Marlton, NJ Bankruptcy Lawyer
At Young Marr & Associates, we know that bankruptcy can be beneficial. Bankruptcy is a system in the federal courts that gives individuals and businesses an opportunity for a fresh financial start. If you are facing collection calls and have debt that you cannot get away from, our attorneys might be able to help. Our experienced bankruptcy lawyers understand how the bankruptcy code can benefit many people with debt problems, and we may be able to help you file for bankruptcy, stop collection calls, and get you back on your feet.
We have over 20 years of experience and have dealt with thousands of individuals just like yourself. Whether you need to file for Chapter 7 or Chapter 13, our Marlton, NJ bankruptcy lawyers will guide you every step of the way with respect and compassion. Call Young Marr & Associates at (609) 755-3115 to speak with an attorney. Your initial consultation is completely confidential and free.
Filing for Bankruptcy in Marlton, NJ
Bankruptcy is a federal court proceeding that individuals and businesses can use to eliminate debt or reorganize under the protection of the Bankruptcy Code. Governed by Title 11 of the United States Code, all bankruptcies must adhere to the same federal provisions. However, each state has enacted regulations in conjunction with the federal laws, and each state district court has local rules governing the administration of bankruptcy proceedings. At Young Marr & Associates, we will help you navigate these complex rules and regulations.
Most individuals filing for bankruptcy in Marlton, New Jersey choose either Chapter 7 or Chapter 13 bankruptcy. Your specific financial situation, type of debt, and ultimate goals will determine which type of bankruptcy is most beneficial for your needs.
The Benefits of Filing for Chapter 7 Bankruptcy in Marlton
Chapter 7 is a “liquidation” or “no-asset” bankruptcy. Through Chapter 7, it is possible to eliminate your unsecured debt, including medical bills, credit card debt, and personal loans. If eligible, individuals, married couples, partnerships, and corporations can file for Chapter 7.
In the majority of Chapter 7 cases, debtors can keep their home, car, and personal possessions, allowing them to have a fresh start. Both federal and state law define specific exemptions that allow debtors to protect their property, and our experienced bankruptcy attorneys will work to ensure the majority of your property is protected.
Once you have fallen behind in payments on credit card or medical bills, harassing phone calls and collection requests might begin. When you file for bankruptcy, creditors must stop attempting to collect debts. This means phone calls, letters, and even legal complaints must cease. Also, if one of your creditors is threatening to or is currently garnishing your wages, filing for Chapter 7 is an effective way to stop them. Furthermore, should any creditor contact you or continue to garnish your wages after your case has been filed, they would violate the Bankruptcy Code and could potentially face penalties.
The most significant benefit of Chapter 7 is the elimination of debt. You can discharge debt from credit cards, personal loans, repossession deficiencies, pay-day loans, and medical bills in approximately five months, allowing you to begin moving forward again.
The Benefits of Filing for Chapter 13 Bankruptcy in Marlton, NJ
Chapter 13 is a “payment” or “reorganization” bankruptcy, permitting you to pay all or part of your debt over three to five years. We will work with you to propose a bankruptcy plan based on your financial situation and your debt. Once the plan is confirmed, you will make payments under the terms of the plan that your creditors must accept. However, to satisfy the terms of the plan, you will need to demonstrate that you have enough household income to afford your ordinary monthly expenses along with the monthly bankruptcy plan payment.
Chapter 13 is a powerful tool that debtors can use to stop foreclosures, retrieve repossessed vehicles, and have utilities turned back on while potentially eliminating a substantial amount of unsecured debt.
Most people file for Chapter 13 bankruptcy to stop foreclosures or sheriff sales of their homes. Filing for Chapter 13 will stop a sheriff sale any time before the sale of your home, even the morning of the auction. After filing for bankruptcy, you will pay your mortgage arrears through your bankruptcy plan.
Similar to how Chapter 7 works, your creditors will not be able to contact you to collect debts, and this protection from harassment will be in place for the length of your bankruptcy proceedings. In some instances where your creditors continue to harass you, there may be legal remedies available under the Fair Debt Collection Practices Act (FDCPA).
If your vehicle was repossessed but not yet sold, filing for Chapter 13 will usually get you your car back, and you will be able to pay back the money you owe through your bankruptcy plan. Also, under certain circumstances, we may be able to lower the amount you owe on the vehicle.
If you are facing a pending utility shut-off or if your service was already terminated, filing for Chapter 13 allows you to cure the default, restoring service.
In addition to the benefits listed above, it is still possible to eliminate some or all of your unsecured debt, meaning that credit cards, medical bills, and personal loans can all be wiped out. We will evaluate your financial situation along with your assets and the types of debt you owe to determine if you can eliminate your unsecured debt.
Call Our Marlton, NJ Bankruptcy Lawyer for a Free Consultation
Because of the misinformation floating around about bankruptcy, many individuals are unaware of the potential benefits of filing. We will take the time to thoroughly review your situation and help you to determine if filing for bankruptcy will help you. Call Young Marr & Associates’ Marlton, NJ bankruptcy lawyers at (609) 755-3115 to speak with an attorney. Your initial consultation is completely free and confidential.