Nobody Wants To Declare Bankruptcy.

Nobody Wants To Declare Bankruptcy.

However, sometimes, it’s the best option for those who are dealing with overwhelming debt. If you live in New Jersey and are considering filing for Chapter 7 bankruptcy, this guide will walk you through the process. With our help, you’ll be able to alleviate the stress of your financial situation and get on the path to a better future.

What To Know About Chapter 7 Bankruptcy In New Jersey

Chapter 7 bankruptcy is the most common form of bankruptcy in the United States. It’s also known as “liquidation bankruptcy” because most of your assets will be sold to pay off your creditors. However, some assets, like retirement accounts or your primary vehicle, will be exempt. Keep in mind that not all debts can be discharged, like child support or student loans. If you’re not sure whether Chapter 7 is the right option for you, consider speaking with a bankruptcy attorney.

How To File For Chapter 7 Bankruptcy In New Jersey

Filing for Chapter 7 bankruptcy in New Jersey requires completing several steps. First, you will need to take a credit counseling course from an approved agency. Then, you’ll need to gather important financial documents like your tax returns and paystubs and complete paperwork that lists your assets, debts, and expenses. Once your paperwork is filed, an automatic stay will go into effect, which stops creditors from trying to collect from you. Within 30-45 days, you will attend a meeting with a trustee who will review your paperwork and ask you questions about your finances. If all goes well, your debts will be discharged in about three months.

At Carroll Law Firm, P.C we can assist the New Jersey public with bankruptcy matters

While filing for Chapter 7 bankruptcy in New Jersey is possible to handle on your own, it can be complicated and overwhelming. That’s where we come in. Carroll Law Firm, P.C has over 20 years of experience helping people with bankruptcy cases. We’ll work with you to gather the necessary paperwork, attend the trustee meeting with you, and represent you throughout the entire process. We understand how difficult this time can be, and we’re dedicated to making it as stress-free as possible.

Filing for Chapter 7 bankruptcy is not a decision that should be taken lightly. However, if you’re considering it, it’s essential to understand the process and your options. With the help of this guide and the dedicated attorneys at Carroll Law Firm, P.C, you can regain control of your finances and start your journey towards a better future. Don’t hesitate to contact us today to schedule your consultation.