Lumberton, NJ Bankruptcy Lawyer

Filing for bankruptcy is never an easy choice, but the law makes it available specifically to help individuals in Lumberton facing financial trouble.

If you are thinking about filing for bankruptcy, our bankruptcy attorneys can help. There are many benefits to filing for bankruptcy, but some of your property might be sold off to satisfy your debts. However, our team can review your case to determine which type of bankruptcy filing would be best for your situation.

Contact our bankruptcy attorneys at Young, Marr, Mallis & Deane today at (609) 755-3115 for a free case consultation.

Why You Should Work with Our Lumberton, NJ Bankruptcy Lawyers

Sometimes, things happen in life that can cause one’s financial situation to change, and they might not be able to keep up with their debts as they could before. If you are missing payments for your home or car, your debts can become overwhelming quickly. When this occurs, you should speak with our bankruptcy attorneys in Lumberton to determine the best ways to get you out of financial trouble. We can explain every step of the process and what it might take from you to get your finances back in order.

While filing for bankruptcy is a difficult decision for almost everybody, it can be the best solution when life takes an unexpected turn. Most people are unprepared to meet their normal financial obligations when a tragedy occurs. If you suffered injuries, had a medical emergency, or lost your job, you might not be able to make your payments consistently. Cars and homes can be repossessed, and other property could be at risk if legal action is taken against you.

To prevent this from happening, reach out to our experienced bankruptcy lawyers to learn how filing for bankruptcy can provide you with the financial relief you need. Our team can break down the benefits and drawbacks of each bankruptcy option available in Lumberton and which would suit your financial circumstances.

If your debts are mounting and you feel there is no way out of your current predicament, contact our bankruptcy attorneys immediately. The sooner you start your case, the sooner you can get protection for your assets and put an end to aggressive collection attempts from your creditors. Our bankruptcy lawyers can review your case to help you determine the best strategies to regain your financial health.

Types of Bankruptcy that Can be Filed in Lumberton, NJ

There is more than one option to consider when filing for bankruptcy in Lumberton. Those facing financial difficulties can either file for Chapter 7 or Chapter 13 bankruptcy, depending on their situation. While each is intended to help a filer, they do so in different ways, so it is important to analyze your case to determine what your goals are by filing for bankruptcy and what assets you currently possess.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a popular option for those who want to get out from under their debts quickly. Chapter 7 bankruptcy, also known as liquidation bankruptcy, can help pay back creditors faster than Chapter 13 bankruptcy typically does. However, becoming debt-free after filing for Chapter 7 bankruptcy generally means selling off your property to satisfy your debts.

Through the liquidation of your assets, you will be able to repay creditors. Of course, you will likely be worried about which assets will be sold. It will depend on how much debt you need to repay, but New Jersey and the federal government provide exemptions to protect certain types of property during a Chapter 7 bankruptcy. For instance, New Jersey offers exemptions of up to $1,000 on household items and other personal property. Federal exemptions might offer more protection depending on which assets you are attempting to keep. However, only one set of exemptions can be applied to your Chapter 7 bankruptcy filing.

Whether you qualify for Chapter 7 bankruptcy will depend on your income. Essentially, Chapter 7 bankruptcy is intended for individuals who do not have enough income to enter into a repayment plan to pay back their debts. If your income is less than the state average, you will likely qualify for Chapter 7 bankruptcy. Our bankruptcy attorneys can help you determine if filing Chapter 7 bankruptcy is appropriate and explain the exemptions you could use to protect your property.

Chapter 13 Bankruptcy

If your income is too high or you have property that you want to protect for yourself and your family, filing for Chapter 13 bankruptcy may be best. Unlike Chapter 7, Chapter 13 bankruptcy allows you to keep your assets if the court determines your income is sufficient to make payments under an approved repayment plan.

You must satisfy a means test in order to qualify for Chapter 13 bankruptcy. Essentially, your monthly income will be analyzed to see whether you can make payments on the repayment plan and support yourself. Further, the repayment plan must be approved by the court. It is important to be sure you have a thorough plan worked out, as missing even one payment can seriously affect your case. Our bankruptcy attorneys can help you develop a repayment plan with the best chance of getting you to financial freedom.

How Long the Bankruptcy Process Can Take in Lumberton, NJ

One of the first questions many individuals have when filing for bankruptcy in Lumberton is how long it will take for their debts to be discharged. That depends on which type of bankruptcy you ultimately qualify for. Some bankruptcy cases might be settled in a matter of months, while others could take years to resolve. Regardless of the option you choose, our firm can explain when you are likely to be free from your debts.

If you qualify for Chapter 7 bankruptcy, your case will usually resolve faster than a Chapter 13 filing. However, the timeframe will depend on the amount of debt you need to satisfy and what assets you have to liquidate to do so. If you have enough property to pay off your debt, your case could be resolved within half a year or sooner in some cases.

Chapter 13 bankruptcy cases tend to take much longer to complete. This is because your debt is being satisfied through the repayment plan. In Lumberton, most Chapter 13 bankruptcy cases last anywhere from three to five years. Our bankruptcy attorneys can help you file your bankruptcy case and determine how long it will take to regain financial security.

Our Lumberton, NJ Bankruptcy Lawyers Can Help

Our bankruptcy lawyers at Young, Marr, Mallis & Deane can provide you with a free review of your case by calling us today at (609) 755-3115.