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    Famous Celebrity Bankruptcy Cases

    Last updated 17 hours ago

    If you’re feeling frustrated, anxious, or depressed due to financial debt, bankruptcy could be your solution. While there seems to be a negative connotation associated with bankruptcy, it is a perfectly normal decision for individuals who are buried in debt and struggling to get out. Even celebrities who are supposedly better than the rest of us find themselves in need of financial help. If you’re feeling embarrassed about your financial situation, look at these famous celebrities who decided it was best to file for bankruptcy.

    Burt Reynolds
    Burt Reynolds (and his famous mustache) once had it all: mansions in California and Florida, a helicopter, a private jet, and a 160-acre ranch. But by 1996, Reynolds was just like everyone else. After his fortune had been severely drained by a career slump, failed investments, and a separation from his wife Loni Anderson, Burt Reynolds was forced to file bankruptcy to keep his head afloat financially.

    Wayne Newton
    The crooner who became known as “Mr. Las Vegas” won big in Vice City, but he lost just as much, just as fast. When Newton filed for bankruptcy in 1992 to reorganize some $20 million in debt, he was reportedly making $250,000 each week by performing in Las Vegas. It just goes to show that even with (almost) all the money in the world, bankruptcy is sometimes the only way to get out of debt.

    Mike Tyson
    At one point, Mike Tyson was one of the richest men in the world of boxing. In fact, he was one of the richest men in the world, period. But after years of mismanagement and poor decisions, Mike Tyson had accumulated debts around $38 million. By 2004, he was down to just $1,200 in cash. Luckily bankruptcy helped Tyson before he was totally knocked out by debt.

    If you want to eliminate your debt, reestablish your credit score, protect your property, and give yourself peace of mind, contact the bankruptcy attorneys at Low & Low. Our bankruptcy attorneys help people throughout New Jersey eliminate their financial burdens and frustrations. Visit one of our four locations in Elizabeth, Jersey City, Hackensack, and West New York. Call us at (201) 546-5753 to schedule your initial consultation with a bankruptcy lawyer today.

    Why Bankruptcy Isn't the Solution to Student Loans

    Last updated 7 days ago

    With youth unemployment rates at an all-time high, recent college graduates are finding it harder than ever to get the jobs that were once waiting for people with college degrees. This also means graduates are having harder times repaying student loan debt. In fact, since 2008, nearly three-quarters of a million students have defaulted on their student loans. And with two-thirds of students graduating with an average student loan debt of $24,000, there’s no end in sight to this problem in America. And as you’ll see in this video, bankruptcy isn’t the solution to student loan debt.

    Bankruptcy might not be the direct answer to student loan debt, but it can help ease other debts and financial obligations which may help with your monthly student loan payments. To decide whether bankruptcy is right for you, contact Low & Low Bankruptcy Lawyers today. Our bankruptcy attorneys in Hackensack, Elizabeth, Jersey City, and West New York can help you file Chapter 7 or Chapter 13 to eliminate debt and gain peace of mind. Call us today at (201) 546-5753 to speak with one of our bankruptcy attorneys about your case.

    A Look at the History of the United States Bankruptcy Courts

    Last updated 4 days ago

    Today, bankruptcy is a perfectly legal and honest means of discharging debt. However, bankruptcy law has a long and complicated history. It’s taken the United States hundreds of years of tinkering to get to the point where bankruptcy is fair to debtors and creditors. Here’s a brief look at the history of bankruptcy law and bankruptcy courts in the United States. 

    Early Bankruptcy Law
    Centuries ago, many people with considerable debts were sent to “debtor’s prison” or forced to work as indentured servants in exchange for debt forgiveness. The United States Constitution, which was ratified in 1789, gave Congress the power to create new bankruptcy laws. U.S. citizens were granted the ability to voluntarily file for bankruptcy with the ratification of bankruptcy laws in 1841, 1867, and 1898.

    Bankruptcy and District Courts
    As part of the Bankruptcy Act of 1841, district courts around the country were granted jurisdiction to handle bankruptcy-related matters. As time progressed, voluntary access to bankruptcy expanded, and it became easier for debtors to file bankruptcy with their local district courts. The Bankruptcy Act of 1898 appointed “referees” to oversee bankruptcy cases that came to district courts. 

    Bankruptcy Courts
    As bankruptcy became a more common practice, district courts became congested and overwhelmed with bankruptcy cases. The Bankruptcy Reform Act of 1978 allowed for the establishment of independent bankruptcy courts, which helped ease congestion in the district courts considerably. Today, all bankruptcy cases are automatically referred to these independent bankruptcy courts. Bankruptcy judges are appointed by local courts of appeals.

    While you don’t have to know the history of bankruptcy to discharge your debt, some background can help make the process a little easier to understand. If you have questions about the past or present of bankruptcy law, call Low & Low Bankruptcy Lawyers at (201) 546-5753. We’ve been helping Hackensack residents get out of debt since 1965.

    Questions to Ask Your Bankruptcy Lawyer Before Signing a Retainer Agreement

    Last updated 21 days ago

    Most bankruptcy lawyers agree that bankruptcy should be a last resort. After you’ve unsuccessfully tried budgeting, credit counseling, and other debt relief measures, consider setting up a meeting with a bankruptcy attorney. Before you decide to go through with the bankruptcy and sign a retainer agreement with your attorney, be sure to ask a few key questions.

    “Is bankruptcy truly the right option for me?” is one question you should ask right away. Your attorney should thoroughly look over your finances and help you explore your options. You might also ask the attorney questions about his or her background, such as “how long have you been practicing bankruptcy law?” and “how many clients have you helped?” Once you feel comfortable with your attorney, then you can sign the retainer agreement.

    Call Low & Low Bankruptcy Lawyers at (201) 546-5753 to set up a free initial consultation. If you live in the Hackensack area, we can help you explore your bankruptcy options and find solid financial ground.

    What Is a Judgment Lien?

    Last updated 4 days ago

    Like most people, you probably go about your daily life without expecting to be sued. When you get served with legal paperwork, you might feel frightened, confused, or both. If you go to court and lose the lawsuit, the judge will order you to pay the plaintiff. However, you may be able to avoid paying if you declare bankruptcy. Read on to learn more about judgment liens and bankruptcy.

    Judgment Lien Basics
    A judgment lien is a type of financial obligation that a judge imposes on an individual who loses a lawsuit. Judgment liens are nonconsensual, which means the defendant has no say as to whether or not the lien is imposed. If the defendant ignores the lien, his wages will likely be garnished until the lien amount is repaid.  

    Types of Judgment Liens
    A judgment lien can be attached to many different kinds of property, including personal property, vehicles, and real estate. If you don’t have enough liquid assets to satisfy the lien, the value of your property may be used to pay off the remaining balance. The imposition of a judgment lien on personal property could lead to the forfeiture of said property.    

    Avoiding Judgment Liens
    If your judgment lien is insurmountable given your current financial situation, you’ll be relieved to know that there are ways to avoid or eliminate such liens. Part of filing for Chapter 7 bankruptcy involves the halting of all debt collection actions, including lawsuits from creditors. Though Chapter 7 liquidation may also involve the forfeiture of property, it offers the debtor a clean slate. Speak with a skilled bankruptcy lawyer in Hackensack to learn more about the relationship between bankruptcy and judgment liens.   

    Low & Low Bankruptcy Lawyers is dedicated to providing high-quality legal services to the people of the Hackensack area. If you’re facing a lawsuit as a result of your inability to pay your debts, we will gladly help you explore all your options, including bankruptcy. Call our Hackensack bankruptcy law firm at (201) 546-5753 to set up an appointment.

Do you like Low & Low Bankruptcy Lawyers?

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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