If you are swimming in debt and it is getting harder and harder to stay above water, it might be time to consider bankruptcy. Bankruptcy can give you a fresh financial start by wiping out oppressive debts or consolidating your debt into a repayment plan you can actually keep up with. If creditors are harassing you day and night or have started a foreclosure or property repossession, it is likely time to discuss your situation with an experienced New Jersey bankruptcy lawyer so you can find out what your options are and how best to proceed.
Why Do I Need a New Jersey Bankruptcy Lawyer?
Mounting debts and collection actions can quickly overwhelm a person. At Friscia & Associates LLC, we understand how daunting dealing with debt can be. Our New Jersey bankruptcy lawyers stand ready to help you find the right solution to your particular situation. Bankruptcy can be a viable course of action when you are facing down the following problems:
- Your bills, loans and other payments have become overwhelming and you cannot keep up
- You are swamped with mounting credit card debt
- Lawsuits have been brought against you due to unpaid bills
- You face the imminent threat of having your home foreclosed
- Your wages are being garnished
- Your accounts are being frozen due to bank levies
- Your car or other property is under threat of being repossessed
- You are under constant harassment from creditors and collection agencies via phone, mail, etc.
- You have taxes that have gone delinquent
In many cases you may even be facing down a combination of problems, and these are far from the only reasons why you might be seeking to file for bankruptcy. Filing for bankruptcy also grants you an “automatic stay,” which prevents collection actions like foreclosure and lawsuits from being pursued or continued for the duration of the bankruptcy process. However, bankruptcy is not a decision that should be made lightly or hastily. Therefore, it is imperative that you receive the guidance and expertise of a New Jersey bankruptcy lawyer to find out what is the best course of action.
Our attorneys will efficiently and effectively guide you through the Chapter 7 and Chapter 13 bankruptcy process.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the type of bankruptcy for someone looking to wipe the slate clean and obtain a fresh financial start. This type of bankruptcy involves that discharging most or all of your unsecured debts, including but not limited to:
- Medical bills
- Credit card debt
- Past due utility bills
- Personal loans
This does come at a cost, however, as any non-exempt liquid assets you have will likely undergo liquidation in order to pay off your creditors. Additionally, certain debts cannot be discharged by law, such as:
- Child support
- Alimony payments
- Student loans
- Certain types of taxes
Chapter 13 Bankruptcy
Chapter 13 bankruptcy does not involve liquidation of assets for immediate discharge of debts, but rather the creation of a repayment plan. This plan consolidate your debts so that you can repay them over a period of 3-5 years. Once this period is complete, all remaining debts are discharged. This type of bankruptcy also the best way to keep non-exempt assets that might otherwise be liquidated in a Chapter 7 bankruptcy. The most common reason to file for Chapter 13 is when people fall behind on their mortgage and cannot afford reinstatement.
Need the Counsel of a NJ Bankruptcy Lawyer?
As mentioned before, bankruptcy is not a simple decision and should only be made once you understand exactly what you are commiting to. You should obtain the services of an experienced New Jersey bankruptcy lawyer so that you can consider all the options available to you and make the right decision. At Friscia & Associates we will help you reach that decision. Contact us today for a free consultation.
NJ Bankruptcy FAQ
- Does filing bankruptcy stop a foreclosure?
- Do I qualify for a Chapter 13 bankruptcy?
- What is a Chapter 13 Bankruptcy?
- What is the means test?
- Who is eligible for relief under Chapter 7?
- What are the benefits associated with a Chapter 7 filing?
- Will foreclosure class actions stop my foreclosure proceeding?
- What is class certification?
- What is a Foreclosure Class Action?
- What is a Class Action?