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Monmouth County, NJ Bankruptcy Lawyers

Although declaring bankruptcy might seem like the worst-case scenario for many debtors, it can, in actuality, be very helpful to those in financial distress in Monmouth County.

There are several important deadlines to be aware of concerning bankruptcy in Monmouth County. While there is no deadline to file a bankruptcy petition, debtors must submit certain forms, like the results of their means tests and finalized repayment plans, in the days and weeks following a petition submission. A case will be automatically dismissed if the necessary bankruptcy forms are not submitted within 45 days of filing a bankruptcy petition. When you file Chapter 7 in Monmouth County, certain assets will be liquidated so creditors can be paid. Fortunately, you can protect some by claiming federal liquidation exemptions.

To speak with our Monmouth County, NJ bankruptcy lawyers, call (609) 755-3115 and have Young, Marr, Mallis & Associates assess your case for free.

Deadlines to Be Aware of During Bankruptcy in Monmouth County, NJ

There are certain deadlines that debtors must be aware of during the bankruptcy process, deadlines that our bankruptcy lawyers can ensure are not missed or forgotten about. While there is no statute of limitations for filing a bankruptcy petition, there are dates that additional forms and information must be submitted in Monmouth County.

Bankruptcy Petition

You can file a bankruptcy petition at any time. Unlike lawsuits, for example, there is no deadline after which you can no longer file for bankruptcy in Monmouth County. That said, you should not delay declaring bankruptcy if you are struggling financially. Addressing your financial issues head-on and more immediately can lead to relief in the form of an automatic stay. Along with your initial bankruptcy petition, you will have to submit many additional forms, including those that focus on your income, co-debtors, assets, expenses, and creditors. This is also the time to claim liquidation exemptions for the property you wish to protect during bankruptcy in Monmouth County. It is best to have all of your information prepared and the necessary bankruptcy forms completed when you submit your initial bankruptcy petition.

Means Test Results

Though it may be best to provide this information alongside your initial bankruptcy petition, you will have 14 days from filing to submit the results of the means test. This will show that the chapter of bankruptcy you filed, Chapter 7 or Chapter 13, is appropriate. The means test considers your income and expenses to determine whether or not you are capable of completing a plan for repayment or should instead have certain assets liquidated to repay creditors in Monmouth County.

Repayment Plan

Repayment plans must be submitted to the courts two weeks after bankruptcy petitions are filed in Monmouth County. Repayment plans refer to the reorganization of a debtor’s debt under the same low interest rate, and the schedule that the debtor will use to repay creditors. Our lawyers can design the repayment plan for your case, considering your income, expenses, and debt so that you can exit bankruptcy in several short years. Repayment plans must be filed within 14 days of a bankruptcy petition. If they are not, debtors might face case dismissals.

Automatic Dismissal

If any of the necessary forms are not filed within 45 days of a debtor submitting a bankruptcy petition, even if the deadlines for such forms have already passed, a case will be automatically dismissed in Monmouth County. If this happens to you, you will have to go back to square one. Debtors may not be able to file for bankruptcy again immediately, as there are mandatory waiting periods between bankruptcy filings in New Jersey. Because automatic dismissals can be so detrimental to debtors, it is crucial that they understand the deadlines applicable during the bankruptcy process. Again, the best way to ensure that your case is not dismissed because of late form filing is by gathering all the necessary information and submitting all proper forms alongside your initial bankruptcy petition.

Chapter 7 Liquidation Exemptions in Monmouth County, NJ

In many cases, the results of a means test will confirm that a debtor must file Chapter 7 because of their income. Even if you are given a choice regarding what chapter you can file for, Chapter 7 might be ideal. It is the fastest option for eliminating debt but comes at the cost of losing one’s assets. Fortunately, debtors in Monmouth County can claim liquidation exemptions to protect the assets that are most important to them.

New Jersey’s Chapter 7 liquidation exemptions are relatively sparse. There is no homestead exemption, nor is there a motor vehicle exemption. There is a wildcard exemption that allows debtors to protect $1,000 of the personal property of their choosing, which might help you protect your car or other assets up to a degree. While the state exemptions accessible to debtors in Monmouth County leave much to be desired, they are not the only options available. New Jersey is one of the few states that permits debtors to claim federal liquidation exemptions over state exemptions.

Federal liquidation exemptions are much more expansive and allow a debtor to exempt their home or car from liquidation. Keeping exemptions in mind, our lawyers can identify assets for liquidation so that you are able to repay creditors while retaining the property that means the most to you. In doing so, you can exit bankruptcy within four to six months.

There are no liquidation exemptions under Chapter 13, as Chapter 13 does not require debtors to liquidate any of their assets to repay creditors. That said, Chapter 13 takes longer than Chapter 7. Regardless of which bankruptcy chapter you file, you may be able to keep your property in Monmouth County.