Dubiln Packard

10 Myths About Bankruptcy

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Payment Options For Chapter 7 Bankruptcy

 

We have the best payment options in the business.  We know payment is an important consideration in choosing bankruptcy as an option and in choosing the best bankruptcy lawyer.  Big banks and credit card companies have had laws passed that makes it difficult or impossible for many people to file bankruptcy and to get out of debt.  We believe having payment options is an important part of helping our clients get out of debt with bankruptcy.

Click the button below to find out of you qualify for one of our convenient payment plans.

 

 

We’re here to help so find out now if you qualify for our payment plan right now.

 

 

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Myth Two: You Will Lose Important Assets Like Your House and Car If You File Bankruptcy

bankruptcy lawyer in new jersey

Myth Two: You will lose important assets.

 

 

 

One big reason people hesitate to file bankruptcy is the fear of losing important assets. If you’re concerned about your house and cars, it’s time you know the truth.

Let’s dispel Myth Two: You Will Lose Important Assets.

The truth is: Bankruptcy can help you keep your house and your car. In fact, bankruptcy can stop foreclosure, prevent a bank from repossessing vehicles and even get your car back if it has been repossessed.

If you own a home, you can still file bankruptcy. Whether you file a Chapter 7 bankruptcy or a Chapter 3 bankruptcy depends on whether or not you have equity in your home.

If you are at risk of losing your home in foreclosure, you may have tried to obtain a loan modification and been told you do not qualify. Or, perhaps, you were offered a modification you cannot afford. Chapter 13 bankruptcy may give you the edge you need to qualify for a loan modification. Bankruptcy allows you to catch-up on your overdue payments (arrears) over a five-year period and in some cases eliminate a second mortgage. At the same time, you may also be able to eliminate or significantly reduce credit card and other consumer debt.

If you have a car with a loan, you may be able to keep your car if you sign a re-affirmation agreement or are able to redeem your car. You also may be able to force the lender to reduce the principal balance to the current value of the car and/or reduce the interest rate to a reasonable level.

If your car has already been repossessed you have a short time (usually less than 2 weeks but this will depend on the lender and the laws of your state) before the lender sells it to someone else. If the car is sold and title passes to a third party, you normally cannot get the car back. However, if the car has not been sold yet, you still have a chance to get it back because the automatic stay will stop the sale. But you must act quickly and file before the sale if you wish to get your car back.

For other types of assets there are specific exemptions that can allow you to keep those assets. This is where an experienced bankruptcy attorney can make all of the difference.

Don’t be fooled by the myths of bankruptcy.  Get good advice form a qualified bankruptcy lawyer in New Jersey before you file bankruptcy.

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Myth One: Its Hard To File Bankruptcy

It Is Not Hard To File Bankruptcy

Myth One in a series of 10 Myths about Bankruptcy:

Not everything you’ve heard about bankruptcy is true. In fact, there are a number of myths about bankruptcy floating around. And if you buy into these myths, you may never take action to get yourself out of a difficult situation – one that seems to be escalating.

Your financial situation is likely taking a toll on you:

You may feel trapped and need to talk to someone you can trust.

You may feel anxious and need to find answers from someone who knows the facts about what you can and can’t do.

You may feel tired and need some hope to keep you going.

Or maybe you just want to ask someone what you should do next?

To help you get clear about your options, let’s take a look at the first MYTH about bankruptcy:

Myth 1: It’s hard to file bankruptcy because of new laws that have been passed.

Truth: Bankruptcy is easy to file when you meet the legal criteria to do so. In fact, more bankruptcies are being filed in America now that at any other time in history.
If bankruptcy is something you’re considering and you’d like to know whether or not you are eligible to file, please pick up the phone and give me a call. The initial client consultation is absolutely free. There is no charge…no obligation…and I can help you make the best decision for you and your family.

You’ll be amazed at the relief you will feel when just this one simple question is answered:

“Am I eligible to file bankruptcy?”

Call to find out.