What is Bankruptcy? Ask a Bankruptcy Attorney in New Jersey

What is Bankruptcy?

Bankruptcy is a legal procedure that allows individuals or businesses gain freedom from their debts, while simultaneously providing their creditors an opportunity for repayment. Repayment is contingent if there are assets that can be distributed. This does not mean that if you file for bankruptcy that you will lose everything you have. It also does not mean, that every type of debt is forgiven in bankruptcy.

Bankruptcy is a complex group of laws that take into account the state (i.e., NJ or NY) that the bankruptcy is filed, the assets and income of the debtor, the type of debts owed, and what the debtor is trying to accomplish when filing for bankruptcy.

Bankruptcy allows people like you a fresh start or allows you to get caught up on a home or car loan you may have fallen behind on, or even get caught up on your taxes.

What are the types of personal bankruptcies?

There are various types of bankruptcy, commonly referred to by their chapter within the U.S. Bankruptcy Code. Personal bankruptcies are either chapters 7, 11, or 13

Bankruptcy is handled in federal courts, and rules are outlined in the U.S. Bankruptcy Code and these rules are affected by the state laws where the bankruptcy is filed, and the rulings of the bankruptcy courts and appellate courts in their district.

Have a Jersey City, NJ Bankruptcy lawyer fix your debt problems and work with you to Repair your Credit.

The right to declare bankruptcy is in the United States Constitution. Many famous and successful people have used bankruptcy to start fresh. For instance, in 1996, Burt Reynolds filed for Chapter 11 Bankruptcy after a failed restaurant venture, and a costly divorce from Loni Anderson put him in so far in debt bankruptcy was the perfect solution for him. Kim Singer lost a lawsuit and chose to file for bankruptcy to avoid paying the judgment. Larry King even chose to declare bankruptcy after amassing more than $350,000 in debt. Mark Twain declared bankruptcy after several bad investments. Even former President Ulysses S. Grant declared bankruptcy after a business partner embezzled money from a Wall Street firm he had invested in. Our current president has also used bankruptcy for failed business ventures. Failed businesses, divorces, medical bills, being on the losing end of a lawsuit are all things no one plans for but do happen. Bankruptcy may even be the last chance you have to save your home.

Contact a Bankruptcy Attorney in New Jersey that can file your chapter 13 or chapter 7 bankruptcy the same day.

If you choose to declare bankruptcy, you are in good company. Contact us at (844) 5 – DEFENSE – (201) 285-2839 or email us at INFO@FocusedLaw.com.

See this post if you are wondering about the costs of bankruptcy.

Do you need to file an Emergency Bankruptcy Petition?

New Jersey Bankruptcy is governed by both New Jersey Law and Federal law

Bankruptcy, including New Jersey bankruptcy and New York Bankruptcy, are federal court processes designed to help both consumers and businesses eliminate or repay their debts under the protection of bankruptcy court. The federal law in Title 11 of the United States Code governs New Jersey bankruptcy as well as all other bankruptcies. Each state has its own exceptions, so depending on what state you are contemplating bankruptcy, different exceptions are available to you.

Bankruptcies are generally described as either liquidation or reorganization. The two most common forms of bankruptcy filings for our clients are Chapter 7 and 13.

How can a New Jersey Chapter 7 Bankruptcy help you?

You may be able to keep your home and car when you use our bankruptcy attorney in New Jersey. Besides eliminating your debt, you will, under most circumstances, keep your home, your car and your personal belongings. This will allow you to eliminate your debt and get a fresh start.

Stop Creditor Harassment

Are creditors calling you at home and at work? Are they contacting your friends and family members? Put an end to your creditor harassment by speaking with our bankruptcy attorney in New Jersey. Once you retain our office, you will be able to refer your creditors to us. The creditor harassment will stop immediately. Under some circumstances, this creditor harassment may be in violation of the Fair Debt Collection Practices Act (FDCPA), and you may have cause for further action.

Stop Garnishments

Are you currently experiencing garnishment of your wages? Have you been notified that garnishment may soon begin on your wages? A Chapter 7 bankruptcy is one of the most effective ways to stop garnishments. By contacting our bankruptcy attorney in New Jersey, we can stop the garnishment, so your income can be put to better use.

Eliminate Debt

Debts like credit cards, pay-day loans, medical bills, lawsuits, utility bills, repossessions, or foreclosure deficiencies can be completely eliminated without payment to your creditors.

Prevent Utility Shutoffs

Worrying about utility shutoffs? Filing a Chapter 13 bankruptcy can stop creditors from shutting off your utility service. Contact our bankruptcy attorney in New Jersey today to prevent a disruptive utility shutoff before it’s too late. We have three offices in New Jersey to serve you better.

How can a New Jersey Chapter 13 Bankruptcy help you?

Stop a New Jersey Foreclosure and Stop Sheriff Sales in New Jersey

Is your home currently in foreclosure or have you received notice of an impending sheriff’s sale? Filing a Chapter 13 bankruptcy will stop the foreclosure or sheriff’s sale any time prior to the sale of the house. The Chapter 13 filing will allow you to pay your mortgage arrears through the bankruptcy directly to your mortgage company.

Stop Creditor Harassment

Are creditors calling you at home and at work? Are they contacting your friends and family members? Put an end to your creditor harassment by speaking with our bankruptcy attorney in New Jersey. Once you retain our office, you will be able to refer your creditors to us. The creditor harassment will stop immediately. Under some circumstances, creditor harassment may be in violation of the Fair Debt Collection Practices Act (FDCPA), and you may have cause for further action.

Stop Repossession

Are you behind on your automobile payments? Are you in fear that your car is near repossession? A chapter 13 bankruptcy can help save your car and stop the finance company from moving forward with repossession. Contact our bankruptcy attorney in New Jersey today. We can help you consolidate your past due payments as well as the balance on your car loan into a Chapter 13 bankruptcy. You will make one payment to the trustee and the finance company will not be able to move forward with repossession. Under some circumstances, our bankruptcy attorney in New Jersey may even be able to recover your car after repossession and consolidate the balance of your car loan.

Preventing Utility Shutoffs works under both Chapter 13 and Chapter 7

Worrying about utility shutoffs? Filing a Chapter 13 bankruptcy can stop creditors from shutting off your utility service. Contact our bankruptcy attorney in New Jersey today to prevent a disruptive utility shutoff before it’s too late. We have three offices in New Jersey to serve you better.

Eliminating Debt works under both Chapter 7 and 13, but there are differences.

Debts like credit cards, pay-day loans, medical bills, lawsuits, utility bills, repossessions or foreclosure deficiencies can be eliminated for a fraction of what you owe.