Bankruptcy Services | Attorney NJ


Bankruptcy is the legal method for a debtor to eliminate or reduce your debts. Any person, partnership, corporation, sole proprietorship, may file for bankruptcy. United States citizenship is not required for filing bankruptcy. It is a way for a person or a business that owes more money than they can pay to either work out a plan to repay the money over time or to have their debts completely eliminated. Most debtors who file for bankruptcy are granted a total discharge of all debts. One of the main purposes of the bankruptcy act is to relieve the honest debtor from the weight of oppressive indebtedness and to provide the debtor with a fresh start to build a financial future.

Chapter 7 is a liquidation bankruptcy, meaning it can eliminate most types of unsecured debt. Examples of unsecured debt are credit cards and medical bills. Individuals, married couples, corporations and partnerships can all file a Chapter 7 bankruptcy, if eligible.

A Chapter 13 bankruptcy is a reorganization or repayment bankruptcy that stops foreclosure and sheriff's sales and prevents repossession and utility shutoffs, but most of all gives you a fresh start. For many people, Chapter 13 bankruptcy offers long-term solutions. As a debt repayment plan, Chapter 13 bankruptcy can wipe out your unsecured debt, while you pay back your secured and priority debt at a rate you can afford. Depending on your income level, your plan may be three (3) to five (5) years long. After you fulfill the three to five year commitment of your plan, any remaining debt will be discharged. The greatest advantage to Chapter 13, for many people, is that it allows more opportunities for individuals to maintain important assets, such as retirement savings, homes, and cars.

We've helped numerous clients absolve themselves of debt and can do the same for you. Beyond guiding you through the bankruptcy process, we will instruct you as to the best course of action.

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Bankruptcy Services | Attorney NJ