Experienced Bankruptcy Lawyers Serving Hoboken
Being buried under a mountain of bills can cause an enormous amount of stress. Finding a solution to debt can cause a huge weight to be lifted off your shoulders. Our firm can help you find the light at the end of the tunnel. We are here to discuss all your possible outcomes and figure out what will work best for you and your family. Lofaro & Headley, LLC, has helped clients in New York and New Jersey find debt relief for over 40 years.
If you are considering bankruptcy, it is important to get legal advice. There are six different types of bankruptcy and together we can figure out which one is the best solution for you. We provide you with judgment-free advice and compassion that is unmatched. We handle many different areas of bankruptcy, including:
- Chapter 7 bankruptcy, where most of your property is sold off in order to repay creditors
- Chapter 13 bankruptcy, where you retain your property, but we create a repayment plan
- Stopping foreclosure, finding a way to keep your house despite your debts
There are many pros and cons to filing for bankruptcy. You can expect an honest assessment of your case. We truly are here to work for you and handle your unique circumstances. Every family is different and we are here to help you during this difficult time.
Recognizing When Bankruptcy May Be Your Best Option
Many people wait too long before seeking help with their debt. Recognizing the warning signs early can help you take action before your financial situation worsens. You may benefit from bankruptcy if you experience:
- Using credit cards to pay for basic necessities like groceries or utilities
- Daily calls from debt collectors creating constant stress
- Wage garnishment taking money directly from your paycheck
- Falling behind on mortgage or car payments
- Only affording minimum payments on credit cards while interest piles up
- Considering withdrawing from retirement accounts to pay debts
These signs indicate that your debt has become unmanageable. At Lofaro & Headley, LLC, we help you evaluate whether bankruptcy is the right solution for your situation.
Our Collaborative Approach To Bankruptcy Cases
When you work with our firm, you benefit from two experienced attorneys who collaborate on your case. Our attorneys, Wayne Headley and Lawrence Lofaro, bring different advocacy styles and perspectives to every bankruptcy matter. This team approach means we examine your financial situation from multiple angles and identify solutions that a single attorney might miss.
Our combined 40-plus years of experience include extensive work in bankruptcy law throughout New Jersey and New York. We serve clients in Hoboken, Jersey City and surrounding communities who need debt relief. We understand that financial difficulties can happen to anyone. Job loss, medical bills, divorce or unexpected expenses can quickly overwhelm even the most careful budgeter. We provide judgment-free advice and compassionate support during this challenging time while helping you achieve a fresh financial start.
What happens if my income changes during my Chapter 13 repayment plan?
Significant changes in income (either increases or decreases) can impact your ability to fulfill the Chapter 13 repayment plan. You may need to modify the plan with the court’s approval. If your income decreases substantially, you might be able to lower your payments. If it increases, creditors might request that you pay more into the plan. It’s crucial to inform your attorney about any income changes.
Can I buy a car or a house while in Chapter 13 bankruptcy?
Yes, it is possible, but it requires court approval. The court will want to ensure that the new debt fits within your repayment plan and that you can afford the payments without jeopardizing your ability to fulfill your existing obligations. You’ll generally need to demonstrate a legitimate need for the purchase.
What happens to my credit score during and after Chapter 13 bankruptcy
Filing for Chapter 13 will initially lower your credit score. However, the impact lessens over time. Successfully completing your repayment plan and managing your finances responsibly afterward can help you rebuild your credit. While major credit bureaus typically remove a Chapter 13 bankruptcy seven years from the filing date, federal law technically allows it to remain on your credit report for up to 10 years.
Act Quickly; Call Today
If you are consumed by the idea of never being able to have financial freedom, we can help. Call our Hoboken office today at 201-467-4020 or fill out our contact form.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.