plan if:

• Your love life blossoms – Whether you get married or enter into a long-term committed relationship, it’s important to add your significant other to your will, because without doing so, your legal partner has a right to half of your property and a partner that is not legally recognized will get nothing. If you object to either of those situations, you need to put it in writing.

 

• A marriage ends in divorce – Although most states automatically revoke any property rights from a former spouse as soon as a divorce is finalized, some states do not. It’s important to check. Also, it’s entirely possible that you may still want to include your ex-spouse in your will, especially if you have children together. If that’s the case, you may have to “write them back in.” You may also need to make changes if someone named in your will gets divorced – for example if your daughter divorces her husband, you may no longer want him to be named in your will.

 

• You hear the pitter patter of little feet – Whether you give birth to, adopt, or gain step-children by marriage, you’ll want to ensure they are cared for in the event of your passing. Children are automatically given certain rights to some of your property, so if you want to be specific about who will receive what, be sure to put that in your Estate Plan. Also note that step-children are not automatically entitled to inherit anything from you, but most step-parents do want to include them.

 

• You have a change of heart – Let’s face it – things happen in life, and that’s putting it mildly. Oftentimes, people change their mind about who they’d like to leave part or all of their property to – due to special or unforeseen circumstances not listed above. The important thing is making sure it’s in writing, because otherwise, you’ll be shaking your fist from beyond.

 

But How Do I Change My Will?

You can make changes to your will by speaking to an attorney who specializes in NJ Estate Planning. He will help you modify your paperwork by adding a codicil or by writing a completely new Estate Plan. A codicil is an amendment or a “PS” to an Estate Plan document that overwrites part of your will or adds new provisions. If you decide to add a codicil, it must be signed and legally witnessed exactly as your original Estate Plan was in order to be legal. Today, it is usually much easier to create a completely new Estate Plan, stating in which that you revoke all past wills and codicils. This helps to avoid any confusion regarding which papers are most current and accurate at the time that they become necessary.

Image credit: Walter