Moorestown, NJ Bankruptcy Lawyer
Managing our finances is becoming increasingly difficult, especially as inflation in the United States continues to soar. If you find yourself in more debt than you think you can ever repay, you might want to consider bankruptcy.
Contrary to popular belief, bankruptcy is not a punishment for being in debt. Rather, it is a possible solution to your debt problems. There is more than one way to file for bankruptcy, and you should discuss your options with a bankruptcy attorney. Individuals or businesses can file for bankruptcy. There are various pros and cons to bankruptcy. Perhaps the biggest benefit is that bankruptcy might help you get out from underneath a lot of the debt that has been holding you back. Unfortunately, there are some downsides, and your credit might take a hit. Even so, many people who file bankruptcy can bounce back and rebuild their finances.
If you are in severe debt, you can speak to our Moorestown, NJ bankruptcy lawyers about whether filing for bankruptcy is a good option for you. For a free review of your case, call Young, Marr, Mallis & Deane at (609) 755-3115.
Why You Should Consider Filing for Bankruptcy in Moorestown, NJ
Bankruptcy is designed to help people and businesses in serious debt escape their current financial situation. Bankruptcy might be an option worth considering if you have significant debt you do not foresee being able to repay. People with mild to moderate debt might not qualify for bankruptcy. Our Moorestown, NJ bankruptcy lawyers can review your financial situation and help you figure out if bankruptcy can work for you.
There are several different forms of bankruptcy that you might want to consider. If you have a lot of debt, you should consider filing bankruptcy to discharge as much debt as possible while retaining as much of your property as possible. Different forms of bankruptcy might work for you, depending on what kind of assets you own. In some cases, filing for bankruptcy can help prevent things like home foreclosures to the repossession of vehicles.
You might also want to consider filing for bankruptcy if your business is in severe debt. Running a business is notoriously difficult, and many business owners must file for bankruptcy every year. Whether your business is a corporation, partnership, or sole proprietorship determines whether any of your personal assets are at stake.
Different Types of Bankruptcy in Moorestown, NJ
As discussed above, there are several ways in which you can file for bankruptcy. How you file depends on how much debt you have, whether you or your business owes the debt, and what kind of assets you have. Before filing for anything, it is best to get the advice of a knowledgeable attorney. Our Moorestown, NJ bankruptcy lawyers are here to help you.
Chapter 7 bankruptcy is one of the most commonly filed forms of bankruptcy. Chapter 7 bankruptcy may help those in debt discharge a wide variety of debts, including credit cards, medical bills, and more. Both businesses and individuals can file for chapter 7 bankruptcy, sometimes called liquidation bankruptcy.
People who file for chapter 7 bankruptcy may keep some of their assets while other assets are liquidated and sold off to help pay down their debt. This form of bankruptcy is ideal for those who might not have much in the way of assets, so they do not have much to lose. Filing for chapter 7 bankruptcy can help you discharge your debts. Debt is discharged when we get a court order stating that you do not have to pay the debt. Chapter 7 helps discharge a wide array of debts, but not all debts. You should talk to our Moorestown, NJ bankruptcy lawyers to see if filing for chapter 7 bankruptcy is a good choice.
Chapter 11 bankruptcy is exclusively for businesses and is often referred to as reorganizing bankruptcy. Contrary to what many people think, businesses that file for chapter 11 bankruptcy do not have to cease operation and close down. In fact, chapter 11 bankruptcy often helps businesses remain open while business owners reorganize finances.
Chapter 13 bankruptcy is another very common form of bankruptcy. Similar to chapter 7, it applies to individuals in significant debt. Unlike chapter 7, chapter 13 allows you to hold on to more of your property without liquidating and selling off assets. The downside is that it often takes much longer to repay your debts after filing for bankruptcy.
When filing for chapter 13 bankruptcy, you must submit a repayment plan and have it approved. People who file for chapter 13 bankruptcy often spend the next 3 to 5 years or more repaying their debts. The plus side is that you do not lose your home or other assets, and creditors are required to stop calling and harassing you about payments. Before filing for chapter 13 bankruptcy, call our Moorestown, NJ bankruptcy attorneys for advice.
Pros and Cons of Filing for Bankruptcy in Moorestown, NJ
You should always be aware of the pros and cons when filing for bankruptcy. While you can help get yourself free from crippling debt, you might have to sacrifice other assets in your life to do so. Our Moorestown, NJ bankruptcy lawyers can discuss the pros and cons with you in more detail. But below are a few of the upsides and downsides.
- Filing for bankruptcy may allow you to escape significant debts by having them discharged.
- Business owners may continue to operate their businesses while reorganizing their finances.
- You may be able to keep many of your assets, like your home and vehicle.
- Creditors will stop calling and harassing you over unpaid debts.
- Certain assets might need to be liquidated to pay back some of your debts.
- Depending on how you file, you might spend several years repaying the debt you owe.
- Not all debts can be discharged.
- The filing process is often lengthy and may take months to complete.
Call Our Moorestown, NJ bankruptcy Lawyers for a Free Case Review
If you are in significant debt and are unsure how to begin paying it back, our Moorestown, NJ bankruptcy lawyers can help you explore bankruptcy as an option. For a free case review, call Young, Marr, Mallis & Deane at (609) 755-3115.