Bankruptcy Attorneys In New Jersey And Pennsylvania
Facing the loss of your property, business, or income due to overwhelming debt can be extremely stressful and challenging. If mounting debt is threatening your financial future, bankruptcy may be your best option. Filing bankruptcy can provide you with the protection you need to retain your property and eliminate your outstanding debts.
If you are considering filing bankruptcy, it is imperative that you hire a bankruptcy attorney. While you can attempt to file on your own, the bankruptcy process is tedious and can become overwhelming. Working with an experienced bankruptcy lawyer can help ensure that you avoid errors that may disqualify you from filing bankruptcy.
The attorneys at Wilhelm & Roemersma, P.C., are here to help you regain financial stability. We will review your situation and advise you on the best way to proceed.
Types of Bankruptcy In New Jersey and Pennsylvania
Because bankruptcy law is federal law, the types of bankruptcy are the same in both New Jersey and Pennsylvania. The right chapter depends on your income, assets, debts and financial goals. The most common individual types are Chapter 7 and Chapter 13.
- Chapter 7 bankruptcy: Chapter 7 helps people erase certain debts. It often applies to unsecured debt like credit cards, medical bills and personal loans. You also must meet income rules before you can file.
- Chapter 13 bankruptcy: Chapter 13 is known as a wage earner’s plan. It allows people with regular income to repay all or part of their debts through a court-approved payment plan that runs between three and five years. Chapter 13 may help you catch up on missed mortgage payments, keep valuable property and reorganize debt into one manageable monthly payment.
When Should You Talk to a Bankruptcy Lawyer?
You should speak with a bankruptcy lawyer as soon as you are unable to timely pay your bills. Early legal advice can help you understand your options before the situation gets worse.
You should contact a lawyer if:
- You are behind on mortgage, car loan or credit card payments
- Creditors keep calling or sending collection notices
- Your wages are being garnished
- You are facing foreclosure, repossession or utility shutoff
- Medical bills or personal loans have become impossible to manage
- You are using one debt to pay another debt
- You are not sure whether Chapter 7 or Chapter 13 fits your situation
A bankruptcy attorney can review your finances, explain your options and help you choose the path that can protect your future.
Call our office at 908-454-3200, or you can reach us online with any questions you may have. We are here to get you back on your feet again.
Wilhelm & Roemersma, P.C., is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.