South Jersey Bankruptcy Lawyer
When you’re worried about money, there’s little else you can think of. Being in debt is a scary thing and you don’t want it to consume your life. The word “bankruptcy” might make you bristle but, we assure you, bankruptcy is a tool to help you get your debt under control and a very positive thing. Call our South Jersey bankruptcy lawyer today.
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What is Chapter 7 Bankruptcy?
While bankruptcy is a very powerful tool, it should not be used casually. Bankruptcy was designed for financial emergencies. If you’re here reading about chapter 7 bankruptcy, you’re likely in a financial emergency. There are tons of benefits to bankruptcy but there are some very real cons that you need to know about.
In order to file for Chapter 7 bankruptcy, you need to meet certain criteria to be eligible. Chapter 7 is the most frequently filed form of bankruptcy for individuals who are struggling with their finances.
The benefit of being able to file for Chapter 7 bankruptcy is that it will help you eliminate your debt. You do need to consider that in order to eliminate this debt you’re going to have to look at liquidating your assets so that you can pay off said debt.
You will continue to pay monthly payments but your debt will be manageable. That’s why it’s the most frequently filed type of bankruptcy for individuals who are in over their head in debt. If you have any questions of any kind, you can call our South Jersey bankruptcy lawyer as soon as possible.
Understanding Bankruptcy
Money is great when you have it but when you don’t have it that can be the most stressful thing. Money is notoriously hard to manage for a lot of people. Even if you are responsible and save a considerable amount of money, you may end up in debt after one wrong step or one tragedy in your life. It just takes one major event to change your finances from stable to dire. Please understand that if you end up in major debt you have options. That extends beyond chapter 7 bankruptcy. There are plenty of options for you to choose from, including chapter 13 bankruptcy. That is the option that is less frequently filed but still offers a great deal of help for people in debt.
Please also understand that you should not make a decision about bankruptcy based on what people will think of your decision. Bankruptcy is a very personal choice. If you feel like people will judge you for filing bankruptcy, don’t let that stop you from looking into it as an option, at the very least. Filing for bankruptcy is not foolish— in fact, it can be the most responsible thing that you do for yourself if you think bankruptcy is needed. it allows you to start over in a way.
The basis of bankruptcy is letting your creditors know that your debts are going to be either repaid or forgiven. It’s a complicated process that should be handled by someone who knows how it works inside and out. That is why our South Jersey bankruptcy lawyer wants to help people who are navigating this process. It helps a great deal to have someone who knows what they’re doing by your side.
What are the Benefits of Bankruptcy?
No one jumps into bankruptcy thinking that it doesn’t do anything good for them. You’re likely looking for reasons why you should consider filing. This is very frequently asked question. Odds are you are in a very tight spot financially which can be extraordinarily stressful on you. It is likely taking a very large toll on your well-being in general. Going through bankruptcy can seem like a risk for many reasons and it’s scary. You don’t want to add any more stress to your life. We want you to understand that bankruptcy can be used as a tool to help you regain your footing financially. This could be one of the best decisions that you ever make.
The first benefit you will likely notice right away is that your phone will no longer ring multiple times a day with debt collectors. You won’t get any calls or emails or mail about your debt because bankruptcy puts an end to that as soon as you’re officially filed. Bankruptcy might let you keep your car and your house and your precious assets. It can also stop litigation against you due to your debt, which can be a huge relief.
Bankruptcy protects you. It gives you time to figure out how you’re going to make a plan to manage your debt. This will include all of your credit cards and your medical bills, if you have those. Chapter 7 would clean up the debt for you leaving you clear of that in a matter of months, possibly. Chapter 13 could be a little bit more complicated but that is the type of bankruptcy that would protect you from losing your home in your car. Chapter 13 stabilizes you so that your debts can be collected.
Frequently Asked Bankruptcy Questions
What are the reasons someone should file for bankruptcy?
If you’re reading this, you’re probably exploring the option of bankruptcy and wondering if this is the right option for you. Some of the reasons people consider filing for bankruptcy are because they have judgments filed against them, which means that your wages could be garnished or your bank account levied (they’ve taken money out of your account.) In many cases, those funds can be recovered and we can stop the wage garnishment. Also, if you’re falling behind in your mortgage, if you’re interested in protecting your home or protecting your car, if you’re just having problems making your monthly bills at the end of the month, you may want to consider bankruptcy, as you can discharge or settle your accounts for pennies on the dollar, depending on which chapter you decided to file for. If you have any questions regarding this, contact our office.
What should I do to prepare for bankruptcy?
A lot of people who call our office want to know what they have to do to prepare before they meet with us for their bankruptcy. You’ll need to have the last two months of your pay stubs, your last two months’ bank statements, and also make sure that you are current with the past few years tax filing obligations. Once you have those basic documents in hand, we can sit down with you and discuss what your options are for bankruptcy and help guide you as to whether a Chapter 7 or a Chapter 13 would be most beneficial for you. If you have any more questions about this, please contact our office.
Can anyone file for bankruptcy?
When a lot of our clients walk through our doors in our South Jersey office, they want to know, “What are the chances that I’m going to not be accepted for bankruptcy?” For a lot of people, this is a last-ditch effort. They don’t know where else to go or where else to turn. The answer is almost everyone will qualify for more than one form of bankruptcy or another. That’s why it’s important to have an attorney who’s knowledgeable in bankruptcy and experienced with bankruptcy to guide you. The important part of being approved for bankruptcy is making sure you choose the right type of bankruptcy. If you have any questions about whether bankruptcy is right for you or whether you should be considering a Chapter 7 or a Chapter 13, please call our office.
Can anyone file for bankruptcy?
Anybody can file for bankruptcy. However, the question is, which bankruptcy is right for you, Chapter 7 bankruptcy or Chapter 13? Chapter 7 would be a complete discharge of your unsecured debts, and a Chapter 13 would be a repayment plan when you want to maintain secure debts, such as a home or a car. If you have any questions about whether bankruptcy is right for you or which bankruptcy is right for you, please contact our office.
Why do I need an attorney for a bankruptcy proceeding?
It’s important to have a bankruptcy attorney to help guide you through this process. It’s important to make sure that your documents are filed on time and that you’re filing for the correct bankruptcy. You need somebody to help you decide whether a Chapter 7 or a Chapter 13 would be beneficial for you. Also, for people who are concerned about losing their home or their car, you need an attorney who knows what they’re doing to be able to stop share of sales and to recover your car if it’s been repossessed. Individuals, too, whose wages have been garnished or whose bank account has been levied, you need a skilled attorney, an experienced attorney who can recover those funds for you.
Can the mortgage company foreclose on my house if I file for bankruptcy?
The other day I was talking to a potential New Jersey client and one of her concerns was, “If I file for bankruptcy, can the mortgage company still foreclose on my home?” The answer is no. Bankruptcy prevents the mortgage company from foreclosing on your home. If you have any questions about whether this option is right for you to protect your home, please call our office.
How long does a bankruptcy stay on my credit report?
I got a phone call the other day from a potential client wanting to file for bankruptcy. One of the big questions that a lot of people have and is foremost in their concerns is, “How long does a bankruptcy stay on my credit report?” It would depend on the type of bankruptcy filed. A Chapter 7 bankruptcy will reflect on your credit report for up to ten years, and a Chapter 13 for seven years. During that time, it’s important to know that your credit health will improve, your credit score will improve, and you can actually be approved for a mortgage or a car loan within two years.
How should I handle the creditors that are calling after I file for bankruptcy?
A question some clients have is, “What do I do if my creditors contact me after I’ve already filed for bankruptcy?” The answer is they should not be contacting you. However, if they do, inform them that you are in bankruptcy and give them the number of your attorney. If you have any other questions regarding this, please contact our office.
My spouse has a lot of debts and I don’t. If they file for bankruptcy, will that affect my credit?
A question that we get a lot from married clients is, “Will my filing for bankruptcy affect my spouse’s credit score?” The answer is no. It is important, however, to understand that in your bankruptcy filings both incomes will be considered. If you have any more questions regarding this, please feel free to call our office.
Should I file for bankruptcy if I’ve fallen behind on my mortgage payments?
A lot of potential clients who call our office wonder about whether or not it’s too late to file for bankruptcy once they’ve already fallen behind on their mortgage payments. The answer to that question is it’s probably the perfect time for you to file for bankruptcy. Filing for bankruptcy can protect your home from being foreclosed on or from going up for a share of sale. If you have any more questions about this, please contact our office.
Should me and my spouse file for bankruptcy together?
Another question that we find comes through our office a lot is from married couples or married individuals who wonder if they file for bankruptcy, does their spouse also have to file for bankruptcy? The answer is, no, you can file individually. Sometimes, however, it is beneficial for both partners to file together. Should you choose to file jointly, here in our office, we do not charge extra for the spouse filing jointly, but it is not a requirement. You must consider or you must understand, however, that the income for both spouses will play into the bankruptcy, whether both or one file.
What can I do to rebuild my credit after bankruptcy?
A concern that’s expressed by our South Jersey clients as they go through the bankruptcy process is, “Where do I go from here? How do I rebuild my credit? Is there credit after bankruptcy?” The answer is yes. Though your credit score will take a hit initially, within six to nine months it will improve and you’ll begin to see offers for credit cards come through the mail. We recommend taking those credit card offers, utilizing that credit and paying it off every month. Until that point, you have to make sure you’re current with your mortgage payments or your rental payments, as well as all your utilities. Making all these regular monthly payments helps you to reestablish your credit and helps your credit score to go up. If you have any questions regarding this, please feel free to contact our office.
What credit counseling courses are required when filing for bankruptcy?
In New Jersey, one of the requirements for filing for bankruptcy is that you have to take a credit counseling course. This course can be done online and takes about 45 minutes to an hour to complete. It is fairly inexpensive and fairly easy to take. If you have any questions about credit counseling courses or anything else related to your bankruptcy, or are wondering what you might need to do to prepare and what your obligations are, please contact our office.
What should I consider when choosing a bankruptcy attorney?
When looking for a bankruptcy attorney in New Jersey, of course, you want somebody who is part of the New Jersey Bar, but you also want an attorney who’s practice concentrates on bankruptcy. You also need an attorney who is experienced in foreclosures and mortgage remodifications, which we here at All Jersey Bankruptcy are. If you have any more questions concerning that, call our office and we’ll be happy to answer you about our credentials.
What will bankruptcy do to my credit?
A lot of South Jersey clients who call our office ask, “How is bankruptcy going to affect my credit?” You will see your credit score dip at first, but within six to nine months your credit health begins to improve. You’ll see offers for credit cards coming through the mail. We recommend that you utilize some credit and pay it off. Within two years, you will be eligible for a mortgage, as well as a car loan.
Will I lose my car or house if I file for bankruptcy?
In talking to people who are considering bankruptcy, the number one concern most people have is, “Will I lose my home or my car?” The answer is no. In fact, quite the opposite is true. Bankruptcy is a means to protect your home and your car, as well as other assets. If you are in danger of losing your home or your car, or you just want to protect your home from a share of sale or a foreclosure, please call our office for more information.
What’s the difference between secured and unsecured debts?
Another question our South Jersey clients have is, “What’s the difference between a secured creditor and an unsecured creditor?” Unsecured debts would be things like credit cards or medical bills. Your secure debts would be items such as your car or your home. If you have any more questions about the types of debts that you have or whether they fall under the secured or unsecured category, please contact our office.
Can I file for bankruptcy if I have previous judgments?
Here in our South Jersey office, a big question we have from people exploring the option of bankruptcy is, “Can I not file if I already have judgments against me?” The answer is, yes, you can. As a matter of fact, those judgments are a good reason to file for bankruptcy, as we can stop the wage garnishment and maybe even, in some cases, recover the lost monies. If you have any questions about whether this is right for you or how it can help your situation, please call our office.
Call Our South Jersey Bankruptcy Lawyer Today
We can guide you through this process every step of the way. Call our South Jersey bankruptcy lawyer as soon as possible for a consultation to get started.
