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New Jersey Chapter 7 Bankruptcy

 

Are your bills overwhelming? In today’s economy any “responsible” person can get into trouble with debt. Medical bills, credit card debt, car repairs, loss of income and other unexpected life-changing events can force you into a tough situation.

If you are tired of the harassing phone calls and wish you could just erase your out-of-control debt and start from scratch….you do have an option.

As a New Jersey Chapter 7 Bankruptcy Lawyer, I may be able to help you with exploring the option of filing for Chapter 7 Bankruptcy. This may be the best way to keep your important assets, such as your home and your vehicle, while at the same time allowing you to remove the burden of credit card debt and other debts.

This is a brief overview of how Chapter 7 Bankruptcy law works in New Jersey – and how protect yourself from creditors.

In the legal world, the term Chapter 7 Bankruptcy is referred to as the “Liquidation Chapter,” which means that a debtor filing a Chapter 7 Bankruptcy may save certain assets from liquidation. The debtor partially satisfies financial obligations by “liquidation” of the remaining assets distributed pro-rata to the creditors….unless the debtor files for bankruptcy under a “no-asset clause.”

In a “no-asset clause,” the debtor has no assets to satisfy creditors’ unsecured claims, or the debtor’s property is exempt from this process. The good news with this process is that once you have filed for Chapter 7 Bankruptcy protection, any collection activities by creditors such as phone calls, paycheck garnishments, lawsuits, etc. must cease immediately.

And this typically allows you the breathing room that you need.

 

Chapter 7 In The Courtroom

A Chapter 7 Bankruptcy in NJ winds its way through the courts as follows:

The Bankruptcy Court designates a trustee to examine the debtor’s assets. The assets are placed into two “categories”…..“exempt” or “non-exempt” property. Exempt property would be equity in your home, your automobiles, life insurance policies, household goods and other possessions. The bottom line is this – you can keep a roof over your head and be able to get to work. In other words, continue on with your life.

I may be able to help you immediately by:

  • Putting a stop to paycheck garnishment and liens
  • Keeping your car from being repossessed
  • Getting you out from under credit card debt
  • Helping you gain a fresh financial start

The legal proceedings in a bankruptcy can be over-whelming to most people. I will explain how the law works in plain words, to help you make better informed decisions about which course of action will be the best for you and your family. I can assist you if you live in Atlantic, Burlington, Camden, Cumberland, Gloucester, Hunterdon, Mercer, Middlesex, Monmouth, Ocean, Salem and Somerset Counties in New Jersey.

For more information on how a skilled yet affordable New Jersey Chapter 7 Bankruptcy Attorney can help you gain control of your finances, call me today toll-free at 866.503.5655 for a free consultation.