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Trenton, NJ Bankruptcy Lawyer

Bankruptcy is one of the most useful and powerful tools available to consumers who are struggling to get out of a financial hole. While bankruptcy may suffer from a nasty reputation, bankruptcy can actually be one of the very best ways to restore your credit, your independence, and your financial stability.  Bankruptcy endows petitioners who have filed with the ability to:

  • Manage, reduce, and eliminate debts.
  • Keep valuable assets that would otherwise be foreclosed on or repossessed.
  • Banish creditors.
  • End wage garnishment.
  • Delay service shut-offs.

While bankruptcy has helped countless residents of Trenton and New Jersey to recover from debt and move on with life, filing for bankruptcy isn’t easy.  The laws surrounding bankruptcy are complex and prone to continual change.  Missing a deadline, forgetting a piece of information, or incorrectly filling out any one of the many bankruptcy forms required by the New Jersey and federal government can cause a petitioner to miss out on the savings they would otherwise be entitled to.  In the worst case scenario, your case could even be dismissed.

If you want to get the most out of your bankruptcy, having a skilled and experienced team of Trenton, NJ bankruptcy attorneys in your corner is of the utmost importance.  At Young, Marr & Associates, our lawyers have been practicing New Jersey bankruptcy law for over 20 years.  With thousands of cases under our belts, we’ve seen virtually every technicality and obstacle that bankruptcy cases can present.  No matter how difficult your financial situation may seem, our bankruptcy attorneys have the expertise to help.  Contact our law offices online, or call us today at (609) 755-3115 in New Jersey or (215) 701-6519 in Pennsylvania to see what we can do for you.

The Benefits of Filing Bankruptcy

Bankruptcy is surrounded by a host of stubborn myths and misconceptions.  Sometimes, false ideas about the nature of bankruptcy can even discourage people from filing.

Fiction: My credit will be ruined forever.  Fact: Bankruptcy is the first step toward restoring healthy credit. When people file for bankruptcy, they are usually coming from a situation where they’re behind on their bills, and as a result, already have bad credit.  Petitioners emerge from a successful bankruptcy with a clean financial slate to start from, which makes rebuilding good credit that much easier.

Fiction: I’ll still have most of my debts anyway.  Fact: While there are differences in which debts can be eliminated, or discharged, depending on which type of bankruptcy a person files for, consumer bankruptcy eliminates the vast majority of debts.  Common debt types which most bankruptcies classify as dischargeable include credit card debt, utility bills, medical bills, and personal loans.

Fiction: Bankruptcy can’t make my creditors go away.  Fact: Constant contact from creditors is one of the most stressful aspects of life for many people who are considering bankruptcy.  The good news is, under the automatic stay, creditors are actually prohibited from making further contact with debtors for the duration of a bankruptcy.  As soon as a person files for bankruptcy, creditors must cease contact.

The Types of Bankruptcy in New Jersey

There are several different types of bankruptcy available to residents of Trenton.  The most common types of bankruptcy are Chapter 7 (liquidation) and Chapter 13 (reorganization).  Chapter 7 bankruptcies liquidate the bulk of debts and are prized for their ability to be rapidly completed, often in a matter of months.  Chapter 13 bankruptcies call for more extensive repayments, which are made over the course of three to five years.

However, petitioners cannot simply choose the type of bankruptcy they would like to pursue. Instead, the state of New Jersey utilizes Means Testing to determine which form of bankruptcy is the most appropriate for petitioners on a case-by-case basis.  The major variable that Means Testing analyzes is family size in relation to median income.  However, as the economy fluctuates and calculations change, the median income is prone to shifting.  At Young, Marr & Associates, we vigilantly monitor New Jersey’s bankruptcy policies to ensure the best possible results for our clients.

Our Trenton, NJ Bankruptcy Attorneys Can Help

If you or a loved one is struggling financially, filing for a Chapter 7 or Chapter 13 bankruptcy in Trenton, NJ can be the first step on the path toward renewed independence and freedom.  To speak with a bankruptcy attorney in a free and confidential consultation, contact the law offices of Young, Marr & Associates online, or call us today at (609) 755-3115 in New Jersey or (215) 701-6519 in Pennsylvania.

Have You:

Been paying credit card balances that seem to never go down?

Lost your job and are now having trouble keeping up?

Attempted to work out a payment arrangement to no avail?

Been notified of a mortgage foreclosure action?

Been denied for a mortgage or other line of credit?

If the answer to any of these questions is “yes” then bankruptcy may be an option that you should consider.

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