There is a tremendous stigma tied to filing bankruptcy. For some individuals, the very phrase bankruptcy can ignite a feeling of failure and ruin. Nevertheless, phrases like debt consolidation, debt resolution, credit management, debt relief, etc., create a very different emotional answer. These options are promoted as an effortless substitute to filing bankruptcy. In truth, this is certainly not the case.
Since 1972, our experienced attorneys at Scura, Wigfield, Heyer, Stevens, & Cammarota, LLP, have been proudly serving the legal needs of businesses and residents throughout the Garden State. With every client’s unique situation, we strive to represent each one with compassion and understanding. We offer a free consultation with our attorneys to review your case and solve any questions you may have. To serve you best, we have offices in Wayne, Hoboken, Newark, and Hackensack.
Known as the liquidation bankruptcy chapter, Chapter 7 bankruptcy can wipe out, eliminate, or discharge most forms of debt. Instances of unsecured debt that can be wiped out are medical bills and credit cards. Debtors must qualify for Chapter 7 by passing a “means test”. Once passed, a debtor is entitled to retain specific assets, while any remaining assets are sold and distributed to creditors to partially satisfy the debt. Your personal assets and retirement savings are safeguarded during this process.
By filing Chapter 7, our lawyers may be able to help you prevent car repossession, get your financial house in order, eliminate your credit card debt, and stop wage garnishment and tax liens. One of the many reasons why Chapter 7 bankruptcy works well for these individuals is they do not need to hand over large assets as they do not hold much equity or all their assets are exempt.
In a Chapter 13 bankruptcy process, the debtor will pay a small portion of their debts across a 3 to 5 year period in a reorganized payment plan. The span of the plan as well as the quantity paid boils down to the debtor’s property, expenses and median income. Chapter 13 bankruptcy is very powerful, as it offers a mechanism for debtors to prevent sheriff sales and foreclosures as well as halt repossession of property and utility shutoffs while catching up on their secured debt.
The representation you select to help you pilot this challenging decision will make all the difference in the world as to how things turn out. Our attorneys are committed to solving today’s toughest obstacles in a method that best safeguard’s you and your family’s future. Call our trusted New Jersey bankruptcy lawyers today for a free consultation at (973) 330-8508.