While dealing with the technicalities of bankruptcy can be daunting and difficult for any individual, Here at our New Jersey bankruptcy law firm, we have gained many years of experience handling debt relief cases. Our goal is to assist in alleviating your stress by explaining to you step-by-step how the bankruptcy process works and working to make it as smooth as possible for you. With the help of our legal knowledge, experience, and passion to make a change, we endeavor to offer the best to our clients.
In the first meeting, we consider your individual financial conditions, debt, and valuable things, as well as give evaluations to decide if filing for bankruptcy can be helpful for you. Our expert bankruptcy attorneys then proceed to chart out the most appropriate course of action given our clients’ unique circumstances and long-term objectives.
Our professional team will be with you throughout the entire process in the capacity of advisors, representatives, and partners who can be trusted. We are totally committed to clear communication and ensuring that you understand the entire process. When you decide to join us, you can be sure you have taken the first step toward reclaiming your financial freedom and beginning your new life. Learn more about New Jersey Bankruptcy Attorney
Understanding New Jersey Bankruptcy Options
Since our New Jersey bankruptcy lawyers have numerous years of practice, we know how tough it is to be in a position where you need to consider filing for bankruptcy. The objective of this website is to guide and assist you with the various bankruptcy discharge options. In this section, we will look at Chapter 7, Chapter 13, and Chapter 11 bankruptcy possibilities available to New Jersey residents.
Chapter 7: Bankruptcy Details
Chapter 7 bankruptcy, also referred to as liquidation bankruptcy, is one of the most widely used forms of bankruptcy by individuals facing credit cards, medical bills, and other unsecured debts. Once you have consulted with a credit counseling agency, we will assist you in filing the appropriate legal paperwork with the bankruptcy court.
Once the case is filed, an automatic stay is put in place, thus putting an end to the creditor’s intimidation and collection. After that, a trustee is assigned to your case to oversee the sale of all your assets, which are not exempt from being sold in order to pay your creditors. Fortunately, most of the property can be safeguarded by applying New Jersey exemptions or federal exemptions.
Most of the time, Chapter 7 helps a debtor get a fresh start in 3-6 months after the filing, which means the debts have been wiped away and one can start over.
Chapter 13: Bankruptcy Explained
A wage earner’s plan, also known as Chapter 13 bankruptcy, is a tool for those with a regular source of income who wish to retain their respective properties and repay their debts under a reformed schedule. Unlike Chapter 7 of the bankruptcy code, the debtor repays the owed amount under a plan. The plan takes about 3–5 years in a process called Chapter 13 bankruptcy.
This means creating a realistic repayment schedule. It must be affordable and consider the debtor’s needs. It is then filed with the bankruptcy court for approval of this plan. Once approved and executed by the debtor, he or she cannot be foreclosed, have his or her car repossessed, be garnished wages, or be charged more penalties.
Chapter 13 is for people who have suffered hardship or lost income. But, they have some means to pay their debts over time.
Distinguishing Chapter 11 Bankruptcy
Chapter 11 bankruptcy is another type of bankruptcy that can be filed in small businesses or by individuals with assets and liabilities greater than the defined Chapter 13 bankruptcy limit. This type of bankruptcy lets the debtor modify debts. They then pay them gradually to their management. The debtor keeps their business and properties under the jurisdiction of the bankruptcy court.
Sometimes filing for Chapter 11 might be very hard and time-consuming, but with our law firm, you will be helped in the right steps to take. The debtor submits all the required paperwork to the court and the creditors. Then, they submit a reorganization plan to the court. The debtor’s rehabilitation strategy presents the debtor’s proposed strategy for repaying its debts and restoring its financial health. Once the plan is confirmed, the debtor can keep running the business. They must also meet the new obligations.
Summing up, it is important to be aware of the different types of bankruptcy that are available to ensure the right choice is made based on the current state of affairs. The bad news is that everyone can face some tough financial struggles at least once in his or her life. We invite you to meet our team of New Jersey bankruptcy attorneys. You can discuss your case details to find the best option for your situation.
Legal Support and Bankruptcy Processes
Navigating the Bankruptcy Court
It is worth noting that going through bankruptcy court is not a very easy process, especially for someone with no background in law. Our New Jersey bankruptcy attorneys offer a free consultation with an attorney. You can discuss your case and the best type of bankruptcy. We know a lot about bankruptcy, divorce, and family law. So, we offer a free consultation and individual attention at all stages of the process.
If you turn to us, you can count on our team to be courteous. We know that people come to us in emergencies. We are experts in foreclosure defense, loan modifications, mediation, and debt settlement. Our expertise helps us offer complete solutions to our clients at each step.
The Role of a Bankruptcy Attorney
A lawyer with experience is of great importance, as he or she is able to assist the client in getting the best result they can. Our experienced New Jersey bankruptcy lawyer actively manages every stage. They prepare and file all the needed documents and avoid omissions.
We give efficient advice and legal representation in creditor meetings and court sessions. Our services are personalized. We have lots of experience in many parts of law, like representing creditors. We consider all legal matters with our full understanding of each client.
Alternatives and additional services
Apart from bankruptcy, the law firm that we own in New Jersey offers many other services. We can help with any family law issues, including any legal issues to do with divorce . Our practice touches many parts of clients’ lives. We can solve many problems in one legal case.
- Foreclosure Defense: Assisting the clients to prevent their homes from being repossessed and think about how they can take control of their financial lives again.
- Loan Modifications: You will help clients get better deals with their creditors. They will also get lower monthly payments and beat financial pressure.
- Mediation: Mediation solves conflicts through consultation. The parties agree on a fair compromise to avoid going to court.
- Debt Settlement: Creditor management involves discussing with those offering credit. The goal is to talk about existing credit being revolved, payment structures, or better credit terms for the clients.
All the attorneys at our firm are professional, experienced, and caring. They can provide legal help for bankruptcy and related issues. These issues include those connected with divorce and family law. Contact us today for a free initial consultation. We offer services designed only for your unique situation.
