Providing Comprehensive Essex County Bankruptcy Services
Tough financial problems call for serious debt-relief solutions. If you are tired of dealing with mounting personal or business debt, bankruptcy may be right for you. With the help of an experienced attorney, you can get the fresh start you need.
At Minion & Sherman, we know how hard it can be to struggle with debt and the difficult decisions that follow. That is why we offer free initial consultations for clients considering bankruptcy. It doesn’t cost you anything to come in and speak directly with an attorney who will help you understand if bankruptcy could be the right solution. Our Essex County bankruptcy lawyers will explain your options and offer experienced clarification regarding common bankruptcy myths.
To arrange your free consultation with our skilled bankruptcy attorneys in Essex County, please call 973-559-5791 or toll-free 866-915-1839. You can also contact our law firm by email. Evening and weekend appointments are available.
The Benefits Of Filing Bankruptcy
As experienced bankruptcy attorneys, we understand that it can be overwhelming to think about going to court to take care of your debt problems. When you come to us, we will take the time to educate you so you know how bankruptcy works and what you can expect during the process.
We will then analyze your finances to determine what type of bankruptcy would work best for you:
- Chapter 7 bankruptcy : Also known as liquidation bankruptcy, Chapter 7 allows for the complete elimination of unsecured debt, like credit cards and medical bills. We will use the new means test to see if you qualify.
- Chapter 13 bankruptcy : Commonly referred to as a wage-earner plan, Chapter 13 allows you to keep your assets while paying off your debt over a term of years. Most importantly, you may be able to stop foreclosure and save your home. Those who do not qualify for Chapter 7 commonly use the Chapter 13 debt restructuring to obtain the relief they need.
Filing for bankruptcy effectively stops all creditor activity against you, including wage garnishments and creditor harassment. Our West Caldwell bankruptcy lawyers can explain the many benefits that bankruptcy can offer in your particular situation.
Guide to Filing Bankruptcy In New Jersey
Filing for bankruptcy in New Jersey involves a structured legal process that varies depending on whether you pursue Chapter 7, Chapter 13 or Chapter 11 relief. Each chapter serves a different purpose, and New Jersey residents must follow both federal bankruptcy law and certain state-specific rules that influence exemptions, property protection and procedural requirements.
Chapter 7 Bankruptcy And The Federal Means Test In New Jersey
Individuals considering Chapter 7 bankruptcy must complete the federal means test, which evaluates income and household size to determine eligibility. New Jersey filers may choose between federal exemptions and New Jersey state exemptions when listing property that they want to protect. Because the New Jersey exemption system is limited, many people choose the federal exemption set, especially when attempting to shield equity in a home, a vehicle or personal property. Chapter 7 cases typically move quickly, and most unsecured debt is discharged after nonexempt property is reviewed and administered by the trustee.
Chapter 13 Bankruptcy And Repayment Plans In New Jersey
For those pursuing Chapter 13 bankruptcy, New Jersey residents must propose a repayment plan that normally lasts three to five years. This process allows many people to keep their homes and catch up on missed mortgage payments. State law does not alter the federal structure of Chapter 13, but local trustee procedures and regional court expectations can influence how repayment plans are evaluated. Chapter 13 is common for individuals who earn steady income, want to protect significant assets or are ineligible for Chapter 7 under the means test.
Chapter 11 Bankruptcy For Businesses And High-Debt Individuals
Businesses or high-debt individuals may pursue Chapter 11 bankruptcy, which permits ongoing operations while restructuring debt obligations. Although Chapter 11 is governed primarily by federal law, New Jersey bankruptcy courts have specific filing guidelines, disclosure requirements and plan submission rules that participants must follow throughout the process.
New Jersey Bankruptcy Credit Counseling
All New Jersey bankruptcy filers must complete required credit counseling before filing and a debtor education course before receiving a discharge. Court location in West Caldwell handle all consumer bankruptcy cases, each with local procedures that guide document submission and trustee communication. Filing in New Jersey requires careful preparation and an understanding of both federal and state rules.
New Jersey Corporate Business Bankruptcy Services
We are available to companies seeking bankruptcy solutions. If you have a business and you need debt relief, it may be possible to reorganize your business under Chapter 11, which would allow you to consolidate debt and recover from insolvency. If you no longer wish to continue operating the business, Chapter 7 bankruptcy will allow you to liquidate assets and move forward free of business debt.
Common Questions About Bankruptcy in New Jersey
As attorneys with years of experience helping clients move on from financial issues, we at Minion & Sherman are more than prepared to answer your questions. Please read on, and know that the following gives you some general information about what happens in a bankruptcy case. The information here is not complete. In order to make an informed decision as to what is best for you, consultation with an experienced bankruptcy lawyer to discuss the specific facts of your situation is recommended.
Do I need an attorney to file bankruptcy in New Jersey?
While it is possible to file a bankruptcy case pro se, that is, without the assistance of an attorney, it is extremely difficult to do so successfully. Hiring a competent bankruptcy lawyer is highly recommended.
What types of bankruptcy are there?
There are several types of bankruptcy, each designed for a different type of person or entity.
- Chapter 7 bankruptcy is for individuals. In this case, your belongings will be sold to pay your debts. You may be able to keep some personal items and potentially real estate as well.
- Chapter 13 bankruptcy is also meant for individuals; the court will design a payment plan and a trustee will oversee the execution of it.
- Chapter 11 bankruptcy is for businesses, where they will continue operating with a payment plan in place.
Can I save my home by filing for bankruptcy?
Most Chapter 13 petitioners can hold on to their homes. Depending on the circumstances, a Chapter 7 petitioner may be able to retain his or her real estate holdings.
Will my boss find out if I file for bankruptcy in New Jersey?
Federal bankruptcy law prohibits both public and private sector employers from discriminating or taking any adverse action against a debtor because of a bankruptcy filing.
Does my spouse have to file for bankruptcy too?
No. However, the non-filing spouse will not be relieved from any debts discharged under your filing. For example, your spouse will remain liable for his/her share of any jointly entered debts. However, he/she will not have bankruptcy noted in his/her credit report.
Will a bankruptcy filing stop my wage garnishment?
Yes. A bankruptcy filing can stop a wage garnishment.
Contact Our Firm For A Free Consultation
To find out more about how we can help you find relief from debt, schedule a free consultation with our skilled lawyers. Call 973-559-5791 or toll-free 866-915-1839. You can also contact our law firm online. Evening and weekend appointments are available. We represent clients throughout West Caldwell, Essex County, Passaic County and Morris County.
We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.