Post-Bankruptcy Life is Good
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Bankruptcy Attorney in Hammonton NJ
Are you looking to file for bankruptcy and are seeking legal assistance? Read this article and call our bankruptcy attorney in Hammonton NJ.
When you’re worried about money, there’s little else you can think of. Being in debt is a scary thing and you don’t want it to consume your life. The word “bankruptcy” might make you bristle but, we assure you, bankruptcy is a tool to help you get your debt under control and a very positive thing. Call our bankruptcy attorney in Hammonton NJ today.
What is Chapter 7 Bankruptcy?
While bankruptcy is a very powerful tool, it should not be used casually. Bankruptcy was designed for financial emergencies. If you’re here reading about chapter 7 bankruptcy, you’re likely in a financial emergency. There are tons of benefits to bankruptcy but there are some very real cons that you need to know about.
In order to file for Chapter 7 bankruptcy, you need to meet certain criteria to be eligible. Chapter 7 is the most frequently filed form of bankruptcy for individuals who are struggling with their finances.
The benefit of being able to file for Chapter 7 bankruptcy is that it will help you eliminate your debt. You do need to consider that in order to eliminate this debt you’re going to have to look at liquidating your assets so that you can pay off said debt.
You will continue to pay monthly payments but your debt will be manageable. That’s why it’s the most frequently filed type of bankruptcy for individuals who are in over their head in debt. If you have any questions of any kind, you can call our bankruptcy attorney in Hammonton NJ as soon as possible.
Money is great when you have it but when you don’t have it that can be the most stressful thing. Money is notoriously hard to manage for a lot of people. Even if you are responsible and save a considerable amount of money, you may end up in debt after one wrong step or one tragedy in your life. It just takes one major event to change your finances from stable to dire. Please understand that if you end up in major debt you have options. That extends beyond chapter 7 bankruptcy. There are plenty of options for you to choose from, including chapter 13 bankruptcy. That is the option that is less frequently filed but still offers a great deal of help for people in debt.
Please also understand that you should not make a decision about bankruptcy based on what people will think of your decision. Bankruptcy is a very personal choice. If you feel like people will judge you for filing bankruptcy, don’t let that stop you from looking into it as an option, at the very least. Filing for bankruptcy is not foolish— in fact, it can be the most responsible thing that you do for yourself if you think bankruptcy is needed. it allows you to start over in a way.
The basis of bankruptcy is letting your creditors know that your debts are going to be either repaid or forgiven. It’s a complicated process that should be handled by someone who knows how it works inside and out. That is why our bankruptcy attorney in Hammonton NJ wants to help people who are navigating this process. It helps a great deal to have someone who knows what they’re doing by your side.
What are the Benefits of Bankruptcy?
No one jumps into bankruptcy thinking that it doesn’t do anything good for them. You’re likely looking for reasons why you should consider filing. This is very frequently asked question. Odds are you are in a very tight spot financially which can be extraordinarily stressful on you. It is likely taking a very large toll on your well-being in general. Going through bankruptcy can seem like a risk for many reasons and it’s scary. You don’t want to add any more stress to your life. We want you to understand that bankruptcy can be used as a tool to help you regain your footing financially. This could be one of the best decisions that you ever make.
The first benefit you will likely notice right away is that your phone will no longer ring multiple times a day with debt collectors. You won’t get any calls or emails or mail about your debt because bankruptcy puts an end to that as soon as you’re officially filed. Bankruptcy might let you keep your car and your house and your precious assets. It can also stop litigation against you due to your debt, which can be a huge relief.
Bankruptcy protects you. It gives you time to figure out how you’re going to make a plan to manage your debt. This will include all of your credit cards and your medical bills, if you have those. Chapter 7 would clean up the debt for you leaving you clear of that in a matter of months, possibly. Chapter 13 could be a little bit more complicated but that is the type of bankruptcy that would protect you from losing your home in your car. Chapter 13 stabilizes you so that your debts can be collected.
Hammonton Chapter 7 Bankruptcy Lawyer
Do you feel like debt is taking over your life? It’s likely that you are struggling to manage things such as your car payments, mortgage, credit cards and more. Chapter 7 debt is designed to make your life easier. The debt collectors will stop blowing up your phone right away. Our bankruptcy attorney in Hammonton NJ is here to help you start the process. Call today!
The Fresh Start Chapter 7 Bankruptcy Offers
We strongly encourage people in dire financial situations to file for chapter 7 bankruptcy because it will help you wipe away a lot of your debt. You get to create a fresh start. Please understand that you are going to have to be eligible for chapter 7 bankruptcy.
Our bankruptcy attorney in Hammonton NJ will guide you through the process of beginning to clear up your debt. We want you to be very sure that you want to go through with this because bankruptcy, while being a very powerful tool, is something you don’t do lightly.
If you decide that you want to file for chapter 7 bankruptcy, please call our bankruptcy attorney in Hammonton NJ right away. We will get started immediately once we determine that this is the right step for you.
How Do You Qualify for Chapter 7 Bankruptcy?
You will go through a means test to begin, which is just a basic analysis of your debt to income ratio. Chapter 7 bankruptcy is not the right choice for everyone, but if your debt to income ratio fits the needs for chapter 7, you will be able to file. If you’re in a lot of debt but you do not have a huge income, then chapter 7 bankruptcy is likely a good choice for you. If you have a very large income, then chapter 13 may be more appropriate for you.
Filing for Chapter 7 is a good option if you need immediate relief from your debt. Debts that you shouldn’t expect relief from are things such as taxes and student loans. Our bankruptcy attorney in Hammonton NJ is here to help you through this process.
Do You Lose Everything You Own?
It is very common for people to be worried that they’re going to lose everything they own when they file for bankruptcy. That is not what is going to happen. Yes, some of your assets are going to be liquidated. Assets that ARE protected from liquidation include:
- Furniture/ home decor
- Your car and home (you have to a certain amount of debt – check with your lawyer)
The Chapter 7 Bankruptcy Process from Start to Finish
To head off the discussion of the process of chapter 7 bankruptcy, please note that you cannot file for chapter 7 twice within an eight-year time frame. If you have previously filed chapter 13, you cannot file chapter 7 within the same six-year time frame.
The means test is something you need to do before you file, again the test determines your eligibility. Once you’ve been determined to be eligible and begin the filing process, you will be asked to show some documentation, and there will be fees to send to the court. The documents you may want to begin collecting include:
- A list of your debts
- A list of all of your assets
- Proof of all income
- Summary of all of your finances
Once you have filed your petition, you will have something called automatic stay granted to you. What this does is it immediately halts the harassment from debt collectors. Your phone will finally quiet down.
An estate will shortly thereafter be set up. It is made up of any of your assets that will be eligible for liquidation. These assets will be used to repay some of your debt.
Any questions or concerns about this process can be brought to your bankruptcy attorney in Hammonton NJ.
Next, you will have a trustee assigned to your case who is there to handle the meeting with your creditors. Under oath, you are going to be answering questions for both your trustee and your creditors. The questions will be about the debts. This meeting is designed to determine your reason for filing chapter 7 bankruptcy, and they will decide whether your reasons are legitimate. They are trying to weed out people who are trying to abuse the bankruptcy process.
Do not hesitate to reach out to us right away if you have concerns or questions about the process. We are here to help guide you every step of the way.
Hammonton Chapter 7 Business Bankruptcy Lawyer
Is your business struggling with the finances? This can be an enormous stressor. Our bankruptcy attorney in Hammonton NJ is here to help you get the guidance you so badly need during this difficult time. We want to ease your stress by navigating you through the business bankruptcy process. Call us today to get started!
We urge you to reach out as soon as possible. The sooner you get started on managing your debt, the better. Face this problem head-on with the help of a trusted and dedicated lawyer.
What is Chapter 7 Business Bankruptcy?
Chapter 7 for businesses is often a good fit when the business can no longer carry on operations and meet its financial obligations. Filing will both wind up operations and put creditors on notice that the business either does not have the assets or does not have the ability to pay its debts. This process can save an insolvent business the time, expense and stress of enduring multiple lawsuits that might otherwise be filed by creditors.
Filing chapter 7 as a business can be both involved and complex. A bankruptcy attorney in Hammonton NJ is critical to assist insolvent businesses with both preparation and filing to petition in the appropriate jurisdiction, along with ensuring all required schedules and statements are accounted for. We also represent our clients through the 341 creditors’ meeting and debtor examination, providing advice and counsel throughout the process. For business owners filing a Chapter 7 consumer bankruptcy, you may be able to keep your business and avoid the bankruptcy of your business.
Business bankruptcy lets you file and have another person come in and liquidate the assets related to your business in order to settle debts. That person will be the trustee of the case.
If you are a corporation or LLC, you are going to be looking at something completely different in terms of filing for bankruptcy than you would if you were filing as an individual. Bankruptcy allows business owners to have a trustee come in and handle the debts by liquidating some of their assets to repay the debt. The business will not continue operations as normal while the assets are being liquidated. Those liquidated assets are then going to go towards paying the creditors. You should be aware that anything that the company owns can be liquidated, as nothing is exempt.
After the process of liquidation is done and all of those assets that have been liquidated goes toward paying the creditors, there will be no more remaining debt for your business. The debts included in that are your leases, obligations, bills, overhead, contracts, credit cards, loans and anything else that you might be in debt for because of this business. The goal is to repay the debts as fully as possible. If the creditors are not paid fully after you have liquidated your assets, then you have no more responsibility for them and it’s on them that they do not have a full reimbursement for the money they loaned. If you are the business owner who did not fully repay because of lack of assets you would be completely off the hook, unless you have personal liability for the debt.
The theory goes that, if there’s money left over from paying off the debt through liquidated assets, the remaining debt is considered paid. You should know that a typical case of a business filing for Chapter 7 bankruptcy ends up with the assets being less than the debts and the owners of the business being left with nothing.
What Should Sole LLC or Corporation Owners Know About Bankruptcy?
if you owned your corporation or LLC by yourself, it might be an excellent solution to file for Chapter 7 bankruptcy for your debts privately owned and owned as your business. Your trustee who is assigned to your bankruptcy case might make the choice to take over your business in order to liquidate it and dissolve it for you. If you filed for Chapter 7 for your personal debt, then the debt you have for your business would be separate.
Business Bankruptcy Vs Personal Liability
If you are someone who is personally liable for your business and their debts, then you need to know that even after the business goes through bankruptcy you are still responsible. You will have to go through the process of chapter 7 personal bankruptcy in order to get rid of your personal liability for those business debts. If you don’t do this, the creditors can still pursue you looking for the full repayment. It doesn’t matter if the business is closed and done for, if you are personally liable you are going to be approached by debt collectors.
Hammonton Chapter 13 Bankruptcy Lawyer
Having overwhelming debt can consume your thoughts. We know you might feel very stressed. This is not an easy time for anyone. Our bankruptcy attorney in Hammonton NJ will guide you through the process every step of the way. Give us a call today to get started.
Repaying Your Debt with Chapter 13 Bankruptcy
Chapter 13 bankruptcy is also called a wage earner’s plan. It is designed to help people who have steady income but who are having a difficult time managing debt. Chapter 13 bankruptcy lets you create a debt management plan that can span over three to five years.
The timeline in which you pay back your debt is going to be based on your income. There is an income threshold, too, that you should discuss with your bankruptcy lawyer. If you are under it, you will be repaying your debt in three years. If you are over the threshold, you are going to be looking at repaying your debt within five years. You may be able to be approved for a longer timeline, if you are set to repay it in three years. The repayment schedule cannot extend beyond five years. Our bankruptcy attorney in Hammonton NJ can answer any questions you have.
How You Can Benefit from Chapter 13 Bankruptcy
If you are looking into whether you want to try to file for chapter 7 or chapter 13 bankruptcy, you should know the benefits of chapter 13. There are some serious advantages you should know about. Chapter 13 means you likely won’t have to liquidate your assets to repay your debt, as you would with chapter 7 bankruptcy. Your house will not go into foreclosure when you have the help of chapter 13 bankruptcy. You do, however, need to continue making mortgage payments on time.
Another good thing about chapter 13 bankruptcy is that any of your secured debt can be rescheduled. This secured debt doesn’t include your mortgage on your house. The rescheduling of your secured debt, however, can be great because it means you are going to possibly have lower payments.
It is similar to consolidating your loans. The plan for repayment can say that you will send payments to a trustee assigned to your case. That trustee will then be making payments to your creditors. A fantastic thing about chapter 13 bankruptcy is that debt collectors can no longer harass you. Call our bankruptcy attorney in Hammonton NJ today to learn more.
Chapter 13 Bankruptcy Eligibility
Just about anyone can look into filing for chapter 13 bankruptcy, whether they are self-employed or they’re the head of a big business. You do have to meet certain criteria for the debt you’re in, including both secure and unsecured debt. Your Hammonton bankruptcy lawyer will be able to walk you through your situation and advise you on your eligibility.
Please also understand that you are going to have to appear before the bankruptcy court if you want to move forward with chapter 13 bankruptcy. You also need to go through credit counseling in order to be eligible.
The Process of Chapter 13 Bankruptcy
Step one for chapter 13 bankruptcy is to file your petition with the bankruptcy court. This will be the time you show them what your assets, debts, and income are. You will show them proof of your income, as well as your current bank statements and a finance summary. You will then do credit counseling and start thinking about how you are going to create a debt repayment plan.
You can sit down with your Hammonton bankruptcy lawyer to discuss the documentation that is going to be needed, as well as what you should expect in the process to come. They will help you prepare your documents. It is essential that you have an experienced lawyer on your side to ensure that you are getting the right guidance.
Please note that there will be a fee for filing. It is something that you can discuss making payments on. You can do up to but no more than four payments on this fee.
You can then come up with and create a repayment plan that might account for most or all of your debt. It is a complex process that is best done with the assistance of a skilled bankruptcy attorney in Hammonton NJ. The plan gets approved by going through a court hearing to show that it is likely going to work out to the creditors’ benefit while also being efficient for you.