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    Tips for Managing Your Chapter 13 Payment Plan

    Last updated 3 days ago

    When your Chapter 13 bankruptcy petition is approved, you’ll be required to adhere to a court-ordered payment plan to reduce your restructured debt. You’ll either submit your biweekly or monthly payments to the bankruptcy trustee, or the payments will be deducted automatically from your wages. For your debt reorganization to succeed, you must make each payment on time. Your bankruptcy attorney can give you some advice on managing your payment plan.

    Adhering to a Budget
    Successful management of your Chapter 13 payment plan necessitates adhering closely to a strict budget. You can trim unnecessary expenses from your budget, such as entertainment expenses. Instead, look for inexpensive or free alternatives, such as borrowing movies from your local library instead of going out to the theater. Be sure to meet all of your post-filing domestic support obligations or you’ll risk dismissal of your case. Additionally, you must obtain your bankruptcy trustee’s approval before incurring any new debt, since new debt obligations can affect your ability to adhere to your payment plan.

    Handling a Payment Plan Default
    If you fail to make the required payments, the bankruptcy trustee is likely to ask the court to dismiss your case. Consult your bankruptcy attorney immediately to learn about your options. Your bankruptcy lawyer can explain the changes in your finances to the court and request some additional time to get caught up on your back payments. If your pay was reduced permanently, you lost your job, or you are suffering another long-term financial problem, the bankruptcy attorney can submit a new payment plan to the court.

    Understanding Hardship Discharge
    Your bankruptcy attorney may request a hardship discharge if you can no longer meet your payment plan obligations. The court may grant a hardship discharge if your financial circumstances are beyond your control, plan modification is not feasible, and your creditors have received as much as they would have had you filed for a Chapter 7 bankruptcy.

    Since 1965, Low & Low Bankruptcy Lawyers has been proud to serve residents of Hackensack, Jersey City, and the surrounding areas. We not only walk our clients through each step of the bankruptcy process; we also provide individualized financial guidance to help clients avoid future financial problems. Call our bankruptcy attorneys today at (201) 546-5753 to get started working toward a stronger financial future.

    Why Is Chapter 7 Called Liquidation Bankruptcy?

    Last updated 10 days ago

    Chapter 7 bankruptcy is often referred to as liquidation bankruptcy because the trustee can choose to liquidate non-exempt assets and use the proceeds to pay creditors. Exempt assets are protected from sale; you will retain ownership of them. This is why a bankruptcy attorney will often recommend Chapter 7 bankruptcy for individuals who primarily have exempt assets, with few to no non-exempt assets. Chapter 7 is also ideal for those who primarily have dischargeable debt.

    You can learn more about the intricacies of Chapter 7 bankruptcy by watching this video. This expert explains the factors that a trustee will evaluate. He also discusses some of the benefits of this type of filing.

    To learn whether Chapter 7 bankruptcy could be right for you, call Low & Low Bankruptcy Lawyers at (201) 546-5753. We have convenient offices in Hackensack, Elizabeth, Jersey City, and West New York.

    What Are the Top Financial Challenges Faced by Today's Families?

    Last updated 17 days ago

    A 2013 study from Kansas State University found that the leading cause of divorce is money. Even though differences in income between a couple didn’t make a difference, discrepancies in each person’s spending habits, money management styles and goals led to conflict. Here’s a look at the top financial problems couples tend to face.

    Not having enough money
    The biggest financial problem a family can face is simply not having enough money to cover necessary expenses. When a family lives beyond their means, it can lead to debt, which places significant stress on a relationship. For families facing this problem, the best place to start is by simplifying living and learning to live off less. In addition, the couple should make a budget and stick to that agreed budget. This will allow the couple to start paying off their debts, lower their monthly bills, and begin increasing their disposable income.

    Losing a job
    When someone loses his or her job, it affects the entire family unit. Following job loss, the other spouse may need to take on another job or work overtime at the current job. This can be a very stressful situation for adults, and children will begin to sense this stress. When parents are stressed about money, it’s not uncommon for the children to lose the security felt in their homes.

    Incurring health care costs
    With the cost of health care increasing, the average family’s disposable income is simultaneously decreasing. If a family is in good health, then they should consider a high-deductible plan. This will significantly lower the monthly premium. However, if an accident does happen, the family will need to cover the cost of the deductible.

    Founded in 1965, Low & Low Bankruptcy Lawyers maintains offices in Hackensack, Jersey City, and Elizabeth. Each year, we file more than 800 bankruptcies. If you are considering filing for bankruptcy in Hackensack, contact our office at (201) 546-5753.

    How Chapter 13 Bankruptcy Can Help You Mitigate Foreclosure Fees

    Last updated 24 days ago

    If you have a steady monthly income, then filing for Chapter 13 bankruptcy can be a great tool for avoiding foreclosure. In fact, staying current with your Chapter 13 repayment plan can help you repay missed mortgage payments, reduce certain secure debts, contest the legality of proposed foreclosure, and eliminate current liens on your home.

    Filing for Chapter 13 bankruptcy gives you the chance to get your mortgage payments current over time. Usually working out mortgage problems with your mortgage provider results in fees and costs, which makes it difficult for you to reinstate the mortgage. By filing Chapter 13 bankruptcy, you can challenge the legality of these fees. However, Chapter 13 bankruptcy will only be able to save your home if your current income is sufficient to stay current with the proposed repayment plan. In addition, you must plan to pay your bankruptcy trustee approximately 10 percent of the payments you make to your creditors through the repayment plan.

    With offices in Hackensack, Jersey City, and Elizabeth, Low & Low Bankruptcy Lawyers files more than 800 bankruptcies each year. To schedule a consultation, call (201) 546-5753.

    Understanding How Credit Card Interest Works

    Last updated 1 month ago

    Interest is expressed as an annual percentage rate, and it acts as the fee you must pay for borrowing money. When you first take out a credit card, your bank will inform you of the annual interest on the card’s outstanding balance, which is likely between 17 and 20 percent. Each time you receive your credit card bill, it will tell state your minimum required monthly payment.

    This video describes your relationship with your bank when you take out a credit card. If you need to negotiate your payment, the key is remembering how much the bank is required to have to lend the money. In order to lower your interest rate, you need to use your FICA score and negotiate.

    Low & Low Bankruptcy Lawyers offers the necessary guidance to help clients through financial problems. To learn about bankruptcy in Hackensack, call (201) 546-5753.

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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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