Chapter 7 Bankruptcy Attorney in Passaic, NJ
Passaic County, New Jersey Chapter 7 Bankruptcy Lawyers
Chapter 7 bankruptcy, also known as liquidation bankruptcy, allows the debtor to pay some debts by liquidating selected assets, leaving other assets in place. The court then orders that the non-exempt debts not covered by the liquidated assets be forgiven. Once a debtor files for Chapter 7 bankruptcy, all efforts to collect debts—harassing phone calls and letters, wage garnishments, and civil suits—must stop because of the “automatic stay” provision of the law. The debtor is “protected” by law from such actions by creditors.
Contact a Newark, New Jersey Law Firm About Chapter 7 Bankruptcy
At the Clifton, New Jersey law firm of Silverman & Roedel, LLC, our attorneys help clients who are struggling with debt file for Chapter 7 bankruptcy protection. We know that being overwhelmed by debt and being harassed by creditors can make life almost unbearable. We help people facing debt collection efforts get their lives back on track. To learn how we can help, call 973-772-6411 or contact us online to schedule a free consultation. Take the first step toward a new financial future. Call today.
Advantages of Chapter 7 Bankruptcy
Filing Chapter 7 bankruptcy allows debtors to stop creditor harassment. It also allows the debtor to eliminate:
- Credit card debt
- Medical bills
- Car repossession efforts
- Accounts with collection agencies
- Past due rent
- Store charge accounts
- Past due electric bills and other utility bills
- Civil court judgments
- Old taxes and tax penalties
Chapter 7 does not allow the discharge of all debts. Non-dischargeable debts include student loans, child support, alimony (spousal support), and most recent tax debt. Our attorneys will advise you about your non-dischargeable debts.
If you are ineligible for Chapter 7, we will help you explore a possible Chapter 13 bankruptcy.
The Chapter 7 Bankruptcy Process
The process of obtaining debt relief through Chapter 7 bankruptcy requires many steps. Our lawyers will walk you through a Chapter 7 and make it as easy as possible. Here are some of the things that happen during a Chapter 7 bankruptcy:
- Credit counseling: You must complete a required and approved credit counseling class before filing your Chapter 7 bankruptcy petition.
- 341(a) creditors’ meeting: You and your lawyer must attend a meeting of creditors after filing the bankruptcy petition. In most instances, creditors do not appear; but you must attend in case they do. If present, creditors could ask you questions. At this meeting, the bankruptcy trustee will ask questions to ensure that you meet the requirements for Chapter 7. Unless trustees feel the need to investigate further, they usually recommend approval of your petition to the court and the discharge of qualifying debts.
- Financial counseling: After the creditors’ meeting, you must complete a financial management course.
There numerous variations in the basic Chapter 7 process. For example, if trustees find qualifying assets that could be sold to satisfy a portion of the debt, they will notify the creditors. In most instances, however, an asset sale should not hold up the discharge of your debts.
Contact Our Clifton, NJ Chapter 7 Lawyers. Free Consultation.
If you think you might qualify for Chapter 7 bankruptcy, call Silverman & Roedel, LLC at 973-772-6411 or contact us online to learn about your options and to find out if Chapter 7 is right for you. We offer free consultations at our offices in Clifton and Newark, NJ, so it costs you nothing to learn about your rights and options under the Bankruptcy Code.
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We are a debt relief agency. We help people file for relief under the Bankruptcy Code.