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) 400-4690 to schedule your free New Jersey debt relief and bankruptcy consultation.