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Chapter 7 Bankruptcy Lawyers in Camden County
Filing for Chapter 7 Bankruptcy in New Jersey
For many people, bankruptcy is a helpful solution for difficult financial problems. Perhaps you have a large credit card debt that has simply become too difficult to pay off and you are looking to start things over and make a clean break with a troubled financial past. Chapter 7 bankruptcy, also known as a straight or liquidation bankruptcy, allows qualifying individuals to discharge their debts. With Chapter 7 bankruptcy, you may be able to eliminate your most significant debts. Additionally, if you are trying to save your home from going into foreclosure, filing for Chapter 7 may be your best move right now.
At the law firm of Brenner Brenner & Spiller, our Chapter 7 bankruptcy lawyers assist clients throughout Central Jersey and South Jersey who face overwhelming amounts of debt. Bankruptcy is a complex legal process and the issues surrounding Chapter 7 bankruptcy can be difficult to fully understand. By hiring an experienced attorney to help you review your case and identify your specific needs, you will be able to work toward a fresh start through bankruptcy.
What is Chapter 7?
When you file for Chapter 7 bankruptcy, you generally liquidate your assets and eliminate your debt. After you file for Chapter 7, an appointed trustee will take account of your assets and then sell the non-exempt assets to pay off your creditors.
Eligibility for Chapter 7 bankruptcy includes individuals, married couples, corporations and partnerships. For an individual, Chapter 7 provides an opportunity to eliminate unsecured debt, such as credit card debt and medical debt. Keep in mind, however, that you cannot discharge certain debts under a Chapter 7 bankruptcy. For example, obligations such as alimony, child support, student loans, fines, court-imposed monetary penalties and some taxes cannot be eliminated via Chapter 7.
Benefits of Chapter 7 Bankruptcy
In order to liquidate your debts in a Chapter 7 bankruptcy, you must pass a means test. The means test will assess your financial situation and determine if you qualify. If you do not qualify, Chapter 13 bankruptcy may still be a helpful option for your situation. If you do qualify, there are many benefits to Chapter 7 for your financial situation, including:
- You can discharge most unsecured debt, including credit card debt and medical bills.
- You may have the ability to keep your home and vehicles, so long as you are current on payments and do not have a substantial amount of home equity.
- You can begin to re-establish your credit almost immediately.
It is important to be fully prepared for your bankruptcy before you file. Gathering income statements, copies of credit card bills and other bills, and other important financial documents right away will help save you time in the future. You also need to speak with a qualified bankruptcy and debt relief lawyer as soon as possible.
Contact Our Debt Relief Lawyers
If you are struggling with overwhelming debt, the experienced bankruptcy lawyers at Brenner Brenner & Spiller may be able to help you get a fresh financial start. Contact our New Jersey Chapter 7 bankruptcy attorneys online to schedule a free initial consultation to discuss your financial situation and options.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.