Last updated 6 days ago
Most bankruptcy lawyers agree that bankruptcy should be a last resort. After you’ve unsuccessfully tried budgeting, credit counseling, and other debt relief measures, consider setting up a meeting with a bankruptcy attorney. Before you decide to go through with the bankruptcy and sign a retainer agreement with your attorney, be sure to ask a few key questions.
“Is bankruptcy truly the right option for me?” is one question you should ask right away. Your attorney should thoroughly look over your finances and help you explore your options. You might also ask the attorney questions about his or her background, such as “how long have you been practicing bankruptcy law?” and “how many clients have you helped?” Once you feel comfortable with your attorney, then you can sign the retainer agreement.
Call Low & Low Bankruptcy Lawyers at (201) 546-5753 to set up a free initial consultation. If you live in the Hackensack area, we can help you explore your bankruptcy options and find solid financial ground.
Last updated 13 days ago
Like most people, you probably go about your daily life without expecting to be sued. When you get served with legal paperwork, you might feel frightened, confused, or both. If you go to court and lose the lawsuit, the judge will order you to pay the plaintiff. However, you may be able to avoid paying if you declare bankruptcy. Read on to learn more about judgment liens and bankruptcy.
Judgment Lien Basics
A judgment lien is a type of financial obligation that a judge imposes on an individual who loses a lawsuit. Judgment liens are nonconsensual, which means the defendant has no say as to whether or not the lien is imposed. If the defendant ignores the lien, his wages will likely be garnished until the lien amount is repaid.
Types of Judgment Liens
A judgment lien can be attached to many different kinds of property, including personal property, vehicles, and real estate. If you don’t have enough liquid assets to satisfy the lien, the value of your property may be used to pay off the remaining balance. The imposition of a judgment lien on personal property could lead to the forfeiture of said property.
Avoiding Judgment Liens
If your judgment lien is insurmountable given your current financial situation, you’ll be relieved to know that there are ways to avoid or eliminate such liens. Part of filing for Chapter 7 bankruptcy involves the halting of all debt collection actions, including lawsuits from creditors. Though Chapter 7 liquidation may also involve the forfeiture of property, it offers the debtor a clean slate. Speak with a skilled bankruptcy lawyer in Hackensack to learn more about the relationship between bankruptcy and judgment liens.
Low & Low Bankruptcy Lawyers is dedicated to providing high-quality legal services to the people of the Hackensack area. If you’re facing a lawsuit as a result of your inability to pay your debts, we will gladly help you explore all your options, including bankruptcy. Call our Hackensack bankruptcy law firm at (201) 546-5753 to set up an appointment.
Last updated 19 days ago
Filing for bankruptcy is a complex and often confusing process. A skilled bankruptcy lawyer can help you make sense of all aspects of the bankruptcy process, including the bankruptcy hearing.
This video explains the role bankruptcy hearings play in bankruptcy proceedings. If you file for Chapter 13 bankruptcy, you will likely only need to attend a hearing in which a judge confirms your repayment plan. If you file for Chapter 7 bankruptcy, you may need to attend a hearing if one of your creditors objects, or if you wish to reaffirm a specific debt.
If you have any questions about bankruptcy hearings or any other aspect of bankruptcy, don’t hesitate to call Low & Low Bankruptcy Lawyers at (201) 546-5753. We have over 40 years of experience providing bankruptcy services in Hackensack.
Last updated 1 month ago
Have you been receiving phone calls from collection agencies? Are you leaving your bills unopened because you’re having trouble paying them? These are indicators of serious financial problems. Although it can be difficult to handle these challenges, it’s important to be realistic. Ignoring your problems won’t make them go away—instead, they’ll usually get worse. Take action by contacting a bankruptcy attorney today to learn about potential solutions. Filing for bankruptcy can enable you to take control of your financial future. Your bankruptcy lawyer can explain which type of bankruptcy might be best for you and what you can expect from the process.
Making Only Minimum Payments
Making the minimum payments on your credit card bills and other types of debt is certainly better than not paying anything at all. However, doing so means that you’re setting yourself up for long-term financial problems. Over the life of a loan, for example, you could be shocked to learn how much you’ll pay in interest if you only meet your minimum obligations. In fact, depending on your interest rate, you could end up paying twice as much as what the item originally cost.
Using Your Savings Regularly
Having a healthy savings account can give you peace of mind. Your savings account will help you avoid incurring new debt in the event of an unexpected expense, such as a major car repair or medical bill. However, if you find yourself using your savings on a regular basis to pay for everyday expenses, you’re compromising your financial future.
Paying Off Debt by Incurring New Debt
Many people take advantage of low introductory interest rates on lines of credit to pay off other forms of debt. Unfortunately, this could end up costing you more in the long run. You may end up paying high balance transfer fees and more in future interest payments.
If your financial situation is keeping you up at night, it’s time to take action to resolve your problems. Contact Low & Low Bankruptcy Lawyers at (201) 546-5753 to learn how filing for Chapter 13 or Chapter 7 bankruptcy can help you rebuild your finances and get back on track. Our bankruptcy lawyers are available in Jersey City, Hackensack, Elizabeth, and West New York.
Last updated 1 month ago
If you are currently employed, filing for bankruptcy will not result in your termination. Private and government employers cannot legally fire anyone because of a bankruptcy filing, nor can they demote you or take any other discriminatory action against you. If you have a job that requires a security clearance, bankruptcy may even work in your favor. A significant amount of debt is considered undesirable for these types of employees because of the potential risk of blackmail. Filing for bankruptcy to discharge debt or restructure it can only benefit these types of employees.
Under most circumstances, those who file for a Chapter 7 bankruptcy do not need to worry that their employer will find out about it. The employer will only be alerted to the situation if a creditor had previously arranged for wage garnishment because filing for bankruptcy will stop wage garnishment. An employer may find out about a Chapter 13 bankruptcy because the judge may order payments to be deducted from your wages.
Low & Low Bankruptcy Lawyers guides hundreds of clients through the bankruptcy process each year. Contact our bankruptcy attorneys in Hackensack, Jersey City, or Elizabeth by calling (201) 546-5753.