Bankruptcy Attorneys in New Jersey and Pennsylvania

 

Most people face financial problems at some point in their lives. Occasionally, the only way to start over is through a bankruptcy filing. If you are considering filing for bankruptcy, our experienced bankruptcy attorneys serving New Jersey and Pennsylvania can answer your questions and ensure that your rights are protected.

Facing loss of your property, business, or wages due to overwhelming debt can be extremely difficult and emotionally trying. If mounting debt is threatening your financial future, bankruptcy may be the best resolution. Filing for bankruptcy can provide you with the protection you need to retain your property and clear up debt. In addition to helping you file for bankruptcy, our attorneys can also assist you with personal and business reorganization plans. Contact our bankruptcy attorneys, serving New Jersey and Pennsylvania, to regain financial stability.

  • Bankruptcy

Personal Bankruptcy

Chapter 7 bankruptcy, also called liquidation bankruptcy, is ideal for individuals whose debt is mainly unsecured debt and who do not have a stable income. Most unsecured debts can be discharged through Chapter 7, with the exception of some taxes, fines, and student loans. If you are burdened with unsecured debt, such as credit cards, a Chapter 7 bankruptcy will discharge the bulk of those debts. Chapter 7 can allow you to retain "exempt" property such as your home, cars, personal property, and retirement funds or continue to make scheduled payments on secured debts by liquidating assets deemed "non-exempt" by the court and using the funds to repay creditors.

Business Bankruptcy

When a company decides that it is unable to pay the debt it has accrued, it can file for Chapter 7 bankruptcy, which will enable it to liquidate its assets. Once the assets have been sold and funds have been distributed to creditors, the business is free from liability. Businesses also have the option of filing for Chapter 11 bankruptcy. Under Chapter 11, a business is protected from creditors while it is being restructured. Restructuring usually involves downsizing and narrowing focus.

Chapter 13 Reorganization

Chapter 13 bankruptcy is often referred to as a "wage earner" plan, because you must be earning a steady income to participate. In a Chapter 13 bankruptcy, rather than canceling your debts, you will receive additional time to pay off all or a portion of your debts. In most cases, your debts can be paid off during the established time at a substantially lower interest rate or with no interest at all. At the end of the plan, whatever debts are remaining may be cancelled. A Chapter 13 plan is ideal for people with "secured" debt - such as those with property, mortgages, and financed cars, because Chapter 13 allows you to retain this type of property while making planned payments to the court.

Contact our Bankruptcy Attorneys in New Jersey and Pennsylvania

Contact our bankruptcy attorneys in New Jersey or Pennsylvania today to schedule a free initial consultation. We have over 15 years' experience representing clients in personal and business bankruptcy proceedings.