Last updated 5 days ago
Compulsive shopping is more than being careless with finances. It is actually a disorder in which someone has difficulty controlling the impulse to spend money, as buying something results in a high similar to using alcohol or drugs. For compulsive shoppers, it’s very difficult to stop spending money because they are constantly chasing the high they feel when they buy new things.
The longer it takes someone to get help for compulsive shopping, the harder it will be to achieve a fresh financial start. In this video, a compulsive shopping psychologist discusses three warning signs of compulsive shopping behavior. Often times, someone doesn’t recognize a problem until loved one’s begin to notice or creditors begin to call.
Founded in 1965, Low & Low Bankruptcy Lawyers has more than 40 years of New Jersey legal experience. Call (201) 546-5753 to speak to a Hackensack bankruptcy attorney if your spending habits have propelled you into overwhelming debt.
Last updated 12 days ago
Chapter 11 bankruptcy is an option for small businesses looking to restructure and stay in operation. Though many small businesses may prefer filing for Chapter 13 bankruptcy, Chapter 11 is the only restructuring option for partnerships, limited liability companies, and corporations. In addition, individual debtors seeking reorganization bankruptcy who don’t qualify for Chapter 13 can also utilize a Chapter 11 bankruptcy option.
Filing and reporting duties
Small businesses that file Chapter 11 bankruptcy have additional reporting and filing requirements than individual debtors. For example, a small business is required to attach its most recently prepared balance sheet, statement of operations, cash flow statement, and federal tax return to the bankruptcy petition.
Unless the bankruptcy court sets a deadline, petitioners don’t usually have a deadline for filing a Chapter 11 plan. However, small businesses filing for Chapter 11 bankruptcy have 300 days to propose their plans. This deadline can be extended if the business proves that it was unable to create an approvable plan in the time period.
Similar to prospectuses for stock offerings, disclosure statements provide detailed information about the debtor and his or her proposed plan. However, the disclosure statement is expensive to prepare, so the bankruptcy court may waive the requirement to small businesses filing Chapter 11. Waiving the disclosure statement can significantly expedite the process.
Exclusive period to propose plan
Sometimes, creditors will file competing Chapter 11 plans. In these cases, the creditors usually plan for the liquidation or takeover of the debtor’s assets and business. The bankruptcy court grants small businesses a 180-day extension for having the exclusive right to propose a Chapter 11 plan. This reduces the risk that a small business will have to litigate competing plans, which could jeopardize the business.
If you would like to learn more about filing for bankruptcy in New Jersey, contact Low & Low Bankruptcy Lawyers at (201) 546-5753. Our friendly, efficient staff is here to walk you through the bankruptcy process. Since 1965, our Hackensack bankruptcy attorneys have offered the guidance our clients need to regain control of their finances.
Last updated 19 days ago
Bankruptcy law can be incredibly complex, and it becomes even more difficult with the added twist of family law judgments. State courts decide on marriage and divorces, while federal courts decide on debt discharge in bankruptcy. These two venues sometimes contradict one another, which is why divorced individuals filing for bankruptcy should consult an attorney prior to filing any paperwork.
Bankruptcy Before a Final Divorce Decree
If a couple is separated or only recently filed for divorce, the financial obligations of each partner have not legally changed. Thus, both parties are probably liable for all debt accrued during the course of the marriage. In the event that one spouse files for bankruptcy before a state judge issues the final divorce degree, creditors have every right to go after the other spouse to collect their debts. The banks can do this even if the couple signed a debt payment contract between themselves.
Bankruptcy After a Final Divorce Decree
Once a state family law judge issues a formal divorce decree, the couple is no longer legally married. However, they may still be jointly liable for some debts accrued during the course of the marriage. In that situation, the bankruptcy court would look at the contents of the actual divorce document to see which spouse agreed to pay for which debts. Individuals should keep in mind that they may be unable to discharge debt assigned to them during a family law or divorce proceeding because it is classified as a “court judgment” as opposed to a debt.
If you are considering filing for bankruptcy and are recently divorced or re-married, consult a local attorney as soon as possible. The complexity of family and bankruptcy law means that no two cases are alike, and customized legal advice can save you thousands of dollars. Hackensack-area residents in need of New Jersey-specific help should consult the skilled team at Low & Low by calling (201) 546-5753 today.
Last updated 26 days ago
Each state has the right to regulate the logistics of when, why, and how banks can foreclose on homes in the event of mortgage delinquency. In the event that a New Jersey homeowner falls behind on his or her mortgage, the bank has to follow proper protocol before taking possession of the property. In the event that the bank violates these due process considerations, the foreclosure may be stopped.
New Jersey law requires that all foreclosure orders take place in front of a judge. A bank that wishes to foreclosure on a property must notify the borrower, advertise in at least two newspapers in the county where the home is located, and post notice in the county courthouse.
The experienced attorneys at Low & Low know the ins and outs of New Jersey foreclosure regulations, which means they can help clients fight back against overzealous banks. If you have questions about your specific situation, call our office today at (201) 546-5753.
Last updated 1 month ago
Families facing financial difficulties should know about their options. This video explains how and why bankruptcy can help households shed debt while keeping their homes and cars. It is important to note that this process can only discharge certain types of loans, so potential filers should speak to a lawyer about how the law applies to their specific finances.
Bankruptcy filings are up around the country due to the poor job market, increasing healthcare costs, and rising cost of living. Some households are choosing to file for Chapter 13, which allows families to keep their home and restructure the loans in bankruptcy. Meanwhile, others are opting for Chapter 7, which can eliminate non-secured debts like medical bills.
If you have questions about bankruptcy, the attorneys at Low & Low can help. We have aided hundreds of New Jersey homeowners with Chapter 13 and Chapter 7 filings, and we can advise you on the best courses of action in your unique situation. Call our Elizabeth-area office at (201) 546-5753 to schedule an initial case evaluation with one of our experienced bankruptcy attorneys.