Chapter 7 the most common method for filing bankruptcy among individuals. This is because Chapter 7 allows for you to discharge most types of debt without the need for repayment. It is simpler way of filing bankruptcy than Chapter 13 bankruptcy. Since Chapter 7 eliminates most debts, it is a fresh start for debtors. It puts an immediate stop to harassment by creditors, wage garnishment, lawsuits, as well as other attempts by creditors to collect.
Chapter 7 is so common because it can eliminate most types of debt, but it is important to consider the types of debt that it cannot cancel out:
- Child Support
- Alimony
- Certain tax debts
- Student Loans
- Debts based upon fraud
- Debts to certain government agencies
Though it may seem simple on the surface, in New Jersey, a Chapter 7 bankruptcy can be complicated. Therefore, it is in your best interest to engage one of our New Jersey attorneys to walk you through the process. An experienced NJ bankruptcy lawyer will not only be able to explain the process to you but will also work with you directly to ensure that you are able to retain the maximum amount of your assets the law allows.
It is important to note that not everyone will qualify for a Chapter 7 bankruptcy. Our experienced bankruptcy attorneys can discuss the specifics of your situation and advise you as to your options regarding bankruptcy.
Contact Our Bankruptcy Attorneys Today
New Jersey bankruptcy laws are complex. Contact one of our bankruptcy lawyers to help you understand them. Our attorneys can counsel you regarding the choices that you have in your unique situation. There are options when it comes to debt and bankruptcy – let us help you formulate the best plan for turning around your financial situation.