Given these tough economic times, more and more New Jersey residents are facing job loss, income reduction, growing debt, foreclosure on their homes, and the threat of bankruptcy. Many people in Gloucester and Camden counties are reluctant to file bankruptcy because it seems so confusing. You may have questions like:
- What will bankruptcy do to my credit?
- Should I file bankruptcy, or is it to be avoided as long as possible?
- I already went bankrupt, years ago. Can I do it again?
- Do I qualify for bankruptcy?
- If I file bankruptcy, do I lose my house?
Need Help? Steven J. Richardson Can Assist in Your Bankruptcy Case
If you are asking yourself some of these questions, don't feel embarrassed, confused or reluctant to discuss an obviously painful situation with a total stranger. I am no stranger to the frustrations that people feel when facing overwhelming debt, job loss, the loss of their home, or other difficult circumstances. Not only do I believe that I am a compassionate lawyer, but over the years I have earned the trust and confidence of hundreds of people in New Jersey by helping guide them through these kinds of troubling times.
What information is needed to file bankruptcy in New Jersey?
The Supreme Court states the purpose of the bankruptcy law as follows: The law gives to the honest but unfortunate debtor...a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt.
In a Chapter 7 bankruptcy New Jersey individuals or married couples get a fresh financial start in life by wiping out most types of debts, like credit cards, medical bills, or personal loans. It allows a person to, in effect, "hit the reset button" on their financial life, and still emerge, in the vast majority of cases, with their assets, like their home. Chapter 7 is available to individuals and to corporations, partnerships or LLCs. It does not involve a repayment plan and seeks to end all claims by creditors. I will clarify the Chapter 7 option based on the details of your case. Call me now at 856-432-4113.
Under Chapter 13, an individual wage earner or self employed sole proprietor is allowed to reorganize his debts and pay part or all of it over a period from 3 to 5 years, often without interest. Chapter 13 can save your home from foreclosure by giving you a chance to pay back your debt. An important condition is for the debtor to have a regular income, which will allow him to meet the scheduled payments to the trustee over the period. A conversation with me will clear all this up. Call today at 856-432-4113.
What you need to file bankruptcy in New Jersey
In order to file bankruptcy under either Chapter 7 or Chapter 13 in New Jersey, you must provide the court the following information:
- A list of everyone to whom you owe money and why;
- Where your income comes from, how often you receive it, and how much it is;
- A list of all your property;
- A list detailing your monthly living expenses (including things like food, clothing, shelter, utilities, transportation, taxes, medicine, etc.)
- If you are married, you must include your spouse's information as well, even if you are just filing for yourself.
Call me today at 856-432-4113 or send me an email to discuss your case.