South Jersey Chapter 7 Bankruptcy Lawyer
Do you feel like debt is taking over your life? It’s likely that you are struggling to manage things such as your car payments, mortgage, credit cards, and more.
Chapter 7 debt is designed to make your life easier. The debt collectors will stop blowing up your phone right away. Our South Jersey chapter 7 bankruptcy lawyer is here to help you start the process. Call today!
Post-Bankruptcy Life is Good
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The Fresh Start Chapter 7 Bankruptcy Offers
We strongly encourage people in dire financial situations to file for chapter 7 bankruptcy because it will help you wipe away a lot of your debt. You get to create a fresh start. Please understand that you are going to have to be eligible for chapter 7 bankruptcy.
Our South Jersey chapter 7 bankruptcy lawyer will guide you through the process of beginning to clear up your debt. We want you to be very sure that you want to go through with this because bankruptcy while being a very powerful tool, is something you don’t do lightly.
If you decide that you want to file for chapter 7 bankruptcy, please call our South Jersey chapter 7 bankruptcy lawyer right away. We will get started immediately once we determine that this is the right step for you.
How Do You Qualify for Chapter 7 Bankruptcy?
You will go through a means test to begin, which is just a basic analysis of your debt to income ratio.
Chapter 7 bankruptcy is not the right choice for everyone, but if your debt to income ratio fits the needs for chapter 7, you will be able to file.
If you’re in a lot of debt but you do not have a huge income, then chapter 7 bankruptcy is likely a good choice for you. If you have a very large income, then chapter 13 may be more appropriate for you.
Filing for Chapter 7 is a good option if you need immediate relief from your debt. Debts that you shouldn’t expect relief from are things such as taxes and student loans. Our South Jersey chapter 7 bankruptcy lawyer is here to help you through this process.
Do You Lose Everything You Own?
It is very common for people to be worried that they’re going to lose everything they own when they file for bankruptcy. That is not what is going to happen. Yes, some of your assets are going to be liquidated. Assets that ARE protected from liquidation include:
- Clothes
- Furniture/ home decor
- Your car and home (you have to a certain amount of debt – check with your lawyer)
- Retirement
- Pension
The Chapter 7 Bankruptcy Process from Start to Finish
To head off the discussion of the process of chapter 7 bankruptcy, please note that you cannot file for chapter 7 twice within an eight-year time frame. If you have previously filed chapter 13, you cannot file chapter 7 within the same six-year time frame.
The means test is something you need to do before you file, again the test determines your eligibility. Once you’ve been determined to be eligible and begin the filing process, you will be asked to show some documentation, and there will be fees to send to the court. The documents you may want to begin collecting include:
- A list of your debts
- A list of all of your assets
- Proof of all income
- Summary of all of your finances
Once you have filed your petition, you will have something called automatic stay granted to you. What this does is it immediately halts the harassment from debt collectors. Your phone will finally quiet down.
An estate will shortly thereafter be set up. It is made up of any of your assets that will be eligible for liquidation. These assets will be used to repay some of your debt.
Any questions or concerns about this process can be brought to your South Jersey chapter 7 bankruptcy lawyer.
Next, you will have a trustee assigned to your case who is there to handle the meeting with your creditors. Under oath, you are going to be answering questions for both your trustee and your creditors. The questions will be about the debts.
This meeting is designed to determine your reason for filing chapter 7 bankruptcy, and they will decide whether your reasons are legitimate. They are trying to weed out people who are trying to abuse the bankruptcy process.
Do not hesitate to reach out to us right away if you have concerns or questions about the process. We are here to help guide you every step of the way.
Frequently Asked Chapter 7 Bankruptcy Questions
What’s important to know about chapter 7 bankruptcy?
Many of our South Jersey clients who are exploring bankruptcy want to know specifically if Chapter 7 bankruptcy is right for them, or what a Chapter 7 bankruptcy is. A Chapter 7 bankruptcy is best suited for individuals who have a lot of unsecured debts, like credit cards or medical bills but are current with their mortgage and car payments. If you have any questions about what Chapter 7 bankruptcy is and how it can help you, or what your other options are, please contact our office.
How do I choose the right chapter 7 bankruptcy attorney?
A common mistake we’ve seen a lot of clients make is thinking they can go without an attorney when filing for bankruptcy. When you’re filing for bankruptcy, it’s important that you have an attorney who is experienced in bankruptcy, whose practice is primarily bankruptcy, and who is also well versed in mortgage remodifications and foreclosures, as those can come into play with your bankruptcy. If you have any questions, please contact our office.
Can I convert a Chapter 7 to a Chapter 13 bankruptcy?
Just the other day we had a client convert from Chapter 7 to Chapter 13. This is very common. As situations change, things do come up during the course of the bankruptcy filing that can make this necessary. It’s very common to transfer from a Chapter 13 to a Chapter 7, or from a Chapter 7 to a Chapter 13. If you have any questions about this, please contact our office.
How long does it take to complete a Chapter 7 bankruptcy?
Another common question we often get in our South Jersey office is, “How long does it take to file a Chapter 7 Bankruptcy?” In an emergency situation, the documents can be filed within one to two hours. Under normal circumstances, the documents will be filed within one to two weeks. A month after that, you will have your hearing and, within about four months, your debts will be discharged. If you have any questions about this process, please contact our office.
How much does it cost to file a chapter 7 bankruptcy?
Probably the number one question we get in our office is, “How much is this Chapter 7 bankruptcy going to cost me?” A good baseline price is about $1,500. Although, depending on the complexity of your case, that number could go up or down. It’s also important to remember that here, in our office, we do not charge if a spouse is included in that Chapter 7 bankruptcy. If you have any questions about our pricing or how we can help you in your situation, please contact our office.
Can I keep my credit cards after a Chapter 7 bankruptcy?
Many of our South Jersey clients that call our office want to know, “Am I able to keep my credit cards in a Chapter 7 bankruptcy?” In a word, no, you cannot keep your credit cards. However, about six to nine months after your Chapter 7 bankruptcy is discharged in South Jersey, you will begin to receive credit card offers in the mail. At that time, it is a good idea to utilize that credit so you can begin to reestablish your credit.
What assets can be protected in a chapter 7 bankruptcy?
When exploring the option of bankruptcy, a big concern for a lot of our clients is, “What assets can I protect?” Two of the biggest assets that do impact people’s lives are your home and your car. Those assets can be protected in Chapter 7 or Chapter 13 bankruptcy, if it is processed correctly. If you have any questions about this, please call our office.
What debts are not dischargeable in a chapter 7 bankruptcy?
When speaking with potential clients in South Jersey, one of their biggest questions is, “Are there debts that I can’t discharge in my bankruptcy?” There are. Taxes, spousal obligations, child support, and student loans are some examples of debts that cannot be discharged in bankruptcy. If you have any questions about whether or not your debts are dischargeable or if bankruptcy can help you, please call our office.
What happens if I’ve forgotten a creditor when filing a chapter 7 bankruptcy?
The other day we got a phone call in our office from a client here in South Jersey who is filing for Chapter 7. She was quite nervous because she realized that she forgot to add a creditor to her bankruptcy. What we do in a situation like that is we file an amendment. Amendments are very common, and they happen very often in Chapter 7 bankruptcy, as situations can change during the course of your bankruptcy filing. If you have any more questions about this, please feel free to contact our office.
What is an automatic stay regarding a Chapter 7 bankruptcy?
I was speaking with a potential Chapter 7 bankruptcy client in my South Jersey office the other day, and they heard about this term called an automatic stay. They wanted to know what an automatic stay was. An automatic stay protects you from having your wages garnished, your bank account levied, or your home foreclosed on. It’s a bar that protects you legally from having the collectors trying to collect on the monies that you owe them. If you have any more questions about an automatic stay or how bankruptcy can help you, please contact our office.
What is the chapter 7 means test?
Another common Chapter 7 bankruptcy question we get from our South Jersey clients is, “What exactly is the means test?” When filing for a Chapter 7 bankruptcy, the means test is a comparison of your annual household income against the number of people residing in your home. If it is over a certain threshold, you will not qualify for a Chapter 7 bankruptcy. You may still qualify, however, for a Chapter 13 bankruptcy. If you have any questions about whether a Chapter 7 or a Chapter 13 bankruptcy is better suited for you, or where you fall in the means test, please feel free to contact our office.
Will a chapter 7 bankruptcy stop wage garnishments?
In our South Jersey office, we get a lot of questions from people who are actually having their wages garnished presently, and they want to know if Chapter 7 can help them. The answer is, yes, a Chapter 7 bankruptcy can help you with your wage garnishment. We can actually stop that and, in some cases, recover the monies that have already been taken. If you have any questions about how Chapter 7 can help you or if Chapter 7 is right for you, please contact our office.
What is life like after a chapter 7 bankruptcy?
When speaking with potential clients, the question comes up, “What’s my life going to be like after I’ve filed for Chapter 7 bankruptcy in South Jersey?” The answer is life does get better. There’s credit after bankruptcy, and there is life after bankruptcy. During this time, after all, your debts are discharged, you will find it’s easier to make your monthly payments, as you don’t have these outstanding debts. You’ll be able to pay your utilities on time, your rent, or your mortgage on time. You’ll be able to keep your car. Your monthly bills and your monthly budget will be easier to manage. When you have your finances in order, life, in general, is better. If you have any questions about how we can help you or how bankruptcy can help you, or which bankruptcy is right for you, please contact our office.
Call Our South Jersey Chapter 7 Bankruptcy Lawyers Today
If you want to take your life back and control your debt, please call our South Jersey chapter 7 bankruptcy lawyers right away. We will sit down with you as soon as possible to get started.
