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Bankruptcy Help

Low Bankruptcy from Stanley Low on Vimeo. If you are in financial trouble and fear you are facing bankruptcy, call Low & Low Bankruptcy Lawyers to help you through this difficult process. Bankruptcy is not the end, it is a second chance. Visit our website for bankruptcy tips to help you during this time and call us today at (201) 343-4040 to schedule a free consultation! We are here to help you!

Tips for Purchasing a House After Bankruptcy

There is a common misconception that filing for bankruptcy permanently ruins your credit and your ability to take out future loans. As your bankruptcy attorney in Elizabeth can explain, you can still secure a mortgage loan following your discharge. This means you can become a homeowner once again, so long as you have a steady income from your job. In this video, a bankruptcy attorney explains how bankruptcy discharge affects the mortgage loan process. As he explains, lenders will now look at you as a first time homebuyer. This means that they will consider the stability of your present income, your amount of existing debt, and the amount of the potential loan compared to your monthly income. Call (201) 559-9999 to schedule a consultation with the bankruptcy attorneys of Low & Low Bankruptcy Lawyers. We have more than 40 years of combined New Jersey legal experience and offices in Hackensack, Elizabeth, and Jersey City.

Can You File a Loan Modification While in Bankruptcy?

If you’ve filed for Chapter 13 bankruptcy, you will be repaying a portion of your debts over the next three to five years through your bankruptcy trustee. This type of bankruptcy is the one type in which you can eliminate a second mortgage. You can also take this opportunity for loan modification in Elizabeth to secure a very low interest rate. In agreeing to loan modification, you will need to satisfy your lender’s conditions. Your lender will likely require you to obtain court approval for the loan modification and you will probably need to file a motion and get a judicial order approving the modification agreement. While this step may be unnecessary in some places, your lenders may want assurance that the modification doesn’t violate the protections you obtain through bankruptcy. Once you secure loan modification, you will need to modify your Chapter 13 bankruptcy plan. As you will likely have more disposable income after modification, you will need to use that additional money to pay back your creditors. For more information on filing for bankruptcy or loan modification in Hackensack, contact Low & Low Bankruptcy Lawyers. You can reach our bankruptcy attorneys by dialing (201) 559-9999.

What Are the Benefits of Filing Chapter 7 Bankruptcy?

Unlike Chapter 13 bankruptcy, Chapter 7 bankruptcy does not involve the filing of a repayment plan. Instead, your bankruptcy attorney in Hackensack will help you identify what property you have subject to liens and mortgages, which pledge the property to your creditors. While you can keep certain exempt property, your bankruptcy trustee will liquidate your remaining assets—and the remainder of your debt will be forgiven. Stop Collection Phone Calls If you are considering filing for bankruptcy, you may already have creditors calling you at all times of day, night, and weekends. As soon as you file for bankruptcy, an automatic stay goes into effect. This makes it illegal for your creditors to continue making those phone calls or harassing you about your debt. Keep Your House and Car There is a common myth that filing for Chapter 7 bankruptcy results in the loss of your most valuable possessions. As your bankruptcy lawyer will explain, so long as you don’t have too much equity and aren’t already subject to foreclosure proceedings, you can generally keep your house. Depending on the value of your car, you may also be able to keep your car in accordance with certain exemptions of the bankruptcy code. Erase Unsecured Debt If you qualify for Chapter 7 bankruptcy, most debt not backed by collateral can be completely liquidated. In fact, the only debt your unsecured creditors may receive in a Chapter 7 bankruptcy proceeding is the portion of the value of any seized property. However, most bankruptcy cases don’t result in any property seizure. Avoid Court Proceedings In a Chapter 7 bankruptcy petition, you are only subject to one mandatory appearance before the bankruptcy trustee. This occurs during your creditor’s meeting. It’s possible that your trustee or creditors may have further questions that require a hearing before a bankruptcy court, but this is rare. For more information about Chapter 7 bankruptcy, call Low & Low Bankruptcy Lawyers at (201) 559-9999. We have offices in Hackensack, Jersey City, and Elizabeth. Additionally, our bankruptcy attorneys have more than 40 years of combined New Jersey legal experience.

Comparing Your Bankruptcy Options

When you meet with your bankruptcy lawyer in Elizabeth, he or she will help you determine whether Chapter 7 or Chapter 13 bankruptcy is your best option. While filing for Chapter 7 bankruptcy results in liquidation and discharge of your remaining debts, filing for Chapter 13 bankruptcy allows you to create a repayment plan. Though you may prefer one option to another, you need to speak with a bankruptcy attorney to assess your eligibility. Basic Operation If you’re filing either a Chapter 7 or Chapter 13 petition, you need to have obtained mandatory credit counseling within the previous 180 days. If you are proposing a debt management plan, then you will need to file that plan along with your bankruptcy petition. If you file for Chapter 7 bankruptcy, the court will appoint a trustee to liquidate and distribute your non-exempt assets. The money from this liquidation is then split among your creditors and your remaining debt is discharged. With a Chapter 13 repayment plan, you will need to stay current on your determined payment amounts over the next three to five years. Eligibility Limitations If you are filing for bankruptcy, you need to pass the means test to qualify for a Chapter 7 petition—if your monthly income is higher than the median income in your state, you will likely be ineligible for a Chapter 7 petition. If you are ineligible, your bankruptcy lawyer can help you propose a repayment plan and possibly qualify for Chapter 13 bankruptcy. Effects on Debt Except for student loans, child support obligations, and taxes, most of your pre-petition debts are dischargeable under a Chapter 7 petition. Meaning, once your bankruptcy is concluded, you will no longer be liable to your creditors for those debts. Under a Chapter 13 petition, you will continue to pay off your debt according to your plan until the court enters a discharge order. The bankruptcy attorneys of Low & Low Bankruptcy Lawyers file more than 800 bankruptcies each year. We offer the necessary guidance to help our clients thrive in the current economic state. To schedule a consultation, please call (201) 559-9999.

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