Mercer County, NJ Bankruptcy Lawyer
Every year, thousands of individuals across Mercer County, New Jersey decide to take control of lives by filing for some form of consumer bankruptcy. According to Mercer County consumer filing statistics compiled by the United States Bankruptcy Court for the District of New Jersey:
- 2011: 1,366 filings (968 Chapter 7, 398 Chapter 13)
- 2012: 1,077 filings (723 Chapter 7, 354 Chapter 13)
- 2013: 1,106 filings (754 Chapter 7, 352 Chapter 13)
Bankruptcy is a versatile and powerful tool when it comes to managing and restoring your financial independence, and its benefits start working right away. From the moment you file a petition for consumer bankruptcy, you gain protection from any continued contact or collection efforts by your creditors. During the course of your bankruptcy, you can erase many of your greatest debts, or create a reasonable plan for gradual repayment which will allow you to keep valuable possessions, such as your car. Once your bankruptcy is discharged (completed), you can begin the process of steadily restoring your credit to healthy levels.
Do You Need an Attorney to File for Bankruptcy in New Jersey?
Bankruptcy has numerous advantages to offer, but successfully filing without the guidance of an experienced bankruptcy attorney is next to impossible. This is because the New Jersey and federal laws dealing with bankruptcy rules and procedures are highly complicated, and sometimes, they even come into conflict with one another. For example, approximately half of the states in America currently allow petitioners to choose between federal and state exemptions, including New Jersey. Depending on which set of exemptions you decide to adhere to, the assets you keep or lose change dramatically.
The U.S. Bankruptcy Court explicitly advises against filing for bankruptcy on your own, formally known as making a pro se filing. The Court’s website issues the following warnings:
While individuals can file a bankruptcy case without an attorney or “pro se,” it is extremely difficult to do it successfully. […] Bankruptcy has long-term financial and legal consequences — hiring a competent attorney is strongly recommended. […] Debtors are strongly encouraged to obtain the services of competent legal counsel.
At the law offices of Young, Marr & Associates, we have been serving the men and women of New Jersey for decades. Our skilled team of Mercer County, New Jersey bankruptcy attorneys has 20 years of experience handling both Chapter 7 bankruptcy and Chapter 13 bankruptcy, including matters of secured and unsecured debt, foreclosure and repossession actions, and the debtor protection granted by the automatic stay. If your quality of life is suffering from excessive debt and harassment from creditors, you may be a suitable candidate for bankruptcy. The bankruptcy lawyers at Young, Marr & Associates can help at every step of the way, from initial filing to final discharge.
What Bankruptcy Can Accomplish for You
Last year, more than a thousand people filed for bankruptcy in Mercer County alone. Statewide, there were nearly 30,000 filings in New Jersey. As the statistics make clear, bankruptcy is a popular mode of recourse when it comes to reversing bad credit and reducing or obliterating unmanageable debt. Part of the reason filings are so common is that, for those who are good candidates, bankruptcy can make numerous positive changes to a petitioner’s life in both the short-term and the long-term.
Debts Bankruptcy Can Erase
In bankruptcy, debts are divided into two categories:
- Dischargeable Debt
- Nondischargeable Debt
Basically, if a debt is dischargeable, you can get rid of it. If a debt is nondischargeable, you are stuck with it. Therefore, if the bulk of your debt is of a nondischargeable nature, bankruptcy may not be the best remedial action for you to take. Fortunately, most debts are classified as dischargeable, including:
- Medical Debt
- Utility Bills
- Personal Debt
- Overdue Rent
- Credit Card Debt
- Social Security Overpayments
This is especially good news considering the fact that studies have shown medical bills are the number one source of debt for Americans. In 2013, nearly 187,000 cases of consumer bankruptcy among 35- to 44-year-olds were caused primarily by medical debt.
However, there are several types of debt which bankruptcy cannot eliminate. Bankruptcy cannot discharge the following debts:
- Student Loans
- Child Support
- Alimony Payments
- Most Tax-Related Debt
How Bankruptcy Stops Your Creditors
In addition to the financial pressures of crushing debt, many bankruptcy clients say that one of the most stressful aspects of daily life is being constantly pursued by creditors attempting to make collections. When you dread answering your phone or checking your mail, your happiness suffers. However, thanks to bankruptcy, you gain immediate relief from creditors.
As soon as you file, you become protected by an injunction referred to as the automatic stay, so named because it “kicks in” immediately. The automatic stay forces creditors to stop contacting you for payments while the bankruptcy is in effect. The automatic stay also puts a freeze on utility service shut-offs and attempts to foreclose or repossess. Finally, if your wages are being garnished, the automatic stay returns your full paycheck into your pocket.
Our Mercer County Bankruptcy Attorneys Can Help
Every year, bankruptcy helps millions of Americans and thousands of people in New Jersey and Mercer County manage their finances and regain their independence. If you would like to speak with one of our experienced Mercer County, New Jersey bankruptcy lawyers about how bankruptcy may be able to help you, call the law offices of Young, Marr & Associates at (609) 755-3115 in New Jersey or (215) 701-6519 in Pennsylvania, or contact us online. Your case evaluation is guaranteed to be confidential, and comes at no cost to you.
☑ Been paying credit card balances that seem to never go down?
☑ Lost your job and are now having trouble keeping up?
☑ Attempted to work out a payment arrangement to no avail?
☑ Been notified of a mortgage foreclosure action?
☑ Been denied for a mortgage or other line of credit?
If the answer to any of these questions is “yes” then bankruptcy may be an option that you should consider.