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Bankruptcy Law: Debtors

NEW JERSEY BANKRUPTCY LAWYERS

Our bankruptcy lawyers represent individuals and corporations in Chapter 7 liquidation proceedings in the federal courts in Newark, Trenton, and Camden.

  • Consumer Chapter 7 Bankruptcy Filings:

For individual consumers Chapter 7 bankruptcy  serves the purpose of providing “fresh start” to your financial life.  Depending upon the value of your assets and the amount of your disposable income you may qualify for Chapter 7 bankruptcy.  The decision to file for Chapter 7 bankruptcy, as well as the timing of the filing, are critical decisions that are best made when consulting an experienced attorney.   Our New Jersey bankruptcy lawyers will carefully review your financial condition and assist you in exploring all possible options.

Chapter 7 FAQs

Use our debt calculator to determine whether bankruptcy is a viable option:

Months It Will Take To Be Debt Free:
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  • Consumer Chapter 13 Bankruptcy Filings:

Chapter 13 bankruptcy is a reorganization case filed by individuals who have a valuable asset, such as a home, that is not completely covered by exemptions and that they wish to keep. The most common reason for debtors filing Chapter 13 is to stop foreclosure proceedings  and save their home.   In Chapter 13 a debtor proposes a plan to repay creditors over a three to five year period during which the debtor can make up overdue payments on any assets and pay into the plan the equivalent value of any assets not covered by exemptions. Since the debtors plan will require regular monthly or biweekly payments, Chapter 13 is usually only appropriate for an individual debtor who has a regular source of income.

  • Chapter 13 FAQs
  • Corporate Chapter 7 Bankruptcy Filings:

For corporations Chapter 7 bankruptcy offers the opportunity to wind down a company’s business affairs in an orderly manner.  As with most small businesses that become insolvent, creditors typically obtain the home phone numbers and addresses of the company’s principals.  Because Chapter 7 bankruptcy is Court supervised and provides an automatic stay against certain creditor actions, the procedure often avoids the hassles typically associated with attempting to close a small business on your own, such as creditor lawsuits and endless phone calls and collection letters addressed to the company principals.

Please contact our NJ bankruptcy law firm today to discuss a consumer or corporate Chapter 7 bankruptcy filing, and one of our bankruptcy lawyers will respond within 24 hours.

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