Bankruptcy helps individuals and small businesses get a fresh start by discharging debt. It can also protect creditors’ efforts to collect on the debt.
A bankruptcy filing requires many documents, including a list of assets and liabilities; paystubs or other income documentation; a credit report; 401K, pension, and retirement account statements; life insurance policies; mortgage or car payment statements.
Experience
Charles Juntikka has been a bankruptcy attorney for 32 years, and his firm files the most personal bankruptcies in New York City. He helps clients understand how bankruptcy law protects them and their property. He also helps people understand how Chapter 7 bankruptcy works, including eliminating debts such as credit card debt, payday loans, medical bills, and old utility bills.
He has helped many clients save their homes from foreclosure and stop creditor harassment. He considers each client’s unique situation and develops a plan to help them get out of debt. In most cases, his clients receive a Discharge Order that legally removes their debt.
Before filing, it’s essential to have all of your documents in order. This includes copies of paycheck stubs and income tax returns for the last six months. You also need a copy of your credit report. You can pull your own for free or use Upsolve’s tool to do it for you. It is essential to complete a credit counseling course provided by an approved institution.
Reputation
In addition to experience, you should consider whether the bankruptcy attorney’s firm has a good reputation. A firm with a good reputation has likely handled many cases and will be more familiar with the process and what to expect. In addition, the NJ Bankruptcy Lawyer for a Fresh Start can benefit you, making the experience more personal.
In New Jersey, Chapter 7 bankruptcy is available for individuals who pass a means test. The debtor must also complete a financial management course from an approved provider. These courses are typically free. Collecting all relevant paperwork is essential to prepare for a meeting with your bankruptcy attorney. This can include bills, a credit report, bank statements, and a statement of assets.
Filing for bankruptcy stops creditors and collectors from attempting to collect a debt. It can also contain a foreclosure on your home or repossession of your vehicle. It can even prevent a landlord from evicting you if you are behind on your rent payments.
Fees
Generally, New Jersey bankruptcy attorneys charge a flat (all-in-one) fee. This fee should be clearly outlined in the retainer agreement so you know what services you are paying for. Choosing an attorney who will carefully consider your case and understand your unique situation is essential. You don’t want to work with a “bankruptcy mill,” which churns out cases without giving each one the attention it deserves.
New Jersey offers a variety of bankruptcy options for individuals and couples with severe financial difficulties. Chapter 7 bankruptcy, for example, can help eliminate much of your debt and reduce monthly payments to a manageable level. It is also possible to keep your assets and most of your income. However, some of your assets may be seized and sold to pay your creditors, but exemption laws protect most property from liquidation. Moreover, you can file your bankruptcy papers pro se or independently. You can do this through the court’s e-filing portal.
Timeframe
In New Jersey, scheduling the meeting of creditors usually takes approximately six weeks after filing your bankruptcy petition. Both you and your attorney are required to attend this meeting. You must have the following documents with you: tax returns for the last two years; six months of pay stubs or other evidence of income; an appraisal or valuation of any property you own; statements on bank accounts, stock, and other investment accounts; life insurance statements; and mortgage payment or car payment statements.
Consulting with an experienced New Jersey bankruptcy attorney is essential if you are considering bankruptcy. There are many types of bankruptcy, and knowing which suits your situation is essential.
Chapter 7 bankruptcy involves liquidating non-exempt assets to repay your debts. The bankruptcy process can take up to five years, and it is often used to stop home foreclosures, cover overdue car loans or mortgage payments, or pay back taxes. Chapter 13 bankruptcy enables you to present a repayment plan that creditors can approve.