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Pleasantville, NJ Bankruptcy Lawyer

Filing for bankruptcy is often one of the most difficult decisions a person must make. However, it can be the right choice if you feel overwhelmed by your debts.

While filing for bankruptcy might seem challenging, our bankruptcy attorneys can guide you through every step of the process. In Pleasantville, you have two options to choose from when filing for bankruptcy, Chapter 7 or Chapter bankruptcy. Your financial situation will typically determine which one should be filed in your case.

For a free case review, contact our bankruptcy lawyers at Young, Marr, Mallis & Deane today at (609) 755-3115.

How Our Pleasantville, NJ Bankruptcy Lawyers Can Help Your Case

Filing for bankruptcy is never an easy choice, and many in Pleasantville might wonder if their situation has reached the point where they need help. Our bankruptcy attorneys can help those facing these difficult financial times in numerous ways. Our firm can review your case to determine which bankruptcy claim should be filed. Importantly, you will want to know which debts can be discharged and which cannot. While you might lose some property depending on the type of bankruptcy you file, certain exemptions are available to protect your assets. Do not hesitate to contact our bankruptcy attorneys if you need help getting your financial affairs in order.

File Your Bankruptcy Claim

In Pleasantville, a few bankruptcy options are available depending on your circumstances. Chapter 7 bankruptcy is typically available to those with little money to pay back their creditors but with assets that can be sold to satisfy their debts. However, this option can put a person’s home and other important property at risk of being sold.

The other option is filing for Chapter 13 bankruptcy. This option is best suited for those with a steady income who can make regular payments. Chapter 13 bankruptcy is the best way to keep your property after filing. However, you must qualify regardless of which option you choose to file for.

Determining which Debts Can be Discharged

Of course, you will want to know which debts you can discharge through bankruptcy. Commonly discharged debts include medical bills, credit card bills, homeowners association fees, and other private loans. However, debts like child support and alimony usually cannot be discharged. In some cases, student loans can be discharged, depending on the type of bankruptcy you are filing for. Once your debts are discharged, though, they are considered erased.

Automatic Stays

After your bankruptcy filing is approved, an automatic stay will be issued, providing you with immediate relief from creditors harassing you. Creditors will be prohibited from contacting you via phone, email, or other means, and they will be unable to initiate any new collection attempts. An automatic stay will give you the breathing room you need to focus on getting your financial affairs in order. Also, if any lawsuits are pending against you related to the debts claimed in your bankruptcy case, they will need to be halted. Further, if your bank accounts are frozen, they will be unfrozen.

Choosing which Exemptions to Apply to Your Case

When filing for bankruptcy in Pleasantville, you can choose between two sets of bankruptcy exemptions, either the state or the federal exemption system. Under the New Jersey exemptions, a wildcard exemption allows those who are using the state exemptions to protect up to $1,000 in general personal property. However, federal exemptions allow for $1,475 to be applied to any property and the unused portion of a homestead exemption up to $13,950. Other property could be deemed untouchable by creditors depending on the set of exemptions you choose.

If you are married, you might be able to take advantage of both options. When filing for bankruptcy in New Jersey, married couples filing jointly can each claim a full set of exemptions. Working with our skilled bankruptcy attorneys can give you and your family the best chance of making the most use of your exemption options.

Filing for Chapter 7 Bankruptcy in Pleasantville, NJ

If you are struggling to manage your debt in Pleasantville, filing for Chapter 7 bankruptcy might be the best option for your case. By liquidating some of your assets, filing for Chapter 7 bankruptcy can provide quick relief from overwhelming debts. Also known as “liquidation bankruptcy,” this process comes with a major drawback: you may lose valuable property, including your home and car, to pay off your creditors.

However, if you own relatively little property and have a high amount of debt, filing for Chapter 7 bankruptcy may be the most appropriate solution for your financial troubles. But, to qualify for this type of bankruptcy, you must pass a means test. This test compares your annual household income with the average income in New Jersey. Factors such as your spouse’s income, dependents, and other economic factors will also be considered. Your Chapter 7 bankruptcy filing will usually be accepted if your household income is less than the state average. Our bankruptcy lawyers can help you determine if filing for Chapter 7 bankruptcy is right for your situation.

Filing for Chapter 13 Bankruptcy in Pleasantville, NJ

In Pleasantville, filing for Chapter 13 bankruptcy can be a good option for people with regular income and some money to put toward their debts. Chapter 13 bankruptcy allows you to pay back your creditors over several months or years while still having the use of your assets. You can also keep many types of property after your Chapter 13 bankruptcy filing is approved, which is not usually an option under a Chapter 7 bankruptcy filing. The period to pay back debts usually lasts from three to five years in most cases.

To qualify for Chapter 13 bankruptcy, you must pass a “means test.” You will need to show that you will have the income to meet your payments after your monthly expenses have been accounted for. After your Chapter 13 bankruptcy filing is approved, creditors cannot take any action against you or seize property unless it was part of your plan or they received permission from the court beforehand. Our bankruptcy attorneys can review your case to determine if your financial situation would qualify you for Chapter 13 bankruptcy.