Bankruptcy Attorneys in Monmouth County, New Jersey
The attorneys in our Manalapan NJ law office provide experienced legal counsel to individuals, families, and businesses who are burdened with overwhelming debt. With the dramatic October 2005 changes in the Bankruptcy Code, it is extremely important that clients receive up-to-date information regarding their ability to file under a particular chapter of the Bankruptcy Code, and the likely outcome of any such proceedings. At Klafter & Mason, L.L.C. we help clients make challenging decisions regarding corporate and personal bankruptcies. We offer experienced legal advice in federal bankruptcy matters and handle filings under Chapter 7, Chapter 13, and Chapter 11.
To discuss your options under federal bankruptcy law, contact our New Jersey bankruptcy lawyers.
Do you need to make a fresh start?
Divorce settlements. Lost job. Major medical bills. Changing economic conditions. There are many reasons why consumers and businesses fall into substantial debt. Federal bankruptcy laws are designed to stop harassment by creditors and help you get back on your feet. In many cases, bankruptcy can prevent foreclosure on homes and protect other assets. Most of all, a declaration of bankruptcy is meant to provide debtors with a fresh start and a reasonable opportunity to deal with their debt.
Personal or consumer bankruptcy
Chapter 7 Bankruptcy / Debt liquidation - provides an immediate stop to creditor harassment, allows for the complete forgiveness of all debt, remaining assets will be applied toward the debt, statutory exemptions exist for real and personal assets.
Chapter 13 Bankruptcy / Debt repayment - stops harassment by creditors, may prevent foreclosure on cars, houses, and other real estate holdings, allows debtors with adequate income to pay their debt, or a portion of the outstanding debt, on a reasonable schedule.
Chapter 11 Bankruptcy / Debt reorganization - business bankruptcy or business reorganization.
New Bankruptcy Law
Before the Bankruptcy Abuse and Consumer Protection Act of 2005 went into effect in October 2005, there was a great deal of discussion in the press and among professionals about the dramatic impact it would have on debtors. In fact, although the new Act provided substantial changes in some areas, provided a debtor qualifies for a chapter 7 proceeding under the new means test analysis, very little has changed for New Jersey debtors who qualify for chapter 7. Many people who consider bankruptcy will find they still qualify for debt relief under the current law, whether by means of a chapter 7 liquidation or a chapter 13 repayment plan.
If you have questions about the protections a bankruptcy filing could provide for you or your business,contact our New Jersey bankruptcy lawyers. We offer free initial consultations to families and companies struggling with overwhelming debt.
For effective legal representation in Central New Jersey, contact our Monmouth County lawyers.