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Filing bankruptcy could save your house and stop harassment

When a New Jersey resident encounters financial difficulties, it can feel overwhelming. Creditors who are calling you constantly, threatening to foreclose on your home and garnish your wages often compound the concern. Fortunately, filing for bankruptcy can provide a way to get out from under most -- if not all -- of your debt.

One of the reasons that people file for bankruptcy is because they are behind on their mortgage loans and facing foreclosure. The majority of people who file for Chapter 13 bankruptcy (debt reorganization) are able to keep their homes. Under particular circumstances, a Chapter 7 filer (debt liquidation) might also be able to keep his or her home.

Still other people file because their wages are being garnished, they are being sued by a creditor or they are receiving harassing phone calls from creditors. Once a bankruptcy is filed, those activities stop during the course of the proceedings. The creditors will be notified that all collection efforts are stayed automatically by court order. It is important to know, however, that a creditor can ask the court for permission to continue collection efforts (such as foreclosure) during the bankruptcy.

Knowing whether filing for bankruptcy is right for you can be a challenge. Understanding what bankruptcy can do for you could help in making the right decision. A New Jersey attorney can review your situation, make a recommendation regarding what bankruptcy may be appropriate and assist you with the process to help ensure that everything is done correctly and that your financial goals are met.

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At the law offices of Minion & Sherman, our New Jersey bankruptcy attorneys have been providing families with real solutions for more than 20 years.

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