Perth Amboy, NJ Bankruptcy Lawyers

Everyone deals with debt at some point. Loans, medical bills, and mortgages can amount to a lot of debt, and some people cannot keep up with payments. If you cannot pay what is owed, call a bankruptcy attorney for help.

If you are considering filing for bankruptcy, talk to our team about which bankruptcy chapters are right for your situation. Many people file under Chapter 7 or 13, although other chapters are available. Contrary to popular belief, bankruptcy is not a punishment, and it comes with numerous benefits. However, there are some downsides to consider, such as the hit your credit might take, that you should discuss with your lawyer. To get started, contact our team, and we can help you compile your bankruptcy petition to file with the court.

Call Young, Marr, Mallis & Associates at (609) 755-3115 and get a free, private review of your case from our bankruptcy lawyers.

Your Bankruptcy Options in Perth Amboy, NJ

People often talk about bankruptcy as if it is a singular legal option. In reality, bankruptcy encompasses numerous chapters and legal options. Choosing the right chapter is important, and you should talk to an attorney.

Chapter 13 Bankruptcy

Many people file for Chapter 13 bankruptcy. This chapter might be more suitable for those who have high debts they cannot pay back but also a steady income. Chapter 13 requires petitioners to develop an aggressive yet feasible payment plan with their lawyer and, upon approval from the court and creditors, stick to the plan for at least several years. When the payment plan terms are complete, the court may discharge certain remaining debts.

This plan usually works well for people who have a steady income and can afford to maintain a payment plan. If you are in debt because your income is insufficient and sporadic, you might want to talk to our bankruptcy lawyers about Chapter 7.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is better suited for those who have difficulty maintaining a steady income or want a faster resolution. Under Chapter 7, a bankruptcy trustee is assigned to your case and may liquidate your assets and properties to pay back your debt. This is often a good choice for people who do not have many assets, like someone who rents instead of owns and does not own a car or other major assets. Alternatively, Chapter 7 bankruptcy might be a good idea if you do not mind losing some assets as long as you get a fresh start.

One of the biggest advantages of Chapter 7 is that it is usually done in only a few months. If you want a clean slate as soon as possible, consider filing for Chapter 7 bankruptcy.

Additional Bankruptcy Options

While Chapters 7 and 13 are common ways of filing for bankruptcy for individuals, there are other chapters you might want to talk about with your lawyer. Other chapters are designed for people or businesses in different financial situations. For example, if your business declares bankruptcy, there is a chapter meant to help you. Ask your attorney.

What Are the Advantages of Filing for Bankruptcy in Perth Amboy, NJ

As said before, bankruptcy is not a punishment for bad financial planning. It is a solution to serious debt problems and helps people get a fresh start with fewer or even zero debts.

One of the biggest advantages of the bankruptcy process is the automatic stay initiated by the court. Once the court accepts your petition, an automatic stay is placed on your case. This prevents creditors from contacting you for payment on debts. It also prevents creditors from taking legal action against you for unpaid debts. If any legal actions are pending against you, the automatic stay puts them all on pause. This is often a huge relief for people facing foreclosure.

Another major advantage is that many petitioners have their debts discharged when their bankruptcy case comes to a close. When the court discharges a debt, the petitioner who owed the debt is no longer legally liable for payment, and creditors cannot ask you for payment.

Perhaps the biggest advantage of bankruptcy – and the main reason why many people file for bankruptcy in the first place – is getting a fresh start. With some debts discharged, people previously facing mounting debts suddenly find themselves with a new lease on life and a more hopeful outlook for the future.

Potential Downsides to Bankruptcy and How Our Perth Amboy, NJ Lawyers Can Help

While bankruptcy is meant to help people escape their severe debt problems, there are some potential drawbacks you should be aware of. If you find any of these drawbacks concerning, talk to our team. We can help you determine how filing for bankruptcy might impact your financial future.

Perhaps the biggest reason people hesitate to file for bankruptcy is that it is usually bad for your overall credit history. You might have difficulty taking out loans or opening lines of credit in the future, as creditors might check your credit history, see your bankruptcy case, and decline your application. Having bankruptcy in your credit history might make taking out loans for school, buying a home, or starting a business very hard.

Unfortunately, there is a negative social stigma surrounding bankruptcy. People are often keen to keep their bankruptcy case private, as they do not want friends or neighbors to find out. This is usually rooted in the perception of bankruptcy as a legal punishment for bad financial decisions. Remember, being in debt is not some moral failing, and bankruptcy is not a punishment.

How to Begin Filing for Bankruptcy in Perth Amboy, NJ

Your first step to filing for bankruptcy and working toward a new start is to meet with a lawyer. After talking to your attorney and deciding which chapter to file under, you can begin gathering any necessary paperwork and documentation.

This might be extensive, and you might need to meet with your lawyer several times before you have everything you need. Many people have complex finances, and numerous banking and credit institutions might be involved in getting all the documentation you need.

When you are ready, your attorney can help you file the petition with the correct court and navigate subsequent hearings and meetings.

Contact Our Perth Amboy, NJ Bankruptcy Lawyers for Assistance Today

Call Young, Marr, Mallis & Associates at (609) 755-3115 and get a free, private review of your case from our bankruptcy lawyers.

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12 Convenient Locations Across Pennsylvania and New Jersey

Philadelphia, PA

7909 Bustletown Ave, 1st Floor Philadelphia, PA 19152 (215) 607-7478 Get Directions

Quakertown, PA

328 Broad St. Quakertown, PA 18951 (215) 515-6876 Get Directions

Allentown, PA

137 N 5th St. Suite A Allentown, PA 18102 (215) 240-4082 Get Directions

Jenkintown, PA

135 Old York Road Jenkintown, PA 19046 (215) 544-3347 Get Directions

Easton, PA

101 Larry Holmes Dr. #212 Easton, PA 18042 (215) 515-7077 Get Directions

Bala Cynwyd, PA

2 Bala Plaza, Suite 300 Bala Cynwyd, PA 19004 (610) 557-3209 Get Directions

Bensalem, PA

3554 Hulmeville Rd, #102 Bensalem, PA 19020 (215) 515-6389 Get Directions

Plymouth Meeting, PA

600 W. Germantown Pike #400 Plymouth Meeting, PA 19462 (215) 515-6876 Get Directions

Harrisburg, PA

2225 Sycamore St Harrisburg, PA 17111 (717) 864-8887 Get Directions

Cinnaminson, NJ

909 Route 130 South #202 Cinnaminson, NJ 08077 (609) 796-4344 Get Directions

Hamilton Twp., NJ

100 Horizon Center Blvd., 1st and 2nd Floors Hamilton Township, NJ 08691 (609) 236-8649 Get Directions

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