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Essex County, NJ Bankruptcy Lawyers

Choosing to declare bankruptcy is a difficult decision to make. Nevertheless, the purpose of bankruptcy is to aid individuals in Essex County in overcoming their financial difficulties.

If you are struggling with debt, bankruptcy might be the solution for you and your loved ones. Our team of bankruptcy lawyers can assist you in filing your claim, whether it be for Chapter 7 or Chapter 13. The choice you make will have varying effects on your assets, but both options will provide some relief from your financial burden.

Call our bankruptcy attorneys today at Young, Marr, Mallis & Deane at (609) 755-3115 for a free case assessment.

When to Work with Our Bankruptcy Lawyers in Essex County, NJ

At times, unforeseen circumstances can impact one’s financial situation, resulting in difficulty in keeping up with debt payments. In such cases, missing payments on your car or home can lead to an overwhelming debt situation. Fortunately, our bankruptcy attorneys can assist you in finding the right solutions to overcome your financial difficulties. We will guide you through each step of the process and help you understand what is required to get your finances back on track.

Making the decision to file for bankruptcy is a tough one, but it might be the best solution when unexpected events occur. Often, people are not ready to handle their usual financial responsibilities when faced with a crisis. If you have experienced an injury, a medical emergency, or job loss, making consistent payments might be difficult. This could lead to the repossession of your car or home, and other possessions might be at risk if legal action is taken against you.

If you are concerned about preventing financial difficulties, do not hesitate to contact us. Our team can help you understand the advantages and disadvantages of the various bankruptcy options available in Essex County and determine which one is best suited for your financial situation.

If you are struggling with mounting debts and feel like there is no way out, do not hesitate to reach out to us. Our firm is here to help. The sooner we begin working on your case, the sooner we can provide protection for your assets and put an end to any aggressive collection attempts from your creditors. Let us review your situation and help you determine the best course of action to get your finances back on track.

Chapter 7 Bankruptcy in Essex County, NJ

If you are having difficulty managing your debt in Essex County, filing for Chapter 7 bankruptcy could be the most suitable solution for your situation. By selling some of your assets, Chapter 7 bankruptcy can offer fast relief from unmanageable debts. However, also referred to as “liquidation bankruptcy,” this process has a significant downside: you might have to surrender valuable possessions, such as your house and vehicle, to repay your creditors.

If you have a small amount of property and a lot of debt, filing for Chapter 7 bankruptcy might be the best solution for your financial difficulties. However, you will need to pass a means test to be eligible for this type of bankruptcy. The test compares your household income to the average income in New Jersey, taking into account your spouse’s income, dependents, and other economic factors. If your household income is lower than the state average, your Chapter 7 bankruptcy filing will typically be approved.

Chapter 13 Bankruptcy in Essex County, NJ

For individuals in Essex County who have a steady income and some funds available to repay their debts, filing for Chapter 13 bankruptcy can be a viable choice. This type of bankruptcy permits you to make payments to your creditors over an extended period of time while maintaining control over your assets. In contrast to Chapter 7 bankruptcy, many types of possessions can be retained following the approval of your Chapter 13 filing. The typical duration for repaying debts is typically between three and five years.

In order to be eligible for Chapter 13 bankruptcy, you must undergo a “means test” to demonstrate your ability to make payments after accounting for monthly expenses. Once your filing is approved, creditors are prohibited from taking any action or seizing any property unless it was included in your plan or they have received court permission beforehand.

Duration of a Bankruptcy Case in Essex County, NJ

When individuals file for bankruptcy in Essex County, one common question is how long it will take before their debts are discharged. The answer depends on the specific bankruptcy type for which they qualify. Some cases can be resolved in just a few months, while others might take years to reach a conclusion. Regardless of the option chosen, our firm is here to guide you through the process and provide an estimated timeline for when you can expect to be debt-free.

The resolution of your bankruptcy case will typically be quicker if you are eligible for Chapter 7 than if you file for Chapter 13. The speed at which your case is resolved will be determined by the amount of debt that needs to be paid off and the assets you have to sell to do so. If you have sufficient property to pay off your debt, your case could be resolved in as little as six months or even sooner in some cases.

Bankruptcy cases filed under Chapter 13 typically have a longer duration. The reason is that the repayment plan is used to fulfill your debts. In Essex County, it is common for Chapter 13 bankruptcy cases to last between three to five years.

Debts That You Could Potentially Discharge Through Bankruptcy in Essex County, NJ

When filing for bankruptcy in Essex County, it is important to know which debts will be discharged. Once a debt is discharged, you are no longer legally responsible for it. If you file for Chapter 7 bankruptcy, your assets will be liquidated to satisfy and discharge these debts. With a Chapter 13 bankruptcy repayment plan, your debts will be discharged after completing your monthly payments.

In an Essex County bankruptcy case, there are certain debts that might qualify for discharge. These include credit card bills, medical bills, student loans, alimony, child support, and homeowners association fees. The specific debts that can be discharged will vary depending on the type of bankruptcy that is filed and whether or not the filer qualifies. Once these debts are discharged, they are effectively eliminated.