Mays Landing, NJ Bankruptcy Lawyer

Bankruptcy is not a sanction for financial mistakes. Instead, it should be viewed as a way to repair your economic situation and get a fresh financial start.

It is normal for people to resist the idea of filing for bankruptcy. Even if the process can help you get your debt under control, it may have various negative consequences and is overall rather embarrassing. Even so, you should consult with an attorney if you have high debts, insufficient income, and risk facing adverse legal action from creditors, like foreclosure. There are numerous bankruptcy chapters you should consider, but Chapters 7 and 13 tend to be the most common choices for individuals. You might be worried about the negative effects of bankruptcy, and your attorney can help you prepare to deal with them.

Call Young, Marr, Mallis & Associates at (609) 755-3115 today to arrange a free, confidential evaluation of your financial situation with our experienced bankruptcy lawyers.

Reasons You Should Talk to a Lawyer in Mays Landing About Filing for Bankruptcy

Bankruptcy is one of those things nobody wants to go through, even when they need it badly. It can be hard to face the facts of your economic situation, but you should consider speaking to a bankruptcy lawyer if the following scenarios sound familiar.

Bankruptcy might be helpful if you have very high debts and insufficient income to pay them. Debt is a normal part of life, and most people have some degree of debt related to things like mortgages, student loans, and credit cards. Unfortunately, debts might be too much to repay if you do not have enough income. Even people with relatively high incomes might need to file for bankruptcy if their debts are too much. It is not unusual for seemingly wealthy individuals to file for bankruptcy.

If you risk facing adverse legal action for failure to pay, it might be time to speak to a lawyer. Adverse legal action might be a lawsuit from a creditor for unpaid debts. It might also involve creditors repossessing property like your vehicle. Arguably the most dreaded adverse legal action is when creditors foreclose on a person’s home. By filing for bankruptcy, the courts implement an automatic stay on these actions, meaning they cannot move forward until your case is complete. As such, you might have more time to resolve your money trouble so you can keep your home and other assets.

Finding the Best Bankruptcy Options for Your Case in Mays Landing, NJ

The first thing you will learn about the bankruptcy process is that there are multiple ways in which you can file for bankruptcy. It is not a singular action but rather a multifaceted process that varies based on your circumstances.

Chapter 7 Bankruptcy

One of the most common choices among bankruptcy petitioners is Chapter 7. Under this chapter, you, our bankruptcy attorneys, and the courts will evaluate your assets, liquidate them, and use the proceeds to repay debts. Debts that are not paid might be discharged, and the petitioner gets a fresh start with little to no debt.

While this sounds great and can be a great solution for many, it has consequences. Since the main focus of Chapter 7 bankruptcy is liquidation, you should expect to lose important assets. A bankruptcy trustee might sell homes, vehicles, properties, and valuable personal belongings. You and your attorney might be able to work with the trustee and avoid liquidating certain assets, if possible, but there is no guarantee.

The good thing about Chapter 7 bankruptcy is that it is over relatively quickly. Many petitioners complete their cases and get their debts discharged within a few months. If you want a fresh start as quickly as possible and are not bothered by the idea of losing assets, Chapter 7 might be a great choice for your case.

Chapter 13 Bankruptcy

For those with too many valuable assets to lose, Chapter 13 bankruptcy might be the way to go. You worked hard for your home, vehicle, and belongings, and it is reasonable to want to protect them during bankruptcy. Under Chapter 13, petitioners do not see their assets liquidated. Instead, they develop feasible payment plans with their attorneys to work on repaying debts over time. At the end of the payment plan, certain remaining debts might be discharged.

While this is a great choice for those who do not want to lose their assets, it should be noted that keeping up with the payment plan might be difficult at times. These plans tend to be aggressive, and you might spend the next few years channeling all your efforts into repaying debts rather than going out to dinner, buying new clothes, or taking vacations. If you file for Chapter 13 bankruptcy, you should expect to be on your payment plan for several years.

Dealing with the Consequences of Bankruptcy in Mays Landing, NJ?

While bankruptcy can help people in significant debt finally live without money troubles, it is not a perfect solution. There are often lasting negative consequences that might pose a serious problem for future endeavors, depending on your plans. Your lawyer might be able to help you plan for the future n a way that circumvents these problems.

Perhaps the most infamous downside to bankruptcy is how it affects your credit. Bankruptcy is known for lowering credit scores and leaving petitioners with very bad credit in some cases. Remember, you can always rebuild your credit, and there is a chance your high debts would have taken a toll on your credit anyway.

Talk to your lawyer if you plan to take out loans, start a business, or make significant purchases. You might need to put those plans on hold until you can bounce back bankruptcy. If you do not want to put them on hold, your lawyer might be able to help you plan accordingly.

Call Our Mays Landing, NJ Bankruptcy Lawyers for Assistance

Call Young, Marr, Mallis & Associates at (609) 755-3115 to schedule a free, private review of your finances and debts with our qualified bankruptcy lawyers.

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Philadelphia, PA

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Quakertown, PA

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Allentown, PA

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Jenkintown, PA

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Easton, PA

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Bala Cynwyd, PA

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Bensalem, PA

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Plymouth Meeting, PA

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Harrisburg, PA

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Cinnaminson, NJ

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Hamilton Twp., NJ

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Marlton, NJ

10000 Lincoln Drive E One Greentree Centre, Suite 201 Marlton, NJ 08053 (856) 213-2805 Get Directions

Piscataway, NJ

200 Centennial Ave. Suite 200 Piscataway, NJ 08854 (908) 367-7256 Get Directions