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    Working with Your Bankruptcy Trustee

    Last updated 3 days ago

    If you’re behind on your mortgage payment, living paycheck to paycheck because of credit card debt, or just feeling anxious or depressed due to your financial situation, bankruptcy may be your best and only solution. In addition to your bankruptcy lawyer, another person you’ll meet is a bankruptcy trustee. The trustee administers the bankruptcy estate and generally moves your case through the bankruptcy process until it’s complete. This brief article will guide you through the duties and responsibilities of your bankruptcy trustee so you know what to expect when working with this individual. 

    Primary Trustee Duties
    One of the most important duties of the trustee is to administer the bankruptcy estate, which is the property and related rights of someone who files a bankruptcy petition. For all non-exempt property, the trustee must collect estate property, convert it to cash, and divide the proceeds amongst the creditors. The trustee also handles intangible property (stocks and licenses, for example) and voids certain transactions involving estate property.

    Chapter 7 vs. Chapter 13 Responsibilities
    Trustee duties vary somewhat, depending on the type of bankruptcy case. In a Chapter 7 bankruptcy case, the trustee has the duty to administer the case and represent the interests of unsecured creditors. In these cases, the trustee will investigate the debtor’s assets and send required notices to the parties involved. For Chapter 13, a trustee has added duties related to administering the debtor’s reorganization payment plan. Your trustee make sure all payments are made on time and in full.

    Here at Low & Low Bankruptcy Lawyers, we can help eliminate your financial burdens and frustrations. Visit one of our four locations in Elizabeth, Jersey City, Hackensack, and West New York. Contact us online or call us at (201) 546-5753 to speak with one of our experienced bankruptcy attorneys about your case.

    Understanding Bankruptcy's Limitations

    Last updated 9 days ago

    Bankruptcy is used by countless Americans every year to get out of debt and regain their financial independence. However, filing for bankruptcy does not automatically wipe out all of your debts. In fact, there are quite a few types of debt that cannot be discharged through bankruptcy, including child support, alimony, student loans, federal income tax, and employer withholding taxes. Furthermore, bankruptcy does not wipe out mortgages or car loans. If the debtor wishes to keep his home or vehicle, he must continue to make payments agreed upon by the bankruptcy court or trustee.

    Watch this video to learn more about the limitations of bankruptcy. To understand how bankruptcy can help you and your family, contact the law team at Low & Low Bankruptcy Lawyers. Our experienced bankruptcy attorneys serve residents throughout the Garden State with locations in Elizabeth, Hackensack, Jersey City, and West New York. Contact us online or call us at (201) 546-5753 to schedule your initial consultation with one of our bankruptcy lawyers.

    What is a Bankruptcy Audit?

    Last updated 17 days ago

    Bankruptcy is a powerful tool. Unfortunately bankruptcy is routinely abused, which is why federal bankruptcy watchdogs attempt to ferret out fraud by auditing consumer debtors. If your bankruptcy case is audited and the U.S. Trustee’s office finds evidence of fraud, it could lead to the dismissal of your case or even criminal penalties. Filing with a bankruptcy attorney is one way to make sure that your claim is accurate and to the letter of the law, but it doesn’t completely eliminate your chances of being audited. To help you prepare in the event that your claim is audited for accuracy, here is a closer look at the bankruptcy audit process.

    Random vs. Non-Random Selection
    Random and non-random selection are two ways that the U.S. Trustee selects bankruptcy cases for audit. U.S. bankruptcy law permits the U.S. Trustee to randomly audit one out of every 1,000 Chapter 7 or Chapter 13 cases filed. The U.S. Trustee’s office will also audit bankruptcy cases based on red flags in the petition, such as when the debtor’s income and expenses greatly vary from those of most filers in their filing district.

    Bankruptcy Audit Procedures
    After identifying a case for audit, the U.S. Trustee selects an audit firm to conduct the audit. The firm will review the debtor’s petition, schedules, and documents and verify the debtor’s income, expenses, and assets reported therein. The firm has three weeks (21 days) to complete the audit and submit its report to the U.S. Trustee’s office. If the firm discovers material misstatements, the debtor must then provide evident that explains the misstatements.

    Even if you don’t mean to commit fraud, it can be easy to accidently misstate your income, expenses, or assets when filing bankruptcy on your own. To make sure that your claim is accurate and legal, contact Low & Low Bankruptcy Lawyers of Hackensack, NJ. At Low & Low, our experienced bankruptcy attorneys will help you file Chapter 7 or Chapter 13 and defend you should your case be audited by the U.S. Trustee. Call us today at (201) 546-5753 to schedule your free consultation.

    Can You Choose Which Bankruptcy Creditors are Paid First?

    Last updated 24 days ago

    After you file bankruptcy, there is a way to give one unsecured creditor priority over another. However, unsecured creditors can get priority only if entitled to it by the U.S. bankruptcy laws. Creditors who may be given priority include individuals who are owed child support, former employees who are owed wages, and the taxing authorities. Secured creditors are a different story, particularly in Chapter 7 bankruptcy.

    If you’re thinking about filing bankruptcy, wait until you speak with the bankruptcy attorneys at Low & Low. Our bankruptcy lawyers will help you file Chapter 7 or Chapter 13 and give priority to any unsecured creditors who need money first. Visit our bankruptcy attorneys at one of our four locations in Elizabeth, Jersey City, Hackensack, and West New York. You can also call us at (201) 546-5753 if you have any questions.

    Famous Celebrity Bankruptcy Cases

    Last updated 1 month ago

    If you’re feeling frustrated, anxious, or depressed due to financial debt, bankruptcy could be your solution. While there seems to be a negative connotation associated with bankruptcy, it is a perfectly normal decision for individuals who are buried in debt and struggling to get out. Even celebrities who are supposedly better than the rest of us find themselves in need of financial help. If you’re feeling embarrassed about your financial situation, look at these famous celebrities who decided it was best to file for bankruptcy.

    Burt Reynolds
    Burt Reynolds (and his famous mustache) once had it all: mansions in California and Florida, a helicopter, a private jet, and a 160-acre ranch. But by 1996, Reynolds was just like everyone else. After his fortune had been severely drained by a career slump, failed investments, and a separation from his wife Loni Anderson, Burt Reynolds was forced to file bankruptcy to keep his head afloat financially.

    Wayne Newton
    The crooner who became known as “Mr. Las Vegas” won big in Vice City, but he lost just as much, just as fast. When Newton filed for bankruptcy in 1992 to reorganize some $20 million in debt, he was reportedly making $250,000 each week by performing in Las Vegas. It just goes to show that even with (almost) all the money in the world, bankruptcy is sometimes the only way to get out of debt.

    Mike Tyson
    At one point, Mike Tyson was one of the richest men in the world of boxing. In fact, he was one of the richest men in the world, period. But after years of mismanagement and poor decisions, Mike Tyson had accumulated debts around $38 million. By 2004, he was down to just $1,200 in cash. Luckily bankruptcy helped Tyson before he was totally knocked out by debt.

    If you want to eliminate your debt, reestablish your credit score, protect your property, and give yourself peace of mind, contact the bankruptcy attorneys at Low & Low. Our bankruptcy attorneys help people throughout New Jersey eliminate their financial burdens and frustrations. Visit one of our four locations in Elizabeth, Jersey City, Hackensack, and West New York. Call us at (201) 546-5753 to schedule your initial consultation with a bankruptcy lawyer today.

Do you like Low & Low Bankruptcy Lawyers?

Why Should You Choose Low & Low?

Consultation is absolutely free. We can make the bankruptcy process affordable. We will get you through the process so that your debts will be eliminated. We offer payment plans. We have flexible hours. Low & Low is a father and son Bankruptcy firm, which has been in business since 1965. Our attorneys’ motive is to help you eliminate financial burden and frustration. To learn more, contact Low & Low Bankruptcy Lawyers today at (201) 546-5753.

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