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An Overview of Loan Modification

If high mortgage payments are putting your home in jeopardy and leaving you teetering on the edge of bankruptcy, loan modification could be the solution. By modifying the terms of your loan, you can reduce your payments and save your home from foreclosure. Before you begin loan modification in Elizabeth, start by consulting with an experienced lawyer. What Is a Loan Modification? A loan modification alters the terms of your mortgage agreement. Depending on the circumstances, during a modification, one or more of the loan terms can be renegotiated. The final goal of a loan modification is to lower your payment to make it more affordable, so that the lender does not need to start foreclosure proceedings. Under the right conditions, a modification is a win-win for both the borrower and the lender. The borrower gets to save his or her home, while the lender avoids lengthy and costly foreclosure proceedings. Who Can Qualify for a Loan Modification? There are a number of criteria that borrowers must meet to qualify for a loan modification. They must have experienced either a loss in income or increase in expenses that can be verified. At least one person attached to the mortgage must have a source of continuous income, and the surplus of that income must be at least $300 or at least 15% of his or her income. Furthermore, 85% of that surplus income must be insufficient to satisfy mortgage arrears with a six-month period. Borrowers must also go through a trial payment plan to determine if the new, lower payments are realistic. How Can I Apply? Because loan modification is complicated, it is advisable to allow a lawyer to apply on your behalf. In addition to providing legal advice about modifications, your lawyer can ensure that your application is complete, so you don't miss out on the help you need. Don't give up on your home. Let Low & Low Bankruptcy Lawyers help you with loan modification representation. To learn more about our legal services, call us at (201) 559-9999 today.

Trust Low & Low Bankruptcy Lawyers

When you're looking for bankruptcy lawyers in Hackensack, make Low & Low Bankruptcy Lawyers your first call. Bankruptcy is a stressful process, and you need a lawyer you can count on to protect your rights so you can come out of it ready to start fresh. That is just the kind of support you will get at our firm. We have been serving our community since 1965, helping people from all walks of life face the anxiety of bankruptcy and loan modifications. Our staff members provide the friendly faces you need during this trying time, while our experienced attorneys know bankruptcy laws inside and out. We'll deal with your creditors and ensure all eligible debts are discharged so you can turn the page on these proceedings. If you're facing bankruptcy, contact Low & Low Bankruptcy Lawyers. You can make an appointment for an initial consultation with a bankruptcy lawyer today by calling (201) 559-9999.

Should You File for Chapter 7 Bankruptcy?

The decision to file for bankruptcy is always a difficult one, but after you make that choice, you face another question: which kind of bankruptcy is right for you? This is no time for guesswork. You need a bankruptcy attorney in Hackensack to offer bankruptcy advice and help you navigate your options. Is Chapter 7 the right choice for you? Here are some signs that this is the right kind of bankruptcy for your situation. You Do Not Have Enough Income to Make Reduced Payments Under a Chapter 13 bankruptcy, some or all of your debts may be renegotiated with lower payments so you can pay them off. Although this approach has its advantages, it's not ideal for everyone. If you have no income or your income is too low to make even modified payments, then Chapter 7 could be right for you. With Chapter 7, your debts are completely discharged and you will get a completely fresh start. You Do Not Own a Significant Amount of Property Under Chapter 7 bankruptcy, the bankruptcy trustee assigned to your case is allowed to sell off your property to satisfy some of your debts. This can include your car and even your home in some circumstances. Although your bankruptcy lawyer can often negotiate exemptions that allow you to keep most of your property, except for luxury possessions, not having much property to be considered makes filing Chapter 7 a little easier. You Haven't Had a Chapter 7 Dismissed in the Past 180 Days The risk of bankruptcy dismissal is one of the reasons it's so important to have a bankruptcy lawyer working on your case. Your case could be dismissed if you inadvertently violate a court order or if you request a dismissal because of the action of a creditor. Making these mistakes can delay your filing abilities, so work with an attorney with experience in bankruptcy law from the start. Let Low & Low Bankruptcy Lawyers help you make the right choices about your bankruptcy filing. Call us today at (201) 559-9999 to learn more about our legal services and to make an appointment with one of our attorneys.

Why You Need a Bankruptcy Attorney

Filing for bankruptcy is a complex and emotional process. Facing your creditors in court and fighting for your rights is not something you should face alone. This video explains just a few of the reasons you should consider hiring a bankruptcy attorney in Elizabeth before proceeding. Although you are not required to have a lawyer when you file for bankruptcy, it's not advisable to go into court alone. Bankruptcy lawyers know the system, so they can ensure that all of your eligible debts are discharged and that you get the best possible settlement for your case. If you're considering filing for bankruptcy, Low & Low Bankruptcy Lawyers can help. We'll provide the bankruptcy tips and protection you need. Schedule a meeting with one of our attorneys by calling (201) 559-9999. You can also find out more about our firm on our website.

When is a Chapter 7 Bankruptcy Case Over?

If you’re feeling frustrated, anxious, or depressed because of financial debt, consider filing Chapter 7 bankruptcy. Under Chapter 7, all of your debt is liquidated and you are allowed to keep your property. This is good news if you have been making late payments on your mortgage or car loan and worry about losing either your home or your means of transportation. One of the most common questions we hear as bankruptcy attorneys is, “When will my Chapter 7 bankruptcy case end?” If you’re considering this form of debt liquidation, read on to learn how long your Chapter 7 bankruptcy case could last. Chapter 7 Discharge The timing of the discharge varies depending on the chapter under which the case is filed. For Chapter 7 cases, the court usually grants the discharge three to four months after the date you file a petition with the clerk of the bankruptcy court. However, if there are assets for the trustee to administer or lawsuits to pursue, your case can stay open much longer. Final Decree Most people think Chapter 7 bankruptcy ends with the discharge notice, but this is not correct. The case does not officially end until a document called the Final Decree is entered by the court. The Final Decree is only entered by the court once the trustee has reported that all of the assets have been administers and the money recovered has been paid to creditors who have filed claims. Case Dismissal If your case is dismissed, your involvement ends and you have no further duties or responsibilities under the bankruptcy law. This also means that creditors are free to pursue collection as if the bankruptcy never happened. That’s why it’s important that you prepare your bankruptcy petition with an experienced bankruptcy attorney. If you need help eliminating your financial burdens and frustrations, contact the bankruptcy attorneys at Low & Low. Our bankruptcy law firm serves Elizabeth, Jersey City, Hackensack, and West New York. Visit our website or call us at (201) 546-5753 to schedule your initial consultation with one of our experienced bankruptcy lawyers.

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