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Phone: 856-426-9815
Email: andrewcarrollesq@gmail.com
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New Jersey Bankruptcy Lawyer
Thousands of people in New Jersey and millions around the country are saddled with astronomical levels of debt. These debts may be in their name, or their business may owe money to lenders or other businesses. Either way, they may feel as if there is no way out and that they will be in debt forever.
Fortunately, bankruptcy laws in the United States allow for people in certain situations to declare that they will never be able to pay their debts. By following legally prescribed programs, indebted people and companies may be able to discharge their debt for a fraction of its value. If you are facing serious debt, a New Jersey bankruptcy lawyer could help you choose the plan of action that is best suited for your needs and put that plan into action.
When May a Person Declare Bankruptcy in New Jersey?
In general, a person or company may declare bankruptcy at any time. However, bankruptcy may require a person to sell many of their personal assets to pay off debtors. Bankruptcy will also appear as a negative mark on a person’s credit report. Most lenders will hesitate to provide credit to people with a bankruptcy on their record.
The basic idea of bankruptcy is that a person declares they no longer have the means to pay their debts and acknowledges this fact before a court. If everything goes according to plan, the debts are discharged and creditors can no longer pursue the debtor for payment.
Still, bankruptcy could provide essential relief to someone’s finances and peace of mind in the right circumstances. A New Jersey bankruptcy attorney could help individual clients determine if this is the right choice for them.
Different Types Of Bankruptcy
Chapter 7
Many people prefer Chapter 7 bankruptcy, since there is no debt limit to a Chapter 7 bankruptcy – as there is with Chapter 13. A Chapter 7 filing involves the liquidation of personal or business assets to pay off debtors.
Chapter 13
Chapter 13 bankruptcy applies only to individual people who have a regular source of income. Furthermore, there are limits as to the level of debt that a person may possess prior to taking advantage of this program.
Free Case Evaluations
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427 North Packard Street, Hammonton, NJ, 08037, United States
Practice Areas
Hours
24/7 Availability
Contact Information
Phone: 856-426-9815
Email: andrewcarrollesq@gmail.com
Disclaimer: We are a federally designated debt relief agency. We help people file for relief under the United States Bankruptcy Code. We are a federally designated debt relief agency. We help people file for relief under the United States Bankruptcy Code. Before making your choice of attorney, you should give this matter careful thought. The selection of an attorney is an important decision. If this information is inaccurate or misleading, report same to the Committee on Attorney Advertising, Hughes Justice Complex, P.O. Box 037, Trenton, New Jersey 08625
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