A New Jersey bankruptcy lawyer can help you if you are struggling with debt. One way to find that new beginning is to file for bankruptcy. During bankruptcy, you may be able to discharge all your debts, such as judgments, credit card bills, medical bills, landlord-tenant obligations, etc.
Although corporations and partnerships must have an attorney to file for bankruptcy, individuals can represent themselves. While individuals can file a bankruptcy case without an attorney or “pro se,” it is challenging to do so successfully.
It is essential to properly file and manage a bankruptcy case since the laws are technical. Not following the rules can lead to consequences – for instance, dismissal of the case due to an omitted document like a credit counseling certificate could cost the debtor their right to another filing or lessen protections in a future issue, such as annulment of the automatic stay. Bankruptcy carries both financial and legal consequences over time – thus, it is best to hire a qualified attorney.
How does the bankruptcy process work?
Attorney Consultation
Your first step in filing for bankruptcy should be to consult with a bankruptcy lawyer in your state. Your attorney should receive a detailed list of all your assets and liabilities. In other words, you should tell the attorney everything you own and everything you owe.
Bankruptcy Documents Required
The attorney should request a comprehensive list of documents that will offer insight into your financial condition. These may include two years’ tax returns, 6 months’ worth of paystubs or other evidence of income, appraisals or valuations for any property you own, the names and addresses of creditors as well as approximate amount owed to each of them, statements from bank accounts, investments, 401K plans, pension plans, and retirement plans, life insurance statements and mortgage payment/car loan statements. This is only a general overview; depending on individual circumstances additional information may be required.
Bankruptcy Petition Preparation
After meeting with you and gathering all related financial info, the attorney creates a bankruptcy petition. This can be either a Chapter 7, 12, 13, or 11 depending on your individual circumstances. These steps are the general necessary for a Chapter 7 bankruptcy; the petition details your present financial standing as well as listing assets, liabilities, current income and disposable income/budget.
Bankruptcy petition filing
With the advent of electronic filings, the bankruptcy court has made it mandatory that regular bankruptcy attorneys and law firms file their petitions electronically. The petition is put into a PDF formatted document and filed online through PACER. The PACER stands for Public Access to Court Electronic Records.
Meeting of Creditors 341a
After the bankruptcy petition is filed, all creditors are sent a “Notice of Commencement of Case,” which bars them from suing or otherwise pursuing the debtor. This form includes the case number and info about the 341a meeting of creditors—the initial hearing that takes place between the debtor, attorney, and trustee to review the petition. At this gathering, creditors have the authority to question the debtor if they so choose.
The process of obtaining a discharge order
It is the responsibility of creditors or the trustee to file a complaint within 60 days of this 341a meeting against the discharge of the debtor. In other words, creditors or the trustee may object to the bankruptcy filing for certain reasons. The debtor would receive a discharge if no one objected within these 60 days. It is the final order entered by the court that wipes out the debts of the individual filing the bankruptcy.
In a Chapter 7 bankruptcy, these are some general steps to follow. If any other legal issues or problems arise during the proceeding, the case could proceed in a much different manner. For more information on other types of bankruptcy, click here: Differences Between Chapter 7, 11, & 13 Bankruptcies. Chapter 11, Chapter 13, and Chapter 12 Bankruptcies also have additional and more complicated steps.
Types of Personal Bankruptcy
New Jersey Chapter 7 Bankruptcy
With Chapter 7, you can eliminate all of your dischargeable debts within a matter of months, which includes credit card debt as well as medical bills. We will assist you in determining whether or not you qualify for Chapter 7 bankruptcy in New Jersey, as one of the top bankruptcy attorneys in the state. Chapter 7 bankruptcy in New Jersey raises a number of state-specific issues, so you need a bankruptcy lawyer who knows how to handle them.
New Jersey Chapter 11 Bankruptcy
Chapter 11 bankruptcy, which is also referred to as reorganization, is the most comprehensive of the chapters. It offers both business owners and individuals bankruptcy relief, with the latter being the only option if a company would like to carry on operations. The Office of United States Trustee oversees all New Jersey Chapter 11 bankruptcies to guarantee that rules are followed. This procedure is complex and to ensure everything runs smoothly it is best to hire an experienced attorney who understands New Jersey bankruptcy court procedures.
New Jersey Chapter 12 Bankruptcy
Chapter 12 Bankruptcy is specifically designed for family farmers and fishermen. In some ways, it resembles a Chapter 13 Bankruptcy but provides extra flexibility when it comes to payments. It includes special perks not offered with other chapters. Unfortunately, since there are additional requirements for eligibility, fewer people qualify than with the other chapters. Additionally, only a select few Chapter 12 trustees operate in New Jersey. Therefore, you require the services of an experienced New Jersey Chapter 12 bankruptcy attorney who is well-versed in both the procedures of the trustees and the courtroom proceedings.
New Jersey Chapter 13 Bankruptcy
By filing for Chapter 13 bankruptcy, you can create a manageable payment plan to retain your most important assets. After completing the three- to five-year period, your remaining debt will be discharged. Our extensive knowledge of New Jersey trustees and court systems is key since there are only a few in the state. This allows us to understand their processes and procedures fully.
Furthermore, New Jersey has its own unique Chapter 13 plan. Your Chapter 13 bankruptcy will be successful if you hire an NJ Chapter 13 lawyer who understands the provisions of the Chapter 13 plan.
Newark Division of the New Jersey District Court:
- Bergen County Bankruptcy
- Essex County Bankruptcy
- Hudson County Bankruptcy
- Middlesex County Bankruptcy
- Morris County Bankruptcy
- Passaic County Bankruptcy
- Sussex County Bankruptcy
- Union County Bankruptcy
Trenton Division of the New Jersey District Court:
- Hunterdon County Bankruptcy
- Mercer County Bankruptcy
- Hunterdon County Bankruptcy
- Monmouth County Bankruptcy
- Ocean County Bankruptcy
- Somerset County Bankruptcy
- Middlesex County Bankruptcy
- Warren County Bankruptcy
Is Filing Bankruptcy the Only Option for Debt Relief?
Talk to a professional if you have any questions about bankruptcy. Considering bankruptcy is a major decision that can have a significant impact on your life. It’s best to consider bankruptcy only after exhausting other debt-relief options, such as:
Settlement of debts:
As part of this process, you negotiate a settlement with your creditors in which you will pay them a lump-sum payment and they will forgive the remaining debt.
Negotiating a debt:
You can negotiate your debt and enter into a repayment plan at a lower interest rate or a repayment plan that ultimately results in you repaying a portion of your debt in debt negotiation.
Consolidation of debt:
In this debt-relief option, all of your debts are consolidated into one payment, improving your debt management and lowering your interest rates.
Refinancing a mortgage:
Discuss various options with your mortgage lender if you are at risk of losing your home.
List of Bankruptcy Lawyers In New Jersey
- Edward J. Dimon (Free Consultation)
Address: 9 Robbins Street, Toms River, NJ 08753 - Ansell Grimm & Aaron A Professional Corporation
Address: 214 Carnegie Center, Suite 112, Princeton, NJ 08540 - Newman, Simpson & Cohen, LLP
Address: 25 Main Street, 6th Floor, Hackensack, NJ 07601 - Garces, Grabler & LeBrocq, P.C. (Free Consultation)
Address: 327 South Salem Street, Dover, NJ 07801 - Feitlin, Youngman, Karas & Gerson, L.L.C.
Address: 65 Harristown Road, Suite 207, Glen Rock, NJ 07452 - Hoffman DiMuzio
Address: 4270 Route 42, Turnersville, NJ 08012 - Carluccio, Leone, Dimon, Doyle & Sacks, L.L.C. (Free Consultation)
Address: 9 Robbins Street, The Law Center of Ocean County, Toms River, NJ 08753-7680 - Helmer, Conley & Kasselman, P.A. (Free Consultation)
Address: 111 White Horse Pike, Haddon Heights, NJ 08035 - The Law Offices of Andrew B. Finberg, LLC (Free Consultation)
Address: 525 Route 73 South, Suite 200, Marlton, NJ 08053 - Cosner Law Group (Free Consultation)
Address: 197 Highway 18 South, Suite 104, East Brunswick, NJ 08816 - Law Office of Stuart M. Nachbar, P.C. (Free Consultation)
Address: 354 Eisenhower Parkway, Suite 2025, Livingston, NJ 07039 - Kromer Law Firm, LLC (Free Consultation)
Address: 3321 Doris Avenue, Suite 1, Ocean Township, NJ 07712 - The Law Office of Aniello D. Cerreto, Esq.
Address: 116 Village Boulevard Suite 200, Princeton, NJ 08540 - Garces, Grabler & LeBrocq, P.C. (Free Consultation)
Address: 235 Livingston Avenue, New Brunswick, NJ 08901 - The Law Offices of James C. Zimmermann
Address: 58 Colfax Avenue, Suite One, Pompton Lakes, NJ 07442 - Law Offices of Geoffrey D. Mueller, LLC (Free Consultation)
Address: 366 Kinderkamack Road, Westwood, NJ 07675 - Law Office of Edmund F. Fitterer Jr. (Free Consultation)
Address: 802 West Park Avenue, Suite 221, Ocean Township, NJ 07712 - Lynch Law Firm (Free Consultation)
Address: 440 Route 17 North, Hasbrouck Heights, NJ 07604 - Aiello, Harris, Marth, Tunnero & Schiffman, P.C. (Free Consultation)
Address: 540 North Avenue, Suite 9, Union, NJ 7083 - Lieberman Blecher & Sinkevich P.C.
Address: 10 Jefferson Plaza, Suite 400, Princeton, NJ 08540
Frequently Asked Questions (FAQ)
In New Jersey, how much does bankruptcy cost?
New Jersey Chapter 13 bankruptcy costs $313, including $235 in filing fees and $78 in administrative fees. New Jersey Chapter 7 bankruptcy costs $338. However, these fees do not include New Jersey bankruptcy attorneys’ fees.
Chapter 7 bankruptcy filing fees can be waived if you exceed 150% of poverty guidelines if you can’t afford to pay the fee.
Is there a bankruptcy that forgives all debts?
It is true that not all obligations are discharged in Chapter 7 bankruptcy, but many debts are, such as medical bills, credit card debt, overdue utility bills, rent payments, and home mortgages.
You cannot discharge student loans, child support payments, recent tax obligations, or damages ordered by the court in drunk driving or personal injury cases.
How Much Debt Do You Have to File for Bankruptcy?
If you are eligible and pass the means test, you can file for bankruptcy regardless of how much debt you have.
In cases where debts are less than $10,000, many bankruptcy attorneys may advise their clients against filing for bankruptcy. In addition, if your debt is insignificant, the bankruptcy court will want to ensure you file for bankruptcy in good faith, not to avoid paying your debts.