New Jersey Bankruptcy Lawyer

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Does the thought of your financial situation cause a bone-chilling feeling to run down your spine? Do you dream of the day when your financial circumstances are not the dominating factor in the way you live your life?

Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition against a debtor in an effort to recoup a portion of what they are owed or initiate a restructuring. In the majority of cases, however, bankruptcy is initiated by the debtor.

Making the decision to file for bankruptcy can be a life altering decision. It is crucial that you completely research the bankruptcy process, including the alternatives for bankruptcy, before you make the decision to proceed with this process. However, if you do decide that bankruptcy is the option for you, it could be the first step on the road to financial recovery. By spending time thoroughly researching the bankruptcy laws in your state, you can ensure that your path to recovery will be a smooth one. Hiring a New Jersey bankruptcy lawyer can further extend your research on this subject and provide you with vital information.

Lawyers in your area of New Jersey specializing in bankruptcy law understand the fear that paralyzes a person when their finances overwhelm them. Bankruptcy lawyers in New Jersey want to spare those afflicted with bankruptcy issues the constant economic worry they experience. They can provide solutions and give each of their clients financial and emotional peace of mind.

Many people try to take on their financial troubles alone. While this is admirable, doing so will not give them the best chance to find relief from their financial stresses. You can only achieve so much by trying to handle your financial crisis by yourself. However, by teaming up with an experienced bankruptcy professional who is knowledgeable about New Jersey bankruptcy laws, you may be able to remedy your financial situation.

Once you have concluded that filing for bankruptcy is the best option for you, your bankruptcy lawyer can help you determine whether you qualify to file for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. Chapter 7, which is known as "liquidation bankruptcy," is a good choice for those who have no real assets to protect. Under Chapter 7, people are only be required to liquidate assets that are not exempt by law, such as vehicles that are under $2,775. Items that are not exempt will be sold in order to pay off a portion of the debt, and the rest will be permanently discharged.

Chapter 13 is commonly referred to as a "wage earner's plan." This allows you to pay off debt over 36-60 months, according to a court-approved repayment plan. This allows you to catch up on your mortgage, and does not require you to sell your home to pay your creditors. If housing foreclosure and overwhelming credit card debt is a daily stress, Chapter 13 could be your solution. This allows you for a repayment plan over 3-5 years all while letting you catch up on your mortgage and keep your home. You can stop harassing phone calls, collection letters and wage garnishments. This is a great option for people with steady income that have been put behind financially due to unforeseen circumstances and just need a chance to catch up.

Recent changes to the bankruptcy laws make it more difficult for middle class Americans to completely discharge debt. The types of debts that are eligible for discharge may vary in New Jersey. You cannot discharge student loans unless they were not insured or taken under a government guarantee program. There are exceptions for cases of extreme hardship, but it is hard to achieve this kind of exemption.

Bankruptcy lawyers in the state of New Jersey guide their clients through the legal processes of a bankruptcy case while acting to protect their clients' best interests. There are numerous lawyers in the state of New Jersey who can help you find the best course of action for dealing with your financial situation. Let a bankruptcy lawyer in your area of New Jersey examine the circumstances surrounding your financial troubles, so you can receive the best chances of a favorable outcome for your case. Allow yourself to find some peace in your financial life with the knowledge that an experienced legal professional is focusing intently on formulating a solution to your financial situation.

The bankruptcy lawyer you ultimately select to evaluate your bankruptcy case in the state of New Jersey can answer any and all of your questions. As well, your lawyer of choice in New Jersey can address any concerns that you may have about bankruptcy issues pertaining to your financial situation or the process involved.

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