South Jersey Bankruptcy Lawyer
Being unable to pay your monthly bills or mortgage can feel debilitating. The stress associated with overwhelming debt can fill you with anxiety, cause you to lose sleep, and make you believe that you have no options left. At Young Marr & Associates, our sympathetic South Jersey bankruptcy attorneys have assisted thousands of individuals and couples who felt hopeless. We will sit down with you and look at several alternative solutions to your economic problems. Often, the most effective way to deal with your debt is filing for Chapter 7 or Chapter 13 bankruptcy.
Bankruptcy can be both frightening and complicated. However, bankruptcy is designed to help individuals and businesses in financial distress. We will help you understand the process and the benefits of bankruptcy. Call Young Marr & Associates at (609) 755-3115 to speak with an attorney and set up a free, confidential initial consultation.
How to File for Bankruptcy in South Jersey
Some people try to save attorney’s fees and file for bankruptcy themselves. Known as “pro se” filings, these kinds of filings are often subject to many errors. The federal Bankruptcy Code is complicated, and there are additional local rules and regulations you must adhere to as well. The smallest error or missed deadline could result in your case being dismissed, jeopardizing your ability to file again or causing you to lose your home. For example, a bankruptcy case can be dismissed within days if any of the required documents are missing or if a debtor failed to take a credit counseling course.
Often, a pro se filer will contact an attorney to get help with mistakes they made, such as failing to list all of their assets or income, filing under the wrong chapter, neglecting asset exemptions, or proposing an unfeasible plan, among other potentially costly errors. In many instances, correcting mistakes is more expensive than filing for bankruptcy with the help of an attorney from the beginning.
Bankruptcy requires a significant amount of work and planning before filing your case. At Young Marr & Associates, our seasoned bankruptcy attorneys will take the necessary time to properly prepare your filing and ensure you do not take any action, such as transferring property, that could weaken your chance of a successful bankruptcy case. A successful bankruptcy case truly begins with the initial consultation.
South Jersey Chapter 7 Bankruptcy Attorney
Chapter 7, often called “liquidation” or “no-asset” bankruptcy, is the most common type filed by individuals. Generally, debtors who have limited income and who do not own much property or many assets file under Chapter 7. If you meet the income qualifications for Chapter 7, our experienced South Jersey bankruptcy attorney will explain how Chapter 7 eliminates unsecured debt, such as the following:
- Credit card bills
- Personal loans
- Payday loans
- Lines of credit
- Medical bills
- Old utility bills
- Loan deficiencies after a vehicle repossession
- Personal judgments
There are debts, such as criminal restitution, fines, child support, alimony, and certain taxes that are “nondischargeable” and will still remain after the bankruptcy process is completed. Student loans are generally nondischargeable, though a lawsuit could be filed in your bankruptcy proceeding to petition the court to discharge the debt. The standard to allow discharge of student loan debt is challenging to meet, so student loan debt is rarely eliminated.
Despite being known as “liquidation bankruptcy,” you will usually be able to keep all or most of your property. The Bankruptcy Code provides several exemptions that our attorneys utilize to protect your assets. You might also be able to maintain possession of assets that have secured liens attached to them, such as cars, furniture that you are currently paying off, or your home, but you will have to continue making your monthly payments on these items. It is essential to talk with our experienced South Jersey bankruptcy attorney to ensure you can keep the things you need to keep.
Chapter 13 Bankruptcy Attorney in South Jersey
The other most common type of bankruptcy filed by individuals is Chapter 13. Often called a “reorganization” plan, this type of bankruptcy allows you to keep your home if you are in foreclosure or behind in real estate taxes. It also allows you to stop the repossession of your vehicle. In certain circumstances, Chapter 13 can even require the return of a repossessed car.
The significant difference between Chapter 7 and Chapter 13 is that in Chapter 13, a bankruptcy plan is filed with the court proposing a payment plan lasting three to five years. Your creditors will submit proof of the debt owed, including documents showing the amount due. We will evaluate all of the claims filed by your creditors to ensure they are valid, and we will propose a plan that both addresses their claims and adheres to all necessary provisions of the Bankruptcy Code. The court will then enter an order confirming your plan once it complies with all applicable requirements.
After you have made all of the required payments under the terms of your plan, any remaining debt is discharged. Often, you will not be required to pay a significant amount of money to your creditors for unsecured debt. At Young Marr & Associates, our attorneys will thoroughly analyze your situation and propose a plan that meets all of the Bankruptcy Code requirements while still being beneficial to you.
Call Our South Jersey Bankruptcy Lawyer for a Free Consultation
Bankruptcy can be both frightening and complicated, but bankruptcy is a federal system designed to help individuals and businesses in financial distress. Our South Jersey bankruptcy lawyers will help you understand the process and the benefits of bankruptcy. Call Young Marr & Associates at (609) 755-3115 to speak with an attorney. Your initial consultation is completely free and confidential.