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What is Bankruptcy? Ask a Bankruptcy Attorney in New Jersey

What is Bankruptcy?

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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.

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Very pleased with the level of care and attention in dealing with this law firm. They were always quick to respond and patient with a very impatient first time home buyer! Robert Ranalli was my attorney and I would recommend for any legal needs.

Nashir M.

I had the pleasure of working with Veer Patel and staff for several months and could not have been more pleased with the attention, care, and professionalism of everyone at the firm. Really good experience and would definitely recommend!

Brian R.

Mario GarzonaMario Garzona
14:15 27 Mar 23
Thank to Patel and Cardanas. They helped us with an extreme amount of litigation with a partition real estate case. It’s allways difficult fighting with family but they navigated all the twists and turns we’re experienced and prepared to deal with it all. The outcome was better than anticipated I would use them and 100 percent recommend then. Thanks too Veer and John for the amazing work
Monica OzMonica Oz
02:29 03 Jan 23
I had a wonderful experience working with Veer Patel. He worked hard for me and got me the best possible result. His fees were reasonable and there were no surprise charges. He was also very compassionate regarding my circumstances. Mr Patel is skillful in explaining complex legal processes in layman's terms. He was always available for me night and day and would always return calls promptly. I would highly recommend him to anyone in need of legal services.
Mustafa PachaMustafa Pacha
22:06 18 Nov 22
A respectable law firm. The attorneys & staff are courteous, prompt with return calls/emails and provide me with exceptional attention. As a first time home buyer, their patience with me was exceptional. Would definitely recommend to anybody who is looking for a real estate lawyer for their next closing
Melissa DuranMelissa Duran
21:19 01 Nov 22
Veer Patel and John Voorhees helped me file a partition against my ex boyfriend in April 2022 and in Nov 2022 I am happy to say my case was settled. I am beyond grateful to have chosen them for my legal battle. They were knowledgeable of the process, hard working, dedicated, and detailed. It was great to work with a team who I knew was fighting hard for me. I 100% recommend working with this law firm and would work with them again.
DhokhadhariNala LaroDhokhadhariNala Laro
00:45 23 Sep 22
True evil exists in this world and you DON'T want to meet it. If you do meet it, you need assistance from people who can fight it, such as this law firm. Mr. Patel and his associates helped me fight evil. That is not an elementary task.I saw a very few 1-star reviews of the firm (some pretty old). As you know, some people who write reviews on Amazon or elsewhere are not reliable reviewers and you cannot take their comments seriously. You decide.Read on if you care about my story (or skip it if you are satisfied that I rated them 5 stars). You will see the depths of evil that exist and what you can do. It may be too big to tackle on your own, so you need some expert help to navigate a way out.You know true evil exists, but you don't think too much about that fact or it would paralyze you. People would rather safely view evil on a fictional crime show, confident that they will never meet it in real life. You have seen evil yourself on television, but, unlike me, you may not have met it in person.I see true evil when I turn on the television and see sworn members of the US government utter completely false statements, assertions demonstrably untrue, but which they assume I will believe. My jaw hangs open at the malevolence of such action, the blatant dishonesty, the disregard for me as a citizen, the insidious diminution of my personal rights, the insatiable hunger for power and control that it exposes.Such people do not walk around enveloped by a cloud of green smoke; you won't realize it, at first, when you have met such a person. Hannah Arendt knew that and described it as the "banality of evil."Meeting evil doesn't have to mean encountering Ted Bundy in a parking lot. Evil can do things other than kill you. They are people with no conscience. Those are the most dangerous foes because they acknowledge no limits.I met such a person and, unfortunately, conducted business with him.He lied to me repeatedly and actively worked to prevent me from finding out the truth. He nimbly worded his sentences to avoid saying the words that would clue me in to the truth. Someone else knew the truth, so he tried to prevent me from talking to her. He even, perversely, tried to verbally prod me into thanking him for his seeming generosity, all the time knowing that he was very far short of generous. He knew what he was doing and did it with the cool efficiency of a member of the Sicherheitsdienst. He has apparently made a profitable career of it.After my lawsuit was filed, he lied frequently and extensively in court filings under oath and falsified evidence to deflect blame from himself, temporarily fooling even my own lawyers. He insisted he was actually the victim and expressed phony outrage that anyone would say he had been lying.It was like seeing one of the pernicious television people I described above, but in real life.True evil. No conscience. Chilling.You should pray you do not meet such a person. You would gasp in horror if I told you from which profession he had retired.Mr. Patel and the lawyers at this firm did some adroit legal work to set things right. The firm provides service in different legal areas, but I can only comment on the case for which I hired them, which is in the litigation area.You don't go to a reconstructive plastic surgeon to put 4 stitches into a laceration your son got on his leg sliding into base in Little League. Your insurance company would tell you it is a waste to use such an expert--a resident in the ER can do it instead. Similarly, you probably don't use these lawyers for a routine house closing. That would be a waste.You use these lawyers for complicated work.Mine was a complicated case requiring legal research and artful construction of court filings and we got a good result. That is why I recommend them.
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