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Personal Bankruptcy
Our attorney will guide you through your options, explain how bankruptcy works and the different types of bankruptcy filings, and represent your best interests every step of the way. To learn more about New Jersey bankruptcy rules and whether filing for bankruptcy may be a good option for you, call Attorney Scott J. Goldstein today.
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If you are an individual who is thinking about filing for bankruptcy, it’s important that you know that there are two different common types of bankruptcy for individuals: Chapter 7 bankruptcy and Chapter 13 bankruptcy.
In a Chapter 7 bankruptcy, your non-exempt assets will be liquidated, and the proceeds will be used to pay back your creditors to the extent possible. A Chapter 7 bankruptcy filing will remain on your credit report for 10 years.
If you have the income to do so, filing for a Chapter 13 bankruptcy has some advantages over a Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, also known as a wage-earner’s plan, you will enter into a repayment plan with your creditors that lasts for 3-5 years. At the conclusion of the repayment plan, your remaining debts will be forgiven. One of the biggest advantages of a Chapter 13 filing is that you typically get to keep more assets, including a home, you might not be able to keep in a Chapter 7 filing. In addition, a Chapter 13 bankruptcy can allow you to fix problems that are not solvable in a Chapter 7 case, such as support arrears, tax arrears or arrears on a mortgage or a car. A Chapter 13 bankruptcy will stay on your credit report for seven years.
Scott J. Goldstein is the founder and principal attorney at the Law Offices of Scott J. Goldstein, LLC. He is admitted to practice before the courts of the States of New Jersey and New York, the United States District Courts and Bankruptcy Courts for the District of New Jersey and the Southern and Eastern Districts of New York. He is an honours graduate of Haverford College (B.A. 2001) and obtained his Juris Doctor, cum laude, from Duke University School of Law in 2004.
Scott is a proud member of the National Association of Consumer Bankruptcy Attorneys, the American Bar Association, the American Inns of Court and the Bankruptcy Inn of Court. He has lectured other attorneys on bankruptcy law and also donates his time assisting indigent debtors as a volunteer attorney with Legal Services of Northwest Jersey.
FREQUENTLY ASKED QUESTIONS
Do I Need to File for Bankruptcy?
If you are unsure about whether bankruptcy is right for you, it’s important to talk to a professional. Filing for bankruptcy is a huge decision that can have a big impact on your life. You should think about filing for bankruptcy if you have already exhausted other debt-relief options, including:
– Debt settlement. This process involves negotiating a settlement with your creditors in which you will pay them a single lump-sum payment in exchange for forgiveness of the remaining debt.
– Debt negotiation. This process is similar to debt settlement. In some cases, you may be able to negotiate your debt and enter into a repayment plan at a lower interest rate, or a repayment plan that ultimately leads to you repaying a portion of the debt.
– Debt consolidation. This process involves combining all of your debts into a single payment. This can improve debt management and may be available at a lower interest rate.
– Mortgage refinancing. If you are at risk of losing your home, you should talk to your mortgage lender about various options.
How Do I Know if I Can File for Bankruptcy?
If you are unsure about whether bankruptcy is right for you, it’s important to talk to a professional. Filing for bankruptcy is a huge decision that can have a big impact on your life. You should think about filing for bankruptcy if you have already exhausted other debt-relief options, including:
– Debt settlement. This process involves negotiating a settlement with your creditors in which you will pay them a single lump-sum payment in exchange for forgiveness of the remaining debt.
– Debt negotiation. This process is similar to debt settlement. In some cases, you may be able to negotiate your debt and enter into a repayment plan at a lower interest rate, or a repayment plan that ultimately leads to you repaying a portion of the debt.
– Debt consolidation. This process involves combining all of your debts into a single payment. This can improve debt management and may be available at a lower interest rate.
– Mortgage refinancing. If you are at risk of losing your home, you should talk to your mortgage lender about various options.