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 in New Jersey?

Chapter 7 Bankruptcy, also known as debt liquidation, allows you to get rid of all of your dischargeable debt. Dischargeable debt includes:

Credit Card Debt

Medical & Dental Bills

Personal Loans

and other debt not backed by collateral

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.

Facing crushing debt? Talk to a New Jersey bankruptcy attorney at Blanch Legal Firm about your financial scene in a free consultation. Contact us at (201) 257-5388.

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. 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.

What is the Automatic Stay Rule?

Once you initiate the bankruptcy process, the court will issue an automatic stay that stops any further attempts by your creditors to collect payment. After you file, these creditors can only go through the bankruptcy court to collect. This means the end of creditor harassment.

Types of Non-Dischargeable Debt

Some debt cannot be discharged through bankruptcy. These generally include:

Taxes
Student loans
Child support and alimony obligations
Homeowner association fees
Personal injury or wrongful death judgments
Debts accrued through criminal actions

A creditor can also petition the court requesting that the debt you owe it be made non-dischargeable. If the court rules in the creditor’s favor, you will still owe that particular debt. Having a prepared and aggressive attorney on your side in such a case will give you the representation you need to present your side of the story and to fight back against such an action.

Let Blanch Legal Firm Help You

You may be in over your head financially due to circumstances beyond your control, such as from a sudden illness or injury leading to extensive medical bills, from a divorce, job loss, business loss, or other unforeseen problem. Let our experienced New Jersey bankruptcy attorneys help you determine whether bankruptcy is the right choice for you and, if so, safely guide you through the entire proceeding. We have a long history of helping people just like yourself find their way out of debt overload and getting their financial scene back on track.

Let us hear from you about your financial situation. Get a private, confidential, and free case review by contacting us
at (201) 257-5388 today.