Essex County is the Garden State’s third-most densely inhabited county, with some families seeking out potential bankruptcy options to help them overcome severe financial obstacles. As a slice of the New York Metropolitan area, Newark and Caldwell are the largest municipalities in Essex County. The term bankruptcy is often mislabeled by some as a person’s “last resort” option. Many individuals rely on dishonest help of debt resolution and debt consolidation companies that plan on wasting your precious resources and time in exchange for no financial progress. Traveling this path will never help you discharge your remaining debt and leave you in a deeper monetary pitfall.
At Scura, Wigfield, Heyer, Stevens, & Cammarota LLP, we have successfully relieved debtors of their overwhelming debt. Our attorneys offer a free consultation to meet with us and let us lay out your individual options best suited for you and your family. We have offices in Wayne, Hoboken, Newark, and Hackensack to serve you better.
During the Chapter 7 bankruptcy process, a portion of your assets will be given to the creditor in exchange for your remaining debts to be discharged. Some of your assets are protected, such as your personal assets and retirement account. Nonetheless, items like your expensive vehicle collection or your vacation house will be handed to the trustee to be sold to pay your creditor. What’s more, to see if you qualify for Chapter 7 bankruptcy, you will have to pass a “means” test. This test will take into your account your expenses, income, and family size to conclude whether you hold sufficient disposable income to pay off your debts. Visit our office to see if Chapter 7 is the best option for you.
If you have numerous assets you will lose in a Chapter 7 bankruptcy filing or your earnings are substantially higher than the eligible amount, you can file a Chapter 13 bankruptcy. If you do not pass your means test, you can choose instead to rearrange your debt and pay them off using Chapter 13 bankruptcy. To be eligible for this type of bankruptcy, you must have no more than $394,725 in unsecured debt, like personal loans or credit card bills. What’s more, you must also not have any more than $1,184,200 in secured debts, which includes car loans and mortgages. These quantities shift occasionally based on the fluctuations of the consumer price index.
Our lawyers are here to help you get back on track and relieve you of your outstanding debt. Call our trusted New Jersey bankruptcy lawyers for a free consultation at (973) 330-8508.