New Jersey Chapter 7 Bankruptcy Law Firm
When you are facing a mountain of bills with too little available income, the future may seem bleak. How will you pay for the necessities of life when you cannot even meet your current debt obligations?
Filing for Chapter 7 bankruptcy may be the answer to your financial problems. Contact the New Jersey law firm of Klafter & Mason, L.L.C. to discuss your situation and to find the solution that best suits your needs. We offer a free initial consultation with an experienced bankruptcy lawyer.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy involves the liquidation of a debtor's nonexempt assets to satisfy debts owed to creditors. Certain property is exempt from bankruptcy liquidation and only an experienced bankruptcy attorney can help you identify your exempt assets and advise you regarding the potential risk of losing non-exempt assets. Exempt assets are safe from liquidation and may not be used to satisfy the claims of your creditors At the conclusion of a Chapter 7 proceeding, the debtor is issued a discharge effectively and forever eliminating all eligible debt. Attorney Gary L. Mason will help you determine if you are eligible for Chapter 7 bankruptcy.
Are all Debts Discharged After Filing for Chapter 7 Bankruptcy?
There are certain types of debt that is not dischargeable through bankruptcy. Most unsecured consumer debt, such as credit card debt, unsecured lines of credit and medical expenses can be discharged through bankruptcy. However, student loans, domestic support obligations, taxes, and administrative penalties such as speeding tickets are not dischargeable.
Am I Eligible to File for Chapter 7 Bankruptcy?
After October 2005, eligibility requirements changed for Chapter 7 bankruptcy. Previously, anyone could file for Chapter 7 bankruptcy protection; however, the amended Bankruptcy Code now contains eligibility requirements based on median household income standards. Determining Chapter 7 eligibility requires an extremely complex financial analysis for which you should absolutely seek the guidance of an experienced bankruptcy practitioner. Additionally, just because a person may be eligible to file for Chapter 7 bankruptcy, does not mean that a Chapter 7 bankruptcy is in that person's best interest. For instance, you may possess certain non-exempt assets, such as significant equity in your home that may be at risk in a Chapter 7 bankruptcy. Under those circumstances, despite Chapter 7 eligibility, you may be better served by filing a Chapter 13 petition .
We Can Help You Find a New Financial Beginning.
Bankruptcy is not the right solution for everybody, but it may be right for you. Contact our office to schedule a free initial consultation to discuss your financial situation and options. Our bankruptcy attorneys can answer your questions and will help you find the right path to a new beginning.