Last updated 1 day 14 hours ago
Chapter 13 bankruptcy is a form of bankruptcy designed for those struggling with debt who are still earning a substantial wage. It provides debtors with court-ordered and designed debt repayment strategies and lets them retain many or all of their assets.
This form of bankruptcy is ideal for people who are struggling under substantial debt but are still making money. If you are married, you can file Chapter 13 bankruptcy alone or jointly with your spouse. Joint petitions require the consent of both parties. Check out this video for more information about Chapter 13 Bankruptcy.
To learn more about the different forms of bankruptcy and understand which would be most beneficial for your unique financial situation, call Low & Low Bankruptcy Lawyers in New Jersey at (201) 546-5753. We offer free consultations to clients who are searching for a way out of bankruptcy.
Last updated 7 days ago
Though staying in control of your finances may seem fairly easy, there are infinite ways that you can to plunge into debt. If you suddenly find yourself thousands of dollars in debt, your only remaining choice may be to file for bankruptcy. For more information, visit these helpful links.
- Do you need help avoiding debt in the future? Visit this page from CNN Money.
- Rebuilding your debt isn’t as difficult as you might think. Read this article from The New York Times to learn more.
- What are some compelling reasons why some people file for bankruptcy? This page from Bankrate.com has the answer.
- Chapter 13 bankruptcy is also known as “the wage earner’s bankruptcy.” Learn more at this page from USCourts.gov.
- Do you owe more than your home is worth? Find out how you can get out of that situation at this page from Kiplinger.com.
Do you have any questions? Call Low & Low Bankruptcy Lawyers at (201) 546-5753.
Last updated 15 days ago
People often use the word “bankrupt” to refer to things outside the realm of bankruptcy. For example, the phrase “morally bankrupt” refers to people or practices that are unethical. This phrase and others understandably lead to a lot of confusion surrounding the act of filing for bankruptcy. Here’s a quick look at some of the more prevalent bankruptcy myths:
- Bankruptcy wipes out all assets: If you learned all you know about bankruptcy from “Wheel of Fortune,” you might think that bankruptcy completely and immediately wipes out all of your assets. Though filing for Chapter 7 bankruptcy requires you to forfeit some of your property in order to pay off your debt, there are several exemptions. Depending on the circumstances, state or federal exemptions can allow you to keep your home, car, or certain stocks and benefits.
- You can only file for bankruptcy once: For whatever reason, many people assume that they can only file for bankruptcy once in their lives. In fact, you can file for either Chapter 7 or Chapter 13 bankruptcy several times throughout your life. However, you can only file for Chapter 7 bankruptcy once every eight years and Chapter 13 bankruptcy once every two years.
- Bankruptcy is a sign of personal failure: Many people believe bankruptcy is an option meant only for those who live beyond their means, or are woefully irresponsible with money. However, most people who file for bankruptcy are mere victims of circumstance. Getting laid off, needing to pay high medical bills for an injury, and sharp market downturns are all common reasons why someone may need to file for bankruptcy.
If you are interested in filing for bankruptcy, contact the Hackensack Low & Low Bankruptcy Lawyers. Stanley and Russell Low are both very skilled bankruptcy lawyers who help individuals file more than 800 bankruptcies a year. If you call our office at (201) 546-5753, you’ll take an important first step toward solid financial ground.
Last updated 21 days ago
Since bankruptcy is such a complicated process, most people who file understandably have a lot of questions. If you’re one of these curious individuals, you shouldn’t take another step without having all of your questions properly answered by a bankruptcy attorney. Here are just a few common questions that a bankruptcy attorney should be able to answer for you:
- Which type of bankruptcy should I file? Most individuals file either Chapter 7 or 13 bankruptcy. If you’re hopelessly in debt and without a substantial income, your best bet may be to file for Chapter 7 bankruptcy, or “liquidation” bankruptcy. If you have a stable, well-paying job, Chapter 13 bankruptcy, or “wage earners” bankruptcy may be for you. Before you choose, it’s essential that you have a skilled bankruptcy attorney look over your finances.
- Which assets can I keep? There are a lot of people who assume that they’ll lose all of their assets after filing for Chapter 7 bankruptcy. In fact, the New Jersey and federal governments both allow debtors to claim certain “exemptions” based on their financial situations. These exemptions generally include clothes, housewares, vehicles, and other pieces of property.
- How can I rebuild credit after my bankruptcy? Unfortunately, bankruptcy will have a negative effect on your credit. Still, rebuilding your credit after bankruptcy is not difficult. Though some creditors may be hesitant to do business with you, there are many who will still take you on. Taking out a secured credit card is one excellent way to rebuild credit, as there’s very little risk for you and your creditor.
If you have any more questions about the bankruptcy process, don’t hesitate to contact Low & Low Bankruptcy Lawyers. Russell Low has been practicing bankruptcy law for nearly 20 years, and his father Stanley has been practicing for more than 40. Together, Low & Low can help you file for bankruptcy and take one step closer to solving your financial woes. For more information, call our office at (201) 546-5753.
