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Bankruptcy Advice – Why Expert Bankruptcy Advice is Essential to Your Success in a Chapter 13 Filing





If you’re facing financial distress and are wondering how to get out of debt, filing for bankruptcy may be your best option. However, it’s important to seek expert bankruptcy advice before making this decision.

A qualified New Jersey bankruptcy lawyer can help you understand the options and determine whether or not bankruptcy is right for you. They can also assist with the legal aspects of filing and ensuring your rights are protected.

Chapter 7

Bankruptcy is a relief for many people who are drowning in debt. It gives them a fresh start by allowing them to discharge (wipe) their debts and stop creditors from trying to collect on those debts.

Most Chapter 7 filings involve unsecured debts like credit card bills, medical bills and student loans. Some of them may also include secured debts, such as a mortgage or car loan.

Expert bankruptcy advice in New Jersey is important to help you navigate the complex bankruptcy process. A bankruptcy lawyer can provide you with compassionate legal guidance and constant communication as you work through your Chapter 7 case.

Property Exemptions

You can use state or federal exemptions to protect some of your assets. This helps to protect your property equity and keep your monthly obligations stable while you’re in bankruptcy.

You can also keep some nonexempt property in your bankruptcy, even if you don’t use an exemption to cover it. The trustee decides if that property is worth selling so proceeds can go to your creditors.

Chapter 13

Expert bankruptcy advice is essential to your success in a Chapter 13 filing. It allows debtors with regular income to reorganize their debts by creating a three to five-year repayment plan that will wipe out some of the balances on unsecured debts.

It also allows debtors to keep their property and assets. Creditors are barred from contacting or collecting from you for up to 3 years while you pay off your debts.

During this time, you must create a plan that complies with the automatic stay and allows you to make the payments you need for living expenses and repaying your reorganized debts.

It may be possible to reorganize some secured and priority debts like mortgage arrears, car loans, child support and taxes. However, it is important to remember that the total amount of reorganized debt must not exceed the New Jersey “debt limits.”

Chapter 11

Chapter 11 is a type of bankruptcy reorganization that allows individuals and business owners to repay some of their debts over time. This form of bankruptcy has many benefits for both businesses and individual debtors.

In order to file for Chapter 11, a debtor must meet certain requirements. These include a valuation of the assets and debts that are being reorganized.

Debtors must also provide timely reports of the progress of their plan. If they fail to do so, a case trustee may be appointed to take over their duties.

Expert bankruptcy advice is critical when you’re considering filing for Chapter 11. A lawyer with years of experience and local knowledge will be able to guide you through the process.

The bankruptcy process is a complex legal matter that requires extensive knowledge of both federal and New Jersey laws. This is why you need a bankruptcy attorney with decades of experience.

Chapter 12

Chapter 12 is a specialized form of bankruptcy that allows family farmers and fishermen to reorganize their debts. This type of bankruptcy combines the features of both Chapter 11 and Chapter 13 bankruptcies while offering a flexible payment plan that may allow family fishermen to avoid foreclosure.

To qualify for Chapter 12, debtors must have a majority of their income and assets derived from a farming or fishing operation. This income requirement helps to ensure that the debtors can predict their yearly income during the reorganization and repayment phase.

Another benefit of Chapter 12 is the ability to cram down secured debts. This means that a debtor can reduce the balance of their mortgage, equipment loans, or other secured debts.

The process of filing for Chapter 12 is complex and requires expert bankruptcy advice from a New Jersey attorney. Lead Counsel independently verifies attorneys and checks their standing with New Jersey bar associations.

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