What Type of Bankruptcy is Best for You?

We help individuals and businesses get a fresh start from overwhelming debt obligations. Bankruptcy may or may not be the best option and our New Jersey Lawyers will take the time and advise you if bankruptcy is right for your situation. An attorney in our office will take the time to explain to you the differences between Chapter 7 Bankruptcy, Chapter 13 Bankruptcy and Chapter 11 Bankruptcy and the best option for you. Sometimes it is better to avoid bankruptcy and settle with creditors out of court. New Jersey also has an alternative to bankruptcy for businesses called an Assignment for the Benefit of Creditors and our law firm will go over this option if it fits as a potential strategy for your business. Correct advice from the very beginning is the most important factor in leading to a successful bankruptcy or out of court settlement with creditors.

Many people do not realize that there are several types of bankruptcy, such as Chapter 7, Chapter 11 and Chapter 13. Each has its benefits and challenges, so knowing which is the best option for your present situation as well as your future financial freedom can make all the difference in your life. Here at Scura, Wigfield, Heyer, Stevens & Cammarota, LLP we handle all types of bankruptcy cases, so we are able to answer your bankruptcy questions and help you make the best decision for your case. Here is a brief look at the debt relief options available:

  • Chapter 7 Bankruptcy can provide a way to wipe out or discharge all unsecured debt, such as credit cards, medical bills and personal loans, and still keep exempt assets. Visit our comprehensive Chapter 7 Bankruptcy Information Section for further understanding and analysis of your rights. 
  • Chapter 13 Bankruptcy can provide a way to save a home from foreclosure or provide a way to pay back a portion of debt and back-due mortgage payments over a 60 month or five year plan. You may also be eligible for a favorable loan modification. Visit our Chapter 13 Bankruptcy Information section for various strategies and plans. 
  • Chapter 11 Bankruptcy is a reorganization chapter for businesses to obtain some breathing room and pay back their creditors under more favorable terms. Visit our Chapter 11 Bankruptcy Infomation section for more information.
Review our web pages on bankruptcy topics, including many articles on bankruptcy-specific topics, for a more detailed discussion on different forms of bankruptcy.

 Ready to talk about your situation? Contact us at 973-870-0434 or schedule a FREE initial consultation today!