Cumberland County, NJ Bankruptcy Lawyers

Dealing with debt can seem like the end of the world. While the stress and anxiety surrounding debt is understandable, debt can be easily addressed when debtors in Cumberland County file for bankruptcy with help from our attorneys.

If you are struggling to meet payments to lenders and are fearful of losing your home, car, or other property, contact our lawyers. Our attorneys can help you understand the benefits of filing for bankruptcy in Cumberland County. Depending on your income, you may be able to file for Chapter 7 or Chapter 13 bankruptcy. Regardless, our attorneys can help you protect certain assets from liquidation or devise a repayment plan to creditors so that you can exit bankruptcy free from debt in Cumberland County.

Our attorneys are here to help debtors in Cumberland County regain control over their financial situation by filing for bankruptcy. For a free case evaluation with the bankruptcy lawyers at Young, Marr, Mallis & Associates, call today at (609) 755-3115.

When to Call Our Cumberland County, NJ Bankruptcy Lawyers

Suppose you have recently found yourself in overwhelming debt and are falling behind on mortgage or car payments. In that case, consider reaching out to our bankruptcy lawyers in Cumberland County. Our attorneys can explain how you can use bankruptcy as a tool to help you eliminate your debt and regain your financial stability.

Dealing with debt can feel suffocating. Sudden life events, such as losing your job or getting into an accident, might leave you unable to meet your payments to lenders, resulting in a difficult financial situation. If left unchecked, financial issues might worsen, causing debtors in Cumberland County to lose their homes, cars, and other property. Climbing out of financial downfalls can be challenging, but is possible by filing for bankruptcy.

Contact our bankruptcy lawyers if your financial situation worsens and you need relief. Our attorneys can explain the benefits of filing for bankruptcy and how you can address your debt either through liquidation or a repayment plan.

It is best to act quickly, as falling behind on payments might cause you to lose your assets and be unable to support yourself and your family. Our attorneys can assess your financial situation and determine the best path forward so that you can start working toward paying off your debts as soon as possible.

Filing for Chapter 7 Bankruptcy in Cumberland County, NJ

Depending on your financial situation, you may be able to file for Chapter 7 bankruptcy in Cumberland County. Also known as liquidation bankruptcy, Chapter 7 bankruptcy can help you repay creditors quickly so you can finally be debt-free.

In order to qualify for Chapter 7 bankruptcy in Cumberland County, you must pass a means test. Eligibility for Chapter 7 bankruptcy is based on income. Essentially, debtors must have an insufficient income to satisfy debts through repayment plans  to qualify for liquidation bankruptcy.

Chapter 7 bankruptcy works through the liquidation of assets. This means that some of your assets will be liquidated to repay creditors. New Jersey provides some exemptions for Chapter 7 bankruptcy, such as up to $1,000 in personal property and $1,000 in furniture and household goods. Federal liquidation exemptions may also be available to debtors filing for Chapter 7 bankruptcy in Cumberland County. Our bankruptcy lawyers can help you decide whether you should claim state or federal exemptions so that you can protect certain property from liquidation while you satisfy your debts in Cumberland County.

Filing for Chapter 13 Bankruptcy in Cumberland County, NJ

For some debtors in Cumberland County, especially those with families, filing for Chapter 13 bankruptcy may be preferable. This is only possible if you earn enough income to support a repayment plan and pass a means test.

If you do not want to risk liquidating certain assets to pay back creditors in Cumberland County, you might be able to file for Chapter 13 bankruptcy. To do so, you must pass a means test and earn enough income to meet the requirements of a repayment plan. Once you file for Chapter 13 bankruptcy, our attorneys will design a repayment plan according to your income and ability. This can allow you to repay creditors over time by making regular payments.

Contact our attorneys if you are interested in filing for Chapter 13 bankruptcy in Cumberland County but are unsure if you qualify. Our bankruptcy lawyers can assess your finances to determine if you can support the requirements of a repayment plan so that you do not have to liquidate your assets to satisfy debts.

Exiting Bankruptcy Debt-Free in Cumberland County, NJ

When you contact our attorneys about your difficult financial situation in Cumberland County, we can help you file for bankruptcy and eliminate your debt. Depending on the type of bankruptcy you file for, you may be able to exit bankruptcy debt-free within a matter of months.

Because Chapter 7 bankruptcy workers through liquidation of a debtor’s assets, debtors in Cumberland County can generally exit bankruptcy within four to six months. While this might be shocking to people dealing with considerable debt, it is possible by filing for Chapter 7 bankruptcy in Cumberland County.

On the other hand, Chapter 13 bankruptcy takes a bit longer. Since you will have to pay back creditors according to a repayment plan and not by liquidating your assets, it may be several years before you exit Chapter 13 bankruptcy in Cumberland County. On average, Chapter 13 bankruptcy can take three to five years.

Regardless, you can use bankruptcy as a tool to eliminate your debt in little time without worrying about getting harassed by creditors or feeling powerless over your financial situation. By calling our attorneys and filing for bankruptcy in Cumberland County, you can take control of your finances and move forward with your life debt-free.

Call Our Bankruptcy Lawyers in Cumberland County, NJ Today

If you need help sorting out your financial situation in Cumberland County, our attorneys can help. For a free case evaluation with the bankruptcy lawyers at Young, Marr, Mallis & Associates, call today at (609) 755-3115.