Union County in New Jersey is the seventh-most populated county in the Garden State. Swiftly surpassing Ocean County in population, Union County is a slice of the New York metropolitan area. Contrary to what is rumored, bankruptcy is not a “last resort option”. It is one of the best paths you can take to give you a financial reset. Unfortunately, certain companies such as debt consolidation or debt resolution will try to sway you to use their methods; nonetheless, their tactics will only waste your precious time, energy, and resources while placing you in a deeper financial pitfall.
At Scura, Wigfield, Heyer, Stevens, & Cammarota LLP, we take pride in helping thousands of debtors file bankruptcy and reclaim their lives. We have offices in Wayne, Hoboken, Hackensack, and Newark to serve you better.
Chapter 7 bankruptcy, or liquidation, allows businesses and individuals to sell all of their non-exempt property to pay creditors. These debtors must have an income level low enough to be eligible to past the “mean’s test”. To receive a discharge can take habitually three to four months’ time
This form of bankruptcy permits debtors to swiftly discharge their debt and get a fresh start in a short amount of time. However, not everyone qualifies for this method. Visit our office to determine if you qualify.
Chapter 13 bankruptcy, or reorganization, permits individuals and sole proprietors to keep all of their property, but the debtor must award an amount equal to the value of their non-exempt assets to the creditors. This process permits debtors to catch up on their missed payment, whether it’d be a car payment or mortgage, but the debtor must complete monthly payments to the trustee for three to give years. Usually Chapter 13 bankruptcy is for debtors who either have non-dischargble debts like child support or alimony, debtors who do not qualify for Chapter 7 bankruptcy but need debt relief, and debtors who have not been able to pay off their car or house payments.