How To File For Bankruptcy In Nj

How To File Bankruptcy In New Jersey For Free

The biggest expense for folks filing Chapter 7 bankruptcy in New Jersey usually takes the form of attorney’s fees, followed by the $338 court filing fee. Folks who can’t afford a lawyer for their New Jersey bankruptcy don’t have to have one and can file “pro se” instead. Additionally, if you make less than $1,600 per month , you qualify to have the court fees waived.

What You Need To Know About Business Bankruptcy In New Jersey

If you are a business owner and are struggling to pay your debts, you may be considering filing for bankruptcy. Please continue reading and reach out to our experienced New Jersey bankruptcy attorney to learn more about business bankruptcy and how our firm can help you through the process ahead. Here are some of the questions you may have:

Talk With A New Jersey Bankruptcy Lawyer

If you are facing financial difficulties and you dont know if bankruptcy is the best choice, talk with a New Jersey bankruptcy attorney. A good NJ bankruptcy lawyer will go over your options and help you make the best choice for your specific situation. Call the attorneys Scura, Wigfield, Heyer, Stevens, and Cammarota today at 870-0434 to schedule a consultation with a bankruptcy attorney.

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Chapter 7 Bankruptcy In New Jersey

Also known as debt liquidation, Chapter 7 bankruptcy will allow you to get rid of all of your dischargeable debt within a matter of months. This includes credit card debt and medical bills. As one of the top bankruptcy attorneys in New Jersey, we will help you determine whether you qualify for Chapter 7 bankruptcy in New Jersey. New Jersey has a number of state specific issues that arise in Chapter 7 bankruptcy. You need a New Jersey bankruptcy lawyer who knows how to navigate these issues.

How To File For Bankruptcy

Filing for bankruptcy is a legal process that either reduces, restructures or eliminates your debts. Whether you get that opportunity is up to the bankruptcy court. You can file for bankruptcy on your own, or you can find a bankruptcy lawyer, which most experts regard as the prudent avenue to pursue.

Bankruptcy costs include attorney fees and filing fees. If you file on your own, you will still be responsible for filing fees. If you cant afford to hire an attorney, you may have options for free legal services. If you need help finding a lawyer or locating free legal services, check with the American Bar Association for resources and information.

Before you file, you must educate yourself on what happens when you file for bankruptcy. Its not simply a matter of telling a judge Im broke! and throwing yourself at the mercy of the court. There is a process a sometimes confusing, sometimes complicated process that individuals and businesses must follow.

The steps are:

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Our New Jersey Bankruptcy Lawyers Are Here For You With Real Solutions

Most of your interaction in your bankruptcy will be with your bankruptcy lawyer, who will guide you through every step, such as completing your application, taking the means test, and taking full advantage of all the bankruptcy exemptions that apply to you. As with everything we do at Lance Brown & Associates, our commitment is to pay attention to your needs, explain the process, and fight to get you the best result that meets your legal needs.

If you are having serious financial trouble, dont wait until the creditors are banging down your door, and dont torture yourself with sleepless nights filled with worry and anxiety. Call Lance Brown & Associates at to find real solutions and effective, lasting debt relief.

Get to know Lance Brown and see how we are the best fit for your legal needs.

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How Much Does It Cost To File For Bankruptcy In New Jersey

While filing for bankruptcy tends to have a negative connotation, in reality, it serves as a great way for those struggling with money or debts to get a fresh start. But, as is the case with many things in this world, filing for bankruptcy is not free.

This may make it a daunting or seemingly impossible avenue to take, especially considering the lack of income that is fueling the problem, to begin with. That being said, it is important to know the different costs that are associated with filing for bankruptcy so you know if it is a viable option for you.

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Contact Our Experienced New Jersey Bankruptcy Lawyers Today

If you require assistance filing for bankruptcy in New Jersey, contact an experienced Mercer County bankruptcy attorney immediately. With a wealth of experience in a wide range of bankruptcy issues, the bankruptcy attorneys at Young, Marr & Associates are here to help streamline your bankruptcy filing. We understand the uncertainty associated with filing for bankruptcy, and we are here to alleviate your concerns. To schedule a free legal consultation to discuss your options for bankruptcy, contact Young, Marr & Associates at 607-2715, or contact us online.

Bankruptcy Resource Center

Can I Keep My House

One of the biggest fears people have when first discussing filing a bankruptcy is the possibility of losing their homes. Bankruptcy is meant to help you get a fresh start not hurt you. There are several different ways to deal with homes in bankruptcy proceedings listed below are some explanations.

If you are current on your mortgage payments and you file a Chapter 13 bankruptcy, you will not lose your home as long as you can continue to keep current with the mortgage payments. If you file a Chapter 7 bankruptcy and you are current on your mortgage payments, whether or not you will lose your house depends on the amount of equity you have in the property as well as the amount of the homestead exemption to which you are entitled. Homestead exemptions vary from state to state so it is best to contact one of our New Jersey bankruptcy lawyers at 856-751-4224 to discuss your specific situation.

If you are behind on your mortgage payments, typically, the best way to keep your house is to file a Chapter 13 bankruptcy. However, you will need to resume making your regular mortgage payments and repay your missed payments through the Chapter 13 repayment plan. There is a much greater chance you will lose your house if you file a Chapter 7 bankruptcy and are behind on your payments.

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Collect Your North Carolina Bankruptcy Documents

Its helpful to collect your supporting documents before you start completing your bankruptcy forms. That way, when you are ready to start completing the bankruptcy forms needed to file Chapter 7 bankruptcy in North Carolina, you dont have to keep looking for more information. The documents you will needcan be categorized as income documents and documents related to your debts . If you plan on closing a bank account before filing bankruptcy in North Carolina, its a good idea to get a copy of your bank statements for the last 6 months or so beforehand. This way, if you end up needing to access the bank statements, you will have them already and can avoid the often times consuming and sometimes expensive process of getting statements for a bank account that has been closed. Your North Carolina bankruptcy will go much more smoothly if you start organized in collecting your documents.

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What Is Chapter 7 Business Bankruptcy

If it turns out that your business is no longer worth more than the debt it owes, and there is no way you can come up with the money to pay off your debts, you may choose to file for Chapter 7 business bankruptcy, also known as the liquidation bankruptcy. Filing will pay off all unsecured debts. To file for Chapter 7, you and your attorney will file a petition with the Bankruptcy Court. This petition will contain your businessâs current income, assets, liabilities, contracts, leases, expenditures, and more. As long as you can prove that your businessâs debts are worth more than its assets, that your business has little or no potential for profit, or that you can no longer restructure your debts successfully, you should be granted Chapter 7, clearing you of all unsecured debts, however, your business will most likely close.

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Attend Your 341 Meeting

Once your Chapter 7 bankruptcy in New Jersey is filed, your 341 meeting, or , will be scheduled to take place about 30 days later. There are a number of locations where these meetings are held – you can find out where yours will be on the official notice of Chapter 7 bankruptcy case from the court. To make things easier, the New Jersey bankruptcy court has put detailed directions to each of the locations right on their website. The meeting itself usually only takes about 5 minutes as it is mostly an opportunity for your trustee to put a face to the paperwork, check your IDs, and ask you some questions about your bankruptcy forms while you are under oath. Occasionally a creditor may attend the meeting to ask some questions as well, but that does not happen very often. The 341 meeting is the only time everyone filing Chapter 7 in New Jersey has to go to court.

Complete A Debtor Education Course

In order to get the discharge, you must take a debtor education course, either online or on the phone. The Certificate stating that you completed the course must be filed with the Bankruptcy Court before you can get your discharge. Many clients tell us this course is helpful since it discusses how to create a budget and how to be smart about using credit.

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Hiring A Bankruptcy Lawyer In New Jersey

Most people find it worthwhile to get counsel. A bankruptcy attorney will help you:

• qualify for the chapter of your choice
• determine when it’s time to file
• help you keep the property you want
• make sure you don’t run afoul of fraud or other issues, and
• explain when you can stop paying the bills you’ll erase in your case.

You can expect creditors to call until you file. It’s usually best to ignore them because telling creditors about your bankruptcy can encourage them to take more drastic collection steps before losing the right to collect altogether. However, if you hire counsel and refer creditors to your lawyer, they’ll have to stop calling you.

Are you curious whether your case is simple enough to file yourself? Our quiz will help you identify potential complications while educating you about the bankruptcy process. You’ll find it here: Do I Need a Lawyer to File for Bankruptcy?

Chapter 7 Debt Discharge

When you file Chapter 7 bankruptcy in New Jersey, you can expect to have most of your debt discharged. Exemptions to discharging debt are if the money you owe is not primarily consumer debts. Another exception that can be made is if you are a disabled veteran who incurred most of their debt while performing duties for homeland defense.

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Consultations To Discuss Cost Of Filing Bankruptcy With Middlebrooks Shapiro

The most affordable, and possibly the most crucial, step-in for an individual and business considering bankruptcy is a free initial consultation. In most cases, there are many bankruptcy options that may work for a certain individual or business. Finding the best option takes skill, experience, and careful consideration. This is why its crucial to consult with experienced bankruptcy attorneys, like those at Middlebrooks Shapiro.

Our team specializes in all aspects of personal bankruptcy, business bankruptcy, as well as mortgage loan modification and ABCs. If you are worried about the cost of filing bankruptcy outweighing the relief, schedule a free consultation with one of our attorneys. Our team will help you navigate the many options available and find the right one for you.

Chapter 13 Save Your Home From Foreclosure

Chapter 13 does not have the same low-income requirements as Chapter 7 and is, therefore, open to many more people. Chapter 13 forces all of your creditors onto one plan, which lasts for three or five years, depending on your disposable income. You can adjust some debts and eliminate others as part of this plan, enabling you to get back on top of your finances and stay there. Chapter 13 is also a very powerful tool to protect your home from foreclosure, even if you are already in default on your mortgage. With Chapter 13, you can be assured of keeping your house, your car, and other valuable property while a strong hand lifts you out of debt. If you have a large amount of secured debt and need to protect those assets, or if you dont qualify for Chapter 7, a Chapter 13 bankruptcy might be the road to freedom you have been looking for. Call our office for more information on how Chapter 13 works.

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Basics Of Filing An Emergency Bankruptcy In Nj

Often referred to as the skeleton petition, an emergency bankruptcy requires certain documents to be filed. The minimum documents that you must file to start your case are the bankruptcy petition, the creditor matrix, a statement of Social Security number, and a certificate of credit counseling.

The bankruptcy petition is the first three pages of the petition. If filing on your own, youre required to include your telephone number on the petition. The creditor matrix is just a list of addresses and names of all your creditors, which is critical to any form of bankruptcy.

Aside from the statement of Social Security number, youll need a certificate of credit counseling. If you dont have one, you need to file a motion explaining the circumstances that kept you from getting one. If you feel that you should not have to complete credit counseling, youll need to request an exemption from this requirement by filing a motion.

Having the aforementioned documents complete, signed, and filed will get you started on your emergency bankruptcy. It may still seem like a lot of work, but it pales in comparison to the 50 or more required pages of documents needed for an average bankruptcy filing.

An important note to keep in mind is that additional requirements may be needed, depending on the bankruptcy court. For example, you may have to provide written disclosure statements or electronic copies of your documents.

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What Are Bankruptcy Exemptions

Specific states have certain exclusions that are enacted by congress as federal bankruptcy exemptions for filers. These exemptions will determine what you are able to retain throughout and after Chapter 7. In a Chapter 13 situation, the exemptions will determine what amount you will have to pay certain financial institutions in your repayment plan.

Homestead

• None. However, survivorship interest of spouse in property held as tenancy by the entirety is exempt from creditors of the other spouse.

Personal Property

• Clothing goods, personal property, and stock or interest in corporations up to $1,000 total.
• Household good and furniture up to $1,000.
• Burial plots.

Wages

• 90% of earned but unpaid wages if your annual income is less than 250% of the federal poverty level. If income is higher, 75%.
• Military personnel wages and allowances.

Pensions

• Tax exempt retirement accounts s, 403s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans).
• IRAS and Roth IRAs to $1,283, 025.
• Civil defense workers.
• Trust containing personal property if it was created pursuant to federal tax law.
• Judges.
• Police officers, firefighters, and traffic officers.
• City boards of health employees.
• Street and water department employees.
• State police.

Want to know if you can include Student Loans in Bankruptcy or Medical Bills in Bankruptcy? Check out our Bankruptcy FAQs section.

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New Jersey Bankruptcy Law

In the Garden State, a combination of federal and state laws control our everyday lives. For example, we pay income taxes to both the federal and state government. Similarly, a combination of the federal Bankruptcy Code and the New Jersey Annotated Statutes constitute bankruptcy’s procedural and substantive laws.

The Cost Of Filing Bankruptcy With Bankruptcy Attorneys Fees

Bankruptcy is highly regulated and the cost of filing bankruptcy varies from case to case. The bankruptcy court requires both the person or business filing bankruptcy to disclose all of their financial information to the court, including how much they paid to their bankruptcy attorney. In addition, in Chapter 7 and Chapter 13 bankruptcy cases, the bankruptcy court has standardized the fees normally charged for those services. A Chapter 7 retainer fee of $2,500.00, and a Chapter 13 retainer fee of $3,500.00, are considered standard. There are some other variations on these standardized fees, depending on the particular bankruptcy court. In a Chapter 11 bankruptcy case, there are no standardized fees, and the retainer varies based upon the complexity of the case. Chapter 11 retainer fees can be significantly higher than Chapter 7 or Chapter 13 retainer fees considering the increased complexity of a Chapter 11 case. These initial retainer fees generally do not include some kinds of complicated, postbankruptcy filing work that may be required in a case, such as representation of a debtor in an adversary proceeding, which is a federal civil case associated with the underlying bankruptcy case, or in contested matters, which are motions and plenary hearings before the bankruptcy court in the main bankruptcy case.

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