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What Every Senior Needs to Know About Bankruptcy and Retirement

When the idea of bankruptcy comes to mind, you may not necessarily think about retirement. Yet, many more seniors have been filing for bankruptcy than ever before. This is due in part to the rising costs of healthcare, daily living expenses, and taxes, along with stagnant Social Security benefits. If you’re already in your retirement and you’re having trouble making ends meet, consider talking to a bankruptcy attorney about your legal options. Bankruptcy lawyers can help you understand how filing for bankruptcy may affect your retirement. When Might Seniors File for Bankruptcy? There is a significant stigma attached to bankruptcy. Seniors in particular may have trouble admitting that they need help getting out of financial difficulty. Yet, seeking bankruptcy protection is not a reflection on someone’s values, work ethic, or even spending habits. It’s a legal option that seniors may use if they have insurmountable medical bills, for example. Many seniors file for bankruptcy after being forced to use their credit cards to pay for everyday living expenses. Can Seniors Protect the Equity in Their Homes? Seniors are more likely than other demographics to have built up significant equity in their homes. They often rely on that equity to provide a safety net in retirement. Fortunately, a bankruptcy attorney can help preserve home equity. This may be accomplished by either filing for Chapter 13 bankruptcy or by filing for Chapter 7 with a homestead exemption. What Happens to Retirement Accounts? Seniors will be glad to know that most retirement accounts are completely exempt. This means that 401(k)s, 403(b)s, defined-benefit plans, and other retirement accounts cannot be used to pay back creditors. IRAs and Roth IRAs are protected up to more than one million dollars. At Low & Low Bankruptcy Lawyers, we understand that making the decision to file for bankruptcy is never easy. When you consult our bankruptcy lawyers in Hackensack or Elizabeth, NJ, you’ll receive all the information you need to make the best decision for your unique situation. Get started today by calling our bankruptcy lawyers at (201) 343-4040.

A Brief Overview of Bankruptcy Exemptions

If you’re filing for bankruptcy, your bankruptcy attorney may recommend that you file for either Chapter 7 or Chapter 13 bankruptcy. For either type of bankruptcy, exemptions may apply. In Chapter 13 bankruptcy, you’ll repay some of your debt to a bankruptcy trustee. Exemptions for Chapter 13 bankruptcy play a role in determining how much money you’ll have to repay to creditors of unsecured debts. If your bankruptcy attorneys file for Chapter 7 bankruptcy on your behalf, certain assets that you own may be subject to seizure and sale by the bankruptcy trustee. The trustee then uses the proceeds to repay some of your debt. However, some property is exempt from being sold, which means you retain ownership. Your bankruptcy lawyer will file a schedule of exempt assets with the bankruptcy court. This list might include your residence, vehicle, household goods and furnishings, and retirement funds. You can contact a bankruptcy attorney in Hackensack at Low & Low Bankruptcy Lawyers for an in-depth analysis of your financial situation. Call (800) 343-4749 and let us know how our bankruptcy lawyers can help you get back on track.

What to Do When Debt Collectors Call

Dealing with debt collectors is one of the unfortunate realities for most people who fall into debt and fall behind on their obligations. Fortunately, there are consumer protection lawyers out there who can help get debt collectors off your back so you can regroup, recharge, and take the next steps toward managing your debt. Watch this video to learn how a lawyer can assist you if the debt collectors won’t leave you alone. If you want the harassing phone calls to stop, Low & Low Bankruptcy Lawyers can help. Our experienced bankruptcy attorneys serving Hackensack, Elizabeth, Jersey City, and West New York can help you file for bankruptcy and stop the phone calls for good. We invite you schedule your free bankruptcy consultation with one of our experienced and compassionate lawyers by calling us toll-free at (800) 343-4749.

3 Important Steps in the Bankruptcy Process

Do you feel trapped by debt? Are your afraid of losing your home? Do you live paycheck-to-paycheck just to pay your credit card bills? If you’re facing mounting debt and struggling to stay afloat, consult with an experienced bankruptcy attorney in Hackensack to learn if filing bankruptcy is the right option. Although bankruptcy isn’t the right choice in every circumstance, everyone who is struggling with debt should at least consider their bankruptcy options. To help you get started thinking about bankruptcy, here are the three most important steps at the beginning of the bankruptcy process. Assess Your Finances If it feels like you’ve hit rock bottom financially, you should take a long and serious look at your finances so you know the full gravity of the situation you’re in. Examining your finances will also reveal spending habits and patterns that might help explain how you got in this financial problem in the first place, which is important to know going into bankruptcy so you can avoid similar problems in the future. Contact Creditors and Debt Collectors If you’re having trouble keeping up with your payments but aren’t quite sure if bankruptcy is the right choice for you and your family, contact creditors and debt collectors and explain your financial situation. In some cases creditors and debt collectors may be willing to delay your payments, reduce your payments, or even reduce your total debt. Of course smaller payments or a slightly reduced principal balance won’t make all of your financial problems go away, but it can be a way to catch your breath while you think about your next move. Consult with an Attorney Even if you aren’t totally convinced that bankruptcy is the right option for you, it doesn’t hurt to consult with an experienced bankruptcy attorney who can explain the pros and cons of bankruptcy and guide you through the next steps should you choose to move forward. In New Jersey, Low & Low Bankruptcy Attorneys are the bankruptcy lawyers you can trust. Call us toll-free at (800) 343-4749 to schedule your no-cost bankruptcy consultation.

How Bankruptcy Can Help You Deal with Medical Debt

Serious injuries can easily result in hundreds of thousands of dollars in medical bills, even for people who are insured. Before you throw your savings or retirement at a mountain of medical debt, consult a bankruptcy lawyer in Hackensack. Medical bills account for more than 60% of all personal bankruptcy filings in the United States. If your bankruptcy claim is approved by the courts, you may be looking at significantly reduced medical debt or even a total discharge of your debt entirely. In addition to saving you the stress and turmoil of spending the rest of your life repaying a single medical bill, bankruptcy can also protect you from harassing phone calls and correspondence from hospitals and their debt collectors. Low & Low Bankruptcy Lawyers have been practicing bankruptcy law in New Jersey since 1965, and over that time we’ve helped countless individuals get out from under a mountain of medical debt. If you would like to discuss your bankruptcy options, contact us online or call us at (800) 343-4749.

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