When individuals are struggling to get by month-to-month or even week-to-week, they are not always sure where to turn. Our firm understands that residents in New Jersey often encounter financial problems. For some, this is an event that might be temporary and doesn't require immediate action. This is not always the case, and some individuals and families need to make major decisions in order to improve their finances. While it is not an easy choice, for some, filing for bankruptcy is their best option.
Stopping Creditor Harassment with Bankruptcy In New Jersey
Our firm understands that debtors seek to not only get out of debt but also halt abuse from creditors. When bankruptcy is initiated, creditors and collectors will be stopped from harassing the debtor. While filing for bankruptcy is a sure way to obtain a fresh financial start, individuals should consider alternatives to bankruptcy before diving right into the process. This often entails negotiating with creditors, going through debt counseling, getting a second job, downgrading, selling items and other similar strategies.
New Jersey Chapter 7 & Chapter 13 Bankruptcy
If bankruptcy is ultimately the individual's best option, the debtor should decide what type is best for them. In a Chapter 7 bankruptcy, the debt is essentially wiped clear and is often referred to as a "debt discharge." There are several factors to consider when filing for this type of bankruptcy, so it is important to become educated about the process. If a Chapter 7 bankruptcy is not ideal for the individual, they might also consider filing for a Chapter 13, which seeks to develop a repayment plan that extends over a period of three or five years.
No matter what caused the individual or family their financial problems, it should be understood that there are debt relief options. Residents in New Jersey should not feel guilty or embarrassed about their financial troubles, but should seek to regain control of their financial life. Our firm's personal bankruptcy overview could help individuals better understand the process. This will ensure that they understand their rights and take appropriate steps to a better financial future.
For help from a New Jersey Bankruptcy Attorney, contact us today for a Free Bankruptcy Consultation.