Vineland, NJ Bankruptcy Lawyer
Deciding to file for bankruptcy is never an easy moment. However, bankruptcy is there for the purpose of helping individuals out of the financial trouble they are in.
Several reasons could make bankruptcy the right choice for you and your family. If you are feeling overwhelmed by your debts, our bankruptcy attorneys can help you file your claim. Depending on your situation, you can either file for Chapter 7 or Chapter 13 bankruptcy. Each option will help alleviate the pressure you are under but will have different consequences for the property you own.
If you feel like you have no options because of your financial situation, our bankruptcy lawyers can help you get back on the path to financial recovery. Call Young, Marr, Mallis & Deane at (609) 755-3115 for a free case assessment.
When to File for Bankruptcy in Vineland, NJ
It is common for some people to be embarrassed when contemplating filing for bankruptcy in Vineland. However, there is no shame in filing for bankruptcy, and many people take advantage of it daily to help them regain financial stability. It is a legal tool designed specifically for that purpose and can help you get creditors to back off while you figure out what to do next. Our bankruptcy lawyers can help you determine what steps to take next and how to protect your rights during the bankruptcy process.
Filing for bankruptcy is often the best way for Vineland residents to overcome significant financial difficulties. Through bankruptcy, you will be able to discharge many debts that have been weighing you down. While some of your assets might be sold off to satisfy your debts, there are ways of protecting certain properties from being “liquidated.”
You should consider speaking with our team if you feel you have no options to address your financial burdens. We can explain the benefits of each type of bankruptcy claim New Jersey offers and which is best suited to your particular circumstances. Importantly, an automatic stay will go into effect once your bankruptcy petition is approved, which will put a stop to creditors’ calls and collection attempts. Our bankruptcy attorneys are ready to help file your bankruptcy claim to get you back on the road to recovery.
Filing Chapter 7 or Chapter 13 Bankruptcy in Vineland, NJ
Vineland residents typically have two options to choose from when filing for bankruptcy, Chapter 7 or Chapter 13 bankruptcy. While each one will help you address your debts, the benefits provided by each chapter are quite different and will greatly impact the properties you possess. Depending on your situation, one plan will likely be more suitable than the other.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is popular because it is the fastest and often most straightforward option to satisfy your debts. Chapter 7 bankruptcy is referred to as “liquidation” bankruptcy, meaning that a petitioner’s assets will be sold off to pay back their creditors. Understandably, you might be concerned that you will lose important property that is vital to you and your family. While it is true that some assets will be liquidated to satisfy your debts, both New Jersey and the federal government offer exemptions to protect certain types of property so that the petitioner is not left completely destitute after completing bankruptcy proceedings. However, you can only apply one set of exemptions to your case.
Chapter 7 bankruptcy is not automatic upon filing. Petitioners must qualify by passing a “means test,” in which the court will determine if their income is too low to possibly pay off their debts without bankruptcy relief. Our bankruptcy attorneys can review your case to see if filing for Chapter 7 bankruptcy is right for your situation. Our bankruptcy lawyers can help you prepare your Chapter 7 bankruptcy claim.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a more attractive option if the individual filing the claim wishes to keep their property. Chapter 13 allows petitioners to retain their assets if the court approves their repayment plan. A repayment plan will detail how you will satisfy your debts and what means you have to accomplish the goal. One of the benefits is that your debts will typically be consolidated under the plan, which could lead to lower monthly payments at a lower interest rate. However, plans can last anywhere from three to five years, and monthly payments cannot be missed without negatively impacting your case.
Like Chapter 7, you must pass a means test to qualify for Chapter 13 bankruptcy. The court will review your case to determine if you have sufficient income to accomplish the terms set out in your repayment plan. Our bankruptcy lawyers can help you determine if you qualify for Chapter 13 bankruptcy and file your petition.
Debts that Can be Discharged Through Bankruptcy in Vineland, NJ
One of the most important questions when filing for bankruptcy in Vineland is what debts of theirs will be discharged. When a debt is discharged, you are no longer legally responsible for it and can focus on managing the debts you could not discharge, if you have any. If you file for Chapter 7 bankruptcy, your assets will be liquidated to satisfy and discharge these debts. Under a Chapter 13 bankruptcy repayment plan, your debts will be discharged once you have completed your monthly payments. The following debts are some that might be discharged in a Vineland bankruptcy case:
- Credit card bills
- Medical bills
- Student loans
- Child support
- Homeowners association fees
The types of debts you can discharge will depend on the type of bankruptcy you file and qualify for. Either way, once discharged, your debts are effectively erased. Our bankruptcy attorneys can help you determine what debts you can discharge and how to do so.
Our Vineland, NJ Bankruptcy Lawyers Can Help
If you are thinking of filing for bankruptcy, our bankruptcy lawyers can help you determine the best way to secure your and your family’s financial security. For a free case review, contact Young, Marr, Mallis & Deane today at (609) 755-3115.