Collingswood, NJ Bankruptcy Lawyer
Dealing with financial instability and considerable debt can feel overwhelming. If you need help finding a path forward in Collingswood, contact our attorneys to learn more about filing for bankruptcy.
As soon as you realize you are struggling financially and are at risk of losing your home or other property, contact our bankruptcy lawyers. Our attorneys can explain why filing for bankruptcy may be the answer to fixing your financial issues. Certain unsecured debts, like credit card bills and student loans, may be dischargeable through bankruptcy, meaning you are no longer responsible for paying them back. To address non-dischargeable debts, our lawyers can help you file for either Chapter 7 or Chapter 13 bankruptcy in Collingswood. Whichever route you take, you can exit bankruptcy debt-free with help from our experienced lawyers.
Our attorneys are here to help you address your debt by filing for bankruptcy in Collingswood. For a free and confidential case evaluation with the bankruptcy lawyers at Young, Marr, Mallis & Associates, call today at (215) 701-6519.
When to Contact our Collingswood, NJ Bankruptcy Lawyers
Some people might think of filing for bankruptcy as a last resort and an option only for those with suffocating debt. In reality, bankruptcy can be a helpful tool for anyone struggling to meet payments to creditors and in need of some support. Contact our bankruptcy lawyers if you have recently found yourself in a difficult financial situation and need help in Collingswood.
Filing for bankruptcy can help people in Collingswood with varying financial difficulties regain their stability. Simply put, bankruptcy is a legal process through which debtors can address and pay off their debts, once and for all.
You should contact our attorneys to learn more about filing for bankruptcy if you have considerable debt and are simply unable to pay it back yourself. Our lawyers can explain the many benefits of filing for bankruptcy, like the automatic stay that will go into effect as soon as you file so that you can better understand your options and start on the path of regaining your financial stability in Collingswood.
Debts Dischargeable Through Bankruptcy in Collingswood, NJ
When you file for bankruptcy in Collingswood, certain debts may be dischargeable. This means that you may be absolved of personal liability for some of your debt, leaving you only responsible for other, non-dischargeable debts to creditors.
Certain debts are discharged when debtors file for bankruptcy in Collingswood. The following debts may be dischargeable under bankruptcy:
- Child support
- Credit card bills
- Homeowners association fees
- Medical bills
- Student loans
Depending on the type of bankruptcy you file for, our attorneys may be able to discharge additional debts. For example, Chapter 13 bankruptcy typically allows for more types of debt to be discharged than Chapter 7.
When debts are discharged, they are effectively erased. This means that debtors are no longer responsible for paying back owed amounts to creditors and can instead focus on repaying non-dischargeable debts. If the majority of your debt is dischargeable, you may be able to address and eliminate your debt sooner with help from our lawyers in Collingswood.
Filing for Bankruptcy in Collingswood, NJ
There are different types of bankruptcy debtors can file for in Collingswood. Typically, the most common are Chapter 7 and Chapter 13 bankruptcy. Both provide different benefits to debtors depending on their financial situation, and both can help you address your debt, pay it off, and move forward with your life.
Also known as liquidation bankruptcy, Chapter 7 is typically the simplest and fastest form of bankruptcy for debtors in Collingswood. When you file for Chapter 7 bankruptcy, some of your property may be liquidated to repay creditors. This might concern debtors who are worried about losing their homes or vehicles by filing for Chapter 7 bankruptcy. While that is understandable, our bankruptcy lawyers can help you take advantage of New Jersey’s state liquidation exemptions or federal exemptions so that you can protect certain assets from liquidation.
Not everyone can file for Chapter 7 bankruptcy in Collingswood. To meet the requirements, you must pass a means test, affirming you earn an insufficient income to pay back creditors without liquidation. Our attorneys can assess your finances to determine if you are eligible to file for Chapter 7 bankruptcy in Collingswood.
For those wishing to retain ownership of their assets, filing for Chapter 13 bankruptcy may be preferable. When you file for Chapter 13 bankruptcy in Collingswood, our attorneys will immediately begin working on a repayment plan. This will allow you to pay back creditors over time at a standard interest rate. All of your non-dischargeable debt is consolidated, enabling you to address debt more easily over the course of a few years.
In order to file for Chapter 13 bankruptcy in Collingswood, you must pass a means test that confirms you earn enough income to support the requirements of your repayment plan.
Average Length of Bankruptcy in Collingswood, NJ
Depending on the type of bankruptcy you file for in Collingswood, the process might be relatively short. Whether bankruptcy takes a few months or years, our attorneys can help you address your debt and exit bankruptcy debt-free in Collingswood.
Typically, Chapter 7 bankruptcy is faster than Chapter 13 bankruptcy. Depending on the amount of non-discharge debt you owe and the assets you can liquidate, you may be able to exit Chapter 7 bankruptcy within four to six months. In some cases, Chapter 7 bankruptcy might be even shorter in Collingswood.
Because Chapter 13 bankruptcy allows debtors to pay debts through repayment plans, the process is longer. Generally, the average length of a Chapter 13 bankruptcy in Collingswood is three to five years.
Call Our Bankruptcy Lawyers in Collingswood, NJ Today
If you need help regaining your financial stability in Collingswood, contact our attorneys. For a free and confidential case evaluation with the bankruptcy lawyers at Young, Marr, Mallis & Associates, call today at (215) 701-6519.