Last updated 10 days 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 17 days 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.
Last updated 24 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.
Last updated 1 month 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.
Last updated 1 month 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.