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    Why Is Chapter 7 Called Liquidation Bankruptcy?

    Last updated 18 hours 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.

    What Are the Top Financial Challenges Faced by Today's Families?

    Last updated 7 days 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.

    How Chapter 13 Bankruptcy Can Help You Mitigate Foreclosure Fees

    Last updated 14 days ago

    If you have a steady monthly income, then filing for Chapter 13 bankruptcy can be a great tool for avoiding foreclosure. In fact, staying current with your Chapter 13 repayment plan can help you repay missed mortgage payments, reduce certain secure debts, contest the legality of proposed foreclosure, and eliminate current liens on your home.

    Filing for Chapter 13 bankruptcy gives you the chance to get your mortgage payments current over time. Usually working out mortgage problems with your mortgage provider results in fees and costs, which makes it difficult for you to reinstate the mortgage. By filing Chapter 13 bankruptcy, you can challenge the legality of these fees. However, Chapter 13 bankruptcy will only be able to save your home if your current income is sufficient to stay current with the proposed repayment plan. In addition, you must plan to pay your bankruptcy trustee approximately 10 percent of the payments you make to your creditors through the repayment plan.

    With offices in Hackensack, Jersey City, and Elizabeth, Low & Low Bankruptcy Lawyers files more than 800 bankruptcies each year. To schedule a consultation, call (201) 546-5753.

    Understanding How Credit Card Interest Works

    Last updated 21 days ago

    Interest is expressed as an annual percentage rate, and it acts as the fee you must pay for borrowing money. When you first take out a credit card, your bank will inform you of the annual interest on the card’s outstanding balance, which is likely between 17 and 20 percent. Each time you receive your credit card bill, it will tell state your minimum required monthly payment.

    This video describes your relationship with your bank when you take out a credit card. If you need to negotiate your payment, the key is remembering how much the bank is required to have to lend the money. In order to lower your interest rate, you need to use your FICA score and negotiate.

    Low & Low Bankruptcy Lawyers offers the necessary guidance to help clients through financial problems. To learn about bankruptcy in Hackensack, call (201) 546-5753.

    Examining the Physical and Emotional Impacts of Debt

    Last updated 28 days ago

    Money is a huge source of stress for many American families. In fact, people who are dealing with debt issues often suffer from stress-related illnesses, including ulcers, migraines, anxiety, depression, and even heart problems. As food and fuel prices continue to rise and many Americans still struggle to find full time employment, it’s more important than ever for families to examine how debt can impact their health. 

    Physical reaction to stress
    When the human body experiences a stressful situation, the heart begins to race, the pupils dilate, and the body releases stress hormones cortisol and adrenaline. The purpose of this reaction is to prepare the body to fight the stressful situation. Unfortunately, this response is triggered as a reaction to modern day stressors, including arguments or being stuck in traffic. As a result, continuous stress can cause these stress hormones to regularly increase in the body. Eventually, this can lead to serious physical and psychological body changes. 

    Effect on sleep
    People who experience debt problems often lie awake at night thinking about their money issues. In addition, people spend the day surrounded by reminders of the poor economy, rising living expenses, and difficulty in paying off debt. This can cause someone to remain in a state of anxiety, which makes it incredibly difficult to relax and fall asleep at night.

    Treatment options
    One of the best ways to manage debt-related stress is to seek support from outside groups. It can also be helpful to keep a journal, where someone can write down all of the fears he or she has related to money. Next to the list of fears, it’s a good idea to write down possible solutions. This places the thoughts outside of the mind, so once the journal is closed for the night, so are the worries.   

    If you would like to learn more about bankruptcy options in Hackensack, contact Low & Low Bankruptcy Lawyers at (201) 546-5753. We offer the necessary guidance to help clients thrive financially in the current economic state. We have offices in Hackensack, Jersey City, and Elizabeth, New Jersey.

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Why Should You Choose Low & Low?

Consultation is absolutely free. We can make the bankruptcy process affordable. We will get you through the process so that your debts will be eliminated. We offer payment plans. We have flexible hours. Low & Low is a father and son Bankruptcy firm, which has been in business since 1965. Our attorneys’ motive is to help you eliminate financial burden and frustration. To learn more, contact Low & Low Bankruptcy Lawyers today at (201) 546-5753.

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