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What to Expect from Chapter 13 Bankruptcy


Also referred to as wage earners plan, a Chapter 13 bankruptcy allows someone with a regular income to create a debt repayment plan. With the help of a bankruptcy lawyer in Elizabeth, debtors can propose a repayment plan for paying back debts over three to five years. If the debtor’s income is more than the state median, the plan usually must be for five years. Advantages of Chapter 13 Compared to liquidation bankruptcy under Chapter 7, Chapter 13 bankruptcy gives debtors the chance to save their homes from foreclosure and cure delinquent payments without loan modification. In addition, filing for Chapter 13 bankruptcy allows a debtor to reschedule secured debts and extend payments over the life of the repayment plan, which may actually help lower payments. Chapter 13 bankruptcy also has a special provision to protect a debtor who is liable for consumer debts. Eligibility for Chapter 13 The eligibility requirements for different bankruptcy chapters can be difficult to understand, so it’s best to discuss them with bankruptcy attorneys. In general, any individual is eligible to file for Chapter 13 bankruptcy, so long as his or her unsecured debts are less than $383,175 and his or her secured debts are less than $1,149,525. Periodically, these numbers change to reflect any changes in the consumer price index. In addition, someone wishing to file for Chapter 13 bankruptcy must receive credit counseling from an approved credit-counseling agency within the 180 days before he or she files. Requirements of Chapter 13 If the court approves a debtor’s repayment plan, the debtor must make regular payments to his or her trustee. This requires the debtor to live on a fixed budget for several years. Even though the debtor can retain property by staying current on payments, he or she may not incur any new debt without first consulting the bankruptcy trustee. If you are considering filing for bankruptcy in Hackensack, Low & Low Bankruptcy Lawyers can help. Founded in 1965, our bankruptcy lawyers have more than 40 years of New Jersey legal experience. You can reach our office at (201) 402-2364.


Answers to Your Questions About Loan Modification


The purpose of the Making Home Affordable Program is to help homeowners with loan modification in Hackensack and to help stabilize the overall national economy. Under the program, eligible homeowners can lower their monthly mortgage payments and switch to more stable interest rates. Additionally, someone who no longer desires homeownership can utilize other options besides loan modification and foreclosure. What is a loan servicer? The financial institution that collects your monthly mortgage loan modification payments is your loan service provider. This institution is responsible for managing and accounting your home loan. While your mortgage loan owner may also service the loan, many loans have group investor owners who hire loan servicers to interact with homeowners on their behalf. If you have any questions about your loan or have fallen behind in your payments, you can contact a bankruptcy attorney about interacting with your loan servicer. Does refinancing help? Refinancing might be available for you if you have stayed current on your mortgage, but have been unable to take advantage of lower interest rates because of decreased home value. If you are interested in refinancing under HARP, you can refinance a mortgage loan owed or guaranteed in mortgage-backed securities by Fannie Mae or Freddie Mac. The best way to determine if refinancing is an option for you is by visiting the Making Home Affordable website or discussing your options with bankruptcy lawyers. What are the interest rates under HARP? Your interest rates under HARP are based on market rates at the time of refinancing. You will also need to pay any fees and points your lender quotes. These interest rates tend to vary from lender to lender and over time with the market. However, these refinanced loans do not carry prepayment penalties or balloon payments. Low & Low Bankruptcy Lawyers files more than 800 bankruptcies annually. Our professional staff is here to walk you through all of your options in the Hackensack bankruptcy process. Call (201) 402-2364 to schedule an appointment with one of our experienced bankruptcy attorneys.


Will Filing Bankruptcy Stop Collections?


A major advantage to filing Chapter 7 bankruptcy is an automatic stay that prohibits creditors from contacting you regarding your debts. As soon as you meet with a bankruptcy attorney in Hackensack and file for bankruptcy, this stay goes into effect and your creditors can’t contact continue or begin any new lawsuits against you. Your creditors are also barred from garnishing your wages or calling to demand payments. In this video, a bankruptcy attorney helps explain how the bankruptcy process stops creditor collections. As he explains, a trustee schedules a meeting between you and your creditors 20 to 40 days after filing for bankruptcy. If your discharge is approved, you are released from your liabilities. Call (201) 402-2364 to schedule a meeting with Low & Low Bankruptcy Lawyers. Our bankruptcy attorneys have more than 40 years of legal experience in New Jersey.


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Tips for Getting a Loan Modification


Even the most conscientious of homeowners can suffer from financial misfortune arising from unforeseeable events such as divorce or major medical expenses. If you've been having trouble making your mortgage payments, a loan modification may help. You can consult a bankruptcy attorney in Hackensack to determine whether you might qualify for a loan modification. Your bankruptcy attorney can provide expert legal advice to help you navigate the process. Submit a Complete Application When applying for a loan modification, your lender will request that you submit a variety of documents as evidence of your financial situation. For example, you may need to submit the original mortgage loan documents in addition to documents pertaining to your credit history, proof of hardship circumstances, current income, available assets, and recurring expenses. It's critical to submit every document your lender requests; otherwise, your loan modification is likely to be rejected. Additionally, be sure that each page is in pristine condition, and is clearly labeled with your full name and loan number. Turn Over Tax Returns One major reason why homeowners may be turned down for a loan modification is lack of proof regarding their income. It's important to release your tax returns to your lender in a timely manner. You can do so by signing IRS Form 4506-T. Follow Up Frequently After applying for a loan modification, you or your bankruptcy attorney should call the lender on a weekly basis. Ask about the status of your proposed loan modification and make sure that your file is complete. If your circumstances have changed, you'll need to update your lender. Ensure the Modification is Sustainable A loan workout, or modification, must be sustainable on a long-term basis for it to help you. Discuss the proposed terms with your bankruptcy attorney and consider whether it is a feasible plan. The team at Low & Low Bankruptcy Lawyers is dedicated to helping NJ residents improve their financial futures through loan modifications or bankruptcy. With more than 40 years of experience in this specialized field, you can rely on our bankruptcy lawyers to provide you with the knowledge and resources you need to move forward. To schedule your consultation with a bankruptcy attorney in Elizabeth or Hackensack, call (201) 559-9999.


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