New Jersey Bankruptcy Lawyers
Serving Clients in New Jersey & New York with Chapter 7 Filings
Many Americans face overwhelming unsecured debt every year, brought on by various causes. In such cases, you may be in a state of frustration or even panic, especially if you are being hounded by creditors with phone calls, letters, or emails. However, you are not alone and legal solutions do exist that can help you overcome this adverse situation. One of those solutions is a personal bankruptcy under Chapter 7 as established by state and federal law.
What is Chapter 7 Bankruptcy?
A Chapter 7 bankruptcy allows both individuals and couples who cannot meet their financial obligations to be excused from having to repay some or all of their unsecured debt. A Chapter 7 bankruptcy filing is the simplest, easiest, and fastest way to accomplish this. This type of bankruptcy is a liquidation process where your assets and property that are subject to the process are surrendered, sold, and the proceeds distributed to creditors. Dischargeable debt includes:
- Credit Card Debt
- Medical & Dental Bills
- Personal Loans
- and other debt not backed by collateral
However, much of your personal property is exempt from the bankruptcy process under rules set up for this purpose. In many cases, you will not lose most of your personal belongings or assets such as household goods, stocks, clothing, pensions, public benefits, and more. This will be determined at the time your case is analyzed by our attorney. In exchange for the surrender of assets, your unsecured debt will be discharged by the bankruptcy court, giving you a clean slate. This does not apply to mortgages or vehicle loans, which you will be required to continue paying if you wish to keep them.
At Blanch Legal Firm, we have helped countless individuals put an end to a dire financial situation through the application of the Chapter 7 bankruptcy process. We can help you understand how the process works, review your financial situation, and help you make an informed decision about whether a Chapter 7 filing might be right for you. This type of personal bankruptcy process is designed to eliminate unsecured debt legitimately and to give honest debtors a fresh financial start.