Swarming in a sea of debt is overwhelming. When you’ve evaluated all your options and failed to find a solution, it can elicit negative feelings like frustration, anger, anxiety, fear and stress. You may feel trapped or stuck in an impossible situation, but it is possible to find relief from your debts and get a new financial start. Filing for bankruptcy is a good solution for individuals who have failed to resolve their debts through other methods and who have exhausted their options for financial relief.
Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy
First, you’ll need to determine whether you qualify to file for bankruptcy. In general, your income must be below a certain level to be eligible for a Chapter 7 bankruptcy. Chapter 13 bankruptcy proceedings require that your debts do not exceed a certain dollar amount.
Next, you’ll want to decide whether Chapter 7 or Chapter 13 bankruptcy is right for your situation. This decision should be based on the types of debts you owe, your current income level and expenses, whether you own nonexempt property and your overall goals in filing for bankruptcy. When a creditor has initiated a lawsuit against you, you might be subject to liens on your assets or even a garnishment of your ages. Filing for bankruptcy can temporarily halt your creditor’s collection actions. Typically, you won’t be able to completely clear a property lien through bankruptcy, but a temporary stay can halt foreclosure processes and give you time to catch up on your missing payments.
Filing for Bankruptcy in New Jersey
Our experienced bankruptcy attorneys at Silverman and Roedel will listen to your concerns, assess your eligibility and help you determine whether bankruptcy is right for you. We understand how emotionally trying being burdened with debt can be, and we want to help you and your family find financial relief and freedom. Don’t hesitate to contact our office at 973-772-6411 to learn more about your legal options.