Chapter 7 Bankruptcy

Resolve Unmanageable Debt Through Chapter 7 Bankruptcy

Many families in New Jersey abruptly confront severe financial difficulties. The recession, loss of a job, substantial medical costs and other situations can quickly cause bills to pile up leaving you not knowing where to turn for help. Add the typical harassing telephone calls and nasty letters from creditors, and the delicate financial balance that many New Jersey families carefully walk each month tumbles into chaos. The inability to pay bills coupled with the spiraling cost of necessities – food, gas and clothing – presents a toxic, stressful scenario that in many instances we can help overcome. Don’t live in fear of losing your car or home for a long time before letting us help you.

It is important to realize that the law provides options for relief if you are facing overwhelming debt. One of the most common is to file for Chapter 7 bankruptcy. Many people are hesitant to file for bankruptcy because they believe there is a stigma attached to doing so. However, Chapter 7 bankruptcy has helped millions of households take control of their finances and get a fresh start by building their financial future in a responsible manner.

Because every bankruptcy case is unique, Salomon & Aquino, LLC, offers a free 30-minute consultation to discuss your individual needs. Call 973-315-7957 today to discuss how we can put your financial hardship behind you. You do not need to go through another day without answers to your bankruptcy questions.

Reasons To File For Chapter 7 Bankruptcy

Chapter 7 bankruptcy can be highly beneficial for many individuals and households. Some of the most important benefits of Chapter 7 bankruptcy include the following:

  • You receive immediate relief from collectors and lawsuits due to the “automatic stay,” which goes in place as soon as you file.
  • If successful, your case will resolve with the discharge of most of your debts, and you will not have any future payment obligations on those debts.
  • There is no required payment plan before you can receive a discharge of your debts.
  • There are no maximum limitations on the amount of debts you have.
  • You do not have to wait years for the discharge of your debts – instead, it can happen in a matter of months.
  • You can start with a clean financial slate with income freed up to pay your mortgage or vehicle loans.

If you dread the relentless tactics of the collection agencies, call us and schedule a free consultation. Please bring with you (a) copies of all the bills and collection notices that you have received; and (b) your tax returns for the past three years, including your W-2 statements so that we can have a meaningful discussion about your bankruptcy options.

Filing Process For Chapter 7 Bankruptcy

Filing for bankruptcy in New Jersey can be a complicated and intimidating process. However, having the help and guidance of a skilled and experienced bankruptcy lawyer can greatly simplify the process and result in the best possible results with the least amount of stress. The first step in your case will be to ensure that you are eligible to file under Chapter 7. In order to qualify, you must pass a “means test,” which determines that you do not have enough disposable income to pay your debts. Too many people make errors on the means test that will wrongfully disqualify them from Chapter 7, so it is critical to have the help of a knowledgeable attorney to increase your chances of qualifying.

When you file your petition for bankruptcy, we will collect from you and file in-depth paperwork detailing your income, expenses, debts and assets. We will ensure that your paperwork is completed accurately and comprehensively to start your case in the best manner possible. Throughout your case, we will represent you at the Chapter 7 hearing and in communications with the bankruptcy trustee assigned to your case so we can ensure that your interests and rights are always protected.

Chapter 7 bankruptcy is called the “liquidation” bankruptcy for a reason – in exchange for the discharge of your debts, the bankruptcy trustee has the right to seize your assets and property to liquidate and give the proceeds to your creditors. However, the law provides numerous exemptions that protect certain types of property and financial accounts from liquidation in Chapter 7 bankruptcy. We will help you apply these exemptions so that you can keep your car and your house (assuming that you are current on your mortgage), as allowable under the law.

The First Step Is A Free Consultation

At Salomon & Aquino, LLC, we have helped many individuals and married couples take control of their finances through bankruptcy and get the fresh start they deserve. Call our New Jersey Chapter 7 bankruptcy team at 973-315-7957 or use our online contact form to schedule a free consultation.