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Bankruptcy Tips

If you are considering filing for bankruptcy, there are a few things you can do to help make the process easier. If you file a Chapter 13 early in the bankruptcy process, you can save money in potential legal fees. This can also help increase your credit score. Visit our website to learn more bankruptcy tips or call us today to at (201) 343-4040 to meet with one of our Hackensack bankruptcy lawyers.

Answering Questions About Time-Barred Debt

Bankruptcy attorneys in Hackensack regularly counsel clients who feel overwhelmed by consumer debt. Without turning to a lawyer with experience in bankruptcy law, many of these clients would have falsely believed that they owed money to a creditor who had actually run out of time to collect on a debt. Read on for answers to common questions about time-barred debt. When Is An Old Debt Too Old For a Collector To Sue? Usually, the clock starts ticking when a consumer fails to make a payment. But when it stops depends on the state where you live and the kind of debt you are carrying. For example, the statute of limitations for credit card debt in a few states may be as long as 10 years, but many states impose a limit of three to six years for a creditor to sue. What Should I Do if a Debt Collector Calls About a Time-Barred Debt? If a collector doesn't tell you that a particular debt is time-barred but you believe that it is, ask the caller if the debt is beyond the statute of limitations. Bankruptcy attorneys also advise clients to ask what the collector’s records show as the date of the last payment. If a debt collector does not provide this information, send a letter explaining that you would like to verify the debt. Must I Pay a Debt That's Considered Time-Barred? Make sure to discuss your best course of action with a bankruptcy lawyer. Remember that even if a collector can no longer sue you, you still owe the bill. Not paying a debt can lower your credit rating and make it harder to get credit or insurance. Your lawyer may also be able to negotiate so you only pay back part of the debt and the rest is forgiven. Do you need help filing for bankruptcy? The experienced attorneys at Low & Low Bankruptcy Lawyers are here for you. With decades of experience, we have helped countless satisfied clients in Elizabeth, Jersey City, and Hackensack regain their financial footing. Learn more about our bankruptcy law services by calling (800) 343-4749.

What Happens When You File Bankruptcy During Divorce?

While filing for bankruptcy will not affect actions to establish custody or child support, it will pause the ongoing division of property during a divorce proceeding. Make sure to consult with a lawyer for bankruptcy tips and bankruptcy advice before making any decisions. When you do file for bankruptcy, most of your property becomes the property of your bankruptcy estate. Additionally, an automatic stay goes into effect that prohibits all actions to obtain or exercise control over property of the bankruptcy estate. That means that any proceedings to divide joint property, or the estate, will be stalled. Are you considering filing for bankruptcy? Consult with one of the loan modification and bankruptcy attorneys at Low & Low Bankruptcy Lawyers. With convenient locations in Elizabeth, Jersey City, and Hackensack, you can schedule a consultation and get legal advice from a bankruptcy attorney today. Call us at (800) 343-4749 to learn more about our services.

What Is an Objection to Bankruptcy Dispersement?

When a client and his attorney declare bankruptcy in Elizabeth, all of the client’s assets must be turned over to the court. A court-appointed trustee then decides how the creditors are going to be paid via the following process. First, creditors file proofs of claim to state how much money they are owed. Next, the trustee decides how funds will be distributed amongst creditors. The trustee will file a report that is available for creditors to look at. If you want to object to how the money is being distributed, you and your attorney need to file a formal objection with the court—or you may lose your right to object at all. Only a bankruptcy lawyer can make sure that the objection is properly and timely filed. Find out more about bankruptcy law and get advice about your case by calling Low & Low Bankruptcy Lawyers at (800) 343-4749 today.

Tips for Preparing a Loan Modification Hardship Letter

If you are facing serious financial hardship but are not yet ready to declare bankruptcy, you should consider speaking with an attorney about loan modification in Elizabeth. Homeowners can often sometimes foreclosure by working with their lenders to change the terms of their mortgage loans to make the payments more affordable. Keep reading for some helpful pointers on how to write a loan modification hardship letter to your lender. Consult an Attorney When you apply for a mortgage loan modification, the central part of your request centers around your hardship letter. Because the letter is so essential, you may want to start out by speaking to a bankruptcy lawyer who can offer you legal advice. An experienced attorney knows the proper format and ingredients of a hardship letter and can help you determine your best legal course of action. Describe Your Hardship In the first paragraph of your letter, advise your lender that you are seeking a loan modification. Next, explain the financial hardship that prompts you to make the request. For example, some people seek loan modifications after a job loss or loss of income. Other times, a primary wage earner has died or has had substantial medical bills that have made it impossible to keep up with regular payments. Suggest Viable Solutions If you want to structure a loan modification so you are able to keep your home, make sure to state that clearly. Remember, lenders do not grant mortgage modifications easily. Borrowers who present solutions for making regular payments are more likely to have their requests granted. Make sure you are clear about exactly which terms of the mortgage you would like to have changed. Provide Contact Information Finally, make sure to include your phone number and e-mail address in addition to your permanent home address. If the loan is in two people's names, each borrower should sign and date the letter. The team of lawyers at Low & Low Bankruptcy Lawyers is pleased to offer a wide range of legal services, including loan modification and bankruptcy assistance. Whether you need bankruptcy tips or want legal advice on how to prepare a loan modification letter, contact our Hackensack area office by calling (800) 343-4749.

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