Should I file a Chapter 13 Bankruptcy?

Should I File a Chapter 13 Bankruptcy in New Jersey?

A Chapter 13 action involves the filing of a comprehensive plan where you detail how you will satisfy at least some of your debts over a period of 36 to 60 months (3-5 years).  This may allow you to keep your home and car if you are able to propose a reasonable payment schedule that makes sense with your available income.  In order to get a discharge of certain debt at the end of the payment period, you will have to be in compliance with all of your obligations under the plan.

NEW JERSEY CHAPTER 13 BANKRUPTCY ATTORNEY ANDREW CARROLL CAN ANSWER ALL OF YOUR QUESTIONS

Although this is provides some general information, the bankruptcy process is very complicated and it requires an experienced attorney to explain all the nuances and help you prepare a filing that will ensure that you achieve all the benefits that the bankruptcy filing is supposed to provide.

To schedule an appointment to discuss your situation, please call us today at (609) 400-1302 to schedule your free debt relief and chapter 7 bankruptcy consultation.

ANDREW CARROLL
1228 Berlin Road
Voorhees, NJ 08043
Phone: (609) 400-1302
Fax: (856) 997-1031
Hours: Monday – Friday: 8AM to 6PM
(After hour and weekend calls accepted)

Bankruptcy Lawyer in New Jersey

After I file for bankruptcy, will I have the right to own property?

After I File for Bankruptcy in New Jersey,  Will I Have the Right to Own Property?

In addition to the property that is exempt under New Jersey law, you will be able to come into possession of property after the filing.  However, if you receive income or property in the form of a life insurance payment, inheritance, or settlement, you may have to turn it over to pay creditors if the receipt is within a certain time period.  An experienced bankruptcy attorney can discuss anticipated payments or other potential transfers of properties and help you determine the timing of a bankruptcy filing or whether bankruptcy is not the right decision for you.

SOUTH JERSEY  BANKRUPTCY ATTORNEY ANDREW CARROLL IS HERE to ANSWER YOUR DEBT RELIEF QUESTIONS

Although this blog and website provides some general NEW Jersey bankruptcy information, the process of filing for bankruptcy can be very complex. It is advisable to seek an experienced lawyer to discuss all of the legal nuances to assist you in preparing your bankruptcy filing. Working with an experienced bankruptcy lawyer is certain to accomplish your goals and help you achieve all the benefits that a bankruptcy filing was defined to provide.

To schedule an appointment to discuss your situation, please call us today at (609) 400-1302 to schedule your free debt relief and chapter 7 bankruptcy consultation.

ANDREW CARROLL
1228 Berlin Road
Voorhees, NJ 08043
Phone: (609) 400-1302
Fax: (856) 997-1031
Hours: Monday – Friday: 8AM to 6PM
(After hour and weekend calls accepted)

Bankruptcy Lawyer in New Jersey

Where to File Bankruptcy in New Jersey By County

U.S. Bankruptcy Court – District of New Jersey

WHERE TO FILE – BY COUNTY

As your bankruptcy lawyer, I will handle all of the aspects of your bankruptcy filing in New Jersey so that you can move on and get back to your normal daily activities. As my client, you can leave all of the time burdens and stress of the bankruptcy process to me.

As an experienced Bankruptcy Attorney in New Jersey, I try to ensure that new and potential clients have access to all of the information and tools they may be interested in obtaining. For example, below is a list of the counties in New Jersey where you file bankruptcy in the state of New Jersey.

Here is a list of the New Jersey counties and offices in which to file. As your attorney, it may be appropriate and easier to for you to file in a particular county in New Jersey that is closest to you. In some cases, I would be able to file your bankruptcy petition locally, however the bankruptcy hearing and court process would be held in the county in which you reside.

If you are filing a Chapter 7 Business Bankruptcy, the court hearing would take place in the county in which your main business office resides.

Below are a list of the New Jersey Counties and the offices in which the bankruptcy petitions are filed for that county. 

Camden Office: Atlantic County, Burlington County (Only the following areas: Cinnaminson, Delran, Edgewater Park, Evesham/Marlton, Maple Shade, Moorestown, Mt. Laurel, Palmyra, Riverside, Riverton), Camden County, Cape May County, Cumberland County, Gloucester County, and Salem County.

Newark Office: Bergen County, Essex County, Hudson County, Morris County, Passaic County, Sussex County, and Union County.

Trenton Office: Burlington County (The remainder of county – except the townships of Cinnaminson, Delran, Edgewater Park, Evesham (Marlton), Maple Shade, Moorestown, Mt. Laurel, Palmyra, Riverside, Riverton), Hunterdon County, Mercer County, Middlesex County, Monmouth County, Ocean County, Somerset County, and Warren County.


Shared Zip Codes:

07060

  • Plainfield/Union County = Newark

07062

  • Plainfield/Union County = Newark

07063

  • Plainfield/Union County = Newark

07069

  • Plainfield/Union County = Newark;
  • North Plainfield/Somerset County = Trenton;
  • North Plainfield/Somerset County = Trenton;
  • North Plainfield/Somerset County = Trenton;
  • Watchung/Somerset County = Trenton

07747

  • Matawan/Monmouth County = Trenton
  • Strathmore/Monmouth County = Trenton

07840

  • Hackettstown/Warren County = Trenton;
  • Mansfield/Warren County = Trenton;
  • Mt Olive/Morris County = Newark

08010

  • Aberdeen/Monmouth = Trenton;
  • Allamuchy Twp/Warren County = Trenton;
  • Washington Township/Morris County = Newark;
  • Beverly/Burlington County = Trenton;
  • Edgewater Park/Burlington County Exclusion = Camden

08037

  • Hammonton/Atlantic County = Camden;
  • Blue Anchor/Atlantic County = Camden;
  • Elm/Camden County = Camden;
  • Nesco/Atlantic County = Camden;
  • Sweetwater/Atlantic County = Camden
  • Batsto/Burlington County = Trenton

08075

  • Ancora/Camden County = Camden;
  • Braddock/Camden County = Camden;
  • Folsom/ Atlantic County = Camden;
  • Rosedale/Atlantic County = Camden;
  • Riverside/Burlington County Exception = Camden;
  • Delran Burlington County Exception = Camden;
  • Delanco/Burlington County = Trenton

08215

  • Egg Harbor City/Atlantic County = Camden;
  • Egg Harbor/Atlantic County = Camden;
  • South Egg Harbor/Atlantic County = Camden;
  • Green Bank/Burlington County = Trenton;
  • Bridgeboro/Burlington County = Trenton;
  • Devonshire/Atlantic County = Camden;
  • Germania/Atlantic County = Camden;
  • Weekstown/Atlantic County = Camden;
  • Lower Bank/Burlington County = Trenton

Clerk’s Offices: 

Newark Clerk’s Office
Martin Luther King Jr. Federal Building
50 Walnut Street
Newark, NJ 07102
Phone (973) 645-4764

Camden Clerk’s Office
U.S. Post Office and Courthouse
401 Market Street
Camden, NJ 08101
Phone (856) 361-2300

Trenton Clerk’s Office
Clarkson S. Fisher US Courthouse
402 East State Street
Trenton, NJ 08608
Phone (609) 858-9333

My name is Andrew Carroll and if you have any questions about your debt problems, simply call me at (609) 400-1302 and I would be glad to discuss your debt relief options with you. We will review non-bankruptcy and bankruptcy options. I am here to help you stop the debt collection harassment letters and phone calls. I will help you to understand the differences between a Chapter 7 bankruptcy filing and Chapter 13 bankruptcy filing.

ANDREW CARROLL
1228 Berlin Road
Voorhees, NJ 08043
Phone: (609) 400-1302
Fax: (856) 997-1031
Hours: Monday – Friday: 8AM to 6PM
(After hour and weekend calls accepted)

Bankruptcy Attorney in New Jersey

Does My Spouse Have to File for Bankruptcy if I File for Bankruptcy in New Jersey?

Does My Spouse Have to File for Bankruptcy if I File for Bankruptcy in New Jersey?

You may file for bankruptcy without your spouse.  However, you should remember that your spouse’s salary and wages will be included in determining your income and your spouse will remain liable for any debts that are owed by the two of you.

As a New Jersey bankruptcy lawyer, I answer your debt relief questions over the phone or in person at my office. We will review all of your debt relief options – both non-bankruptcy and bankruptcy. I will help you to understand the differences between a Chapter 7 bankruptcy filing and Chapter 13 bankruptcy filing to help you determine which of these is right for you. If filing for bankruptcy is the right choice overall in your situation, we can discuss the next steps in the process. Please contact me at (609) 400-1302 for your free New Jersey debt relief and bankruptcy consultation.

How Often Can I File a bankruptcy action in New Jersey?

How Often Can I File a Bankruptcy Action in New Jersey?

You can file a Chapter 7 Bankrupty eight years after the filing of a previous Chapter 7 filing date and six years after the filing of a previous Chapter 13 action.  A Chapter 13 bankruptcy cannot be filed within two years of a previous Chapter 13 filing.  You might be able to benefit from filing a Chapter 13 action immediately after getting a discharge from a Chapter 7 action (known colloquially as a Chapter 20 action) even though you will not be able to get a discharge from the subsequent Chapter 13 filing.

As an experienced bankruptcy attorney, Andrew Carroll can explain how these different options work together.  If you did not receive a discharge of debt in the earlier case, then you should be able to file another bankruptcy without restrictions, in most cases.

What Benefits Could I Receive From Filing Bankruptcy in New Jersey?

What Are the Benefits of Filing for Bankruptcy in New Jersey?

The first thing that filing a bankruptcy action does is impose an automatic stay, which means that all creditors must stop all collection efforts, including a mortgage lender who may be trying to foreclose on your home.  In addition, bankruptcy can:

  • Discharge most, if not all, of your debts so that you no longer are legally obligated to pay them;
  • Force the return of repossessed property under certain circumstances;
  • Prevent the loss of utilities or provide the mechanism to get utility services restored;
  • Create an environment in which debt reorganization can be negotiated;
  • Provide a forum to challenge fraudulent debt; and
  • Present you with “breathing room” so that you can approach your situation with the goal of resolution rather than avoidance.

An experienced New Jersey bankruptcy lawyer, I will sit down with you and explain the differences between a Chapter 7 and Chapter 13 and help you determine which of these is right for you, if bankruptcy is the right choice overall. In order to schedule a time, please contact me at (609) 400-1302 to schedule your free New Jersey debt relief and bankruptcy consultation.

What is a Bankruptcy Action in New Jersey?

What is a Bankruptcy Action?

Bankruptcy is a legal action where a person who has incurred debts in an amount that he cannot pay, whether that is from the total accrual of debts during the course of every day events or the happening of an unexpected occurrence, can reorganize the debt or have it discharged without any further liability. Frequently, people who have experienced a major life event, such as a job loss, medical emergency, or divorce need to file for bankruptcy in order to get a fresh start.

An experienced New Jersey bankruptcy attorney, such as Andrew M. Carroll, can explain what all of this means for you and your unique circumstances.  I will sit down with you and explain the differences between a Chapter 7 and Chapter 13 and help you determine which of these is right for you, if bankruptcy is the right choice overall. In order to schedule a time, please contact me at (609) 400-1302 to schedule your free New Jersey debt relief and bankruptcy consultation.

Freedom from Your Second Mortgage Under a New Jersey Chapter 13 Bankruptcy

Can You File a Chapter 13 Bankruptcy on a Second Mortgage But Keep the House in New Jersey?

by New Jersey Chapter 13 Lawyer Andrew M. Carroll

In the aftermath of the real estate crisis, many Americans have found themselves underwater in their mortgages. In fact, a recent study revealed that a shocking 6.4 million homeowners are still upside down in their mortgages, despite the fact that overall home prices have risen dramatically. Nationally, there are over 48,988,792 outstanding mortgages. Over 6,000,000 are considered negative equity mortgages, in which the homeowners owe more than the property is worth. Another 1,548,082 are near negative equity. In New Jersey, of the 321,260 outstanding mortgages, 18,618 are underwater. Another nearly 9,000 homes are considered to have near negative equity.

For the tens of thousands of individuals trapped in upside down mortgages, Chapter 13 bankruptcy may offer significant relief. Chapter 13 bankruptcy can provide a tool to “strip” junior mortgages. Often, underwater homeowners took out second mortgages on their property, to be used for home improvement or to simply pay down debts. In the lagging housing market, it is frequently these second, or even third, mortgages that cause the overall debt to exceed the value of the home.

Under Chapter 13, a debtor can file a lawsuit during the bankruptcy process asking the court to modify the rights of the junior mortgage holder. Generally, all mortgages are considered secured debts, with the home acting as security. However, the Bankruptcy Code states that the second mortgage is only secured against the property if the value of the property is more than the first mortgage. For instance, if the debtor has a home worth $200,000 and has two mortgages, the first for $211,000 and the second for $40,000, then the second mortgage is not secured. Accordingly, the bankruptcy court can “strip” the second mortgage from the home and turn it into unsecured debt. Some or all of the unsecured debt can then be discharged under a successful Chapter 13 bankruptcy.

Home Appraisal is Critical for Saving Your New Jersey Home from Foreclosure

The most important element to achieving the stripping of your second mortgage is the home appraisal. If you are considering filing for bankruptcy under Chapter 13, obtain a full appraisal of your home before you file. Housing prices have behaved so erratically over the past few years that many homeowners lack an accurate understanding of their home’s true value. It will cost you some money for the appraisal, but the potential savings well justifies the expenditure. With the appraisal in hand, your bankruptcy attorney can better advise you as to whether your junior mortgage may be stripped.

You should not expect your mortgage to be stripped automatically—it may involve a courtroom battle. The mortgage company holding the junior lien will be significantly affected by the discharge of the debt, so they will challenge an action to strip. The bank can order a separate appraisal and offer it to the court as evidence the mortgage should not be stripped. From there, it is up to the bankruptcy court to decide which appraisal to accept.

Although it can take some effort and outlay of costs, obtaining a discharge from your junior mortgage through Chapter 13 bankruptcy can provide substantial financial relief. Homeowners left underwater from the recent housing collapse should approach a knowledgeable bankruptcy attorney for a thorough evaluation as to their potential options under Chapter 13.

Free New Jersey Bankruptcy Chapter 13 Consultation – Save Your Home

New Jersey Chapter 13 Bankruptcy Attorney Andrew M. Carroll is committed to ensuring each of our clients receives unparalleled legal representation. Attorney Carroll will fully explore your bankruptcy options and select the best means of helping you achieve a bright financial future. Call us today at (609) 400-1302 to schedule your free debt relief and chapter 13 bankruptcy consultation.