New Jersey Bankruptcy Attorney

Experienced Legal Guidance for Individuals and Businesses Facing Financial Hardship

When financial burdens become overwhelming, filing for bankruptcy may offer a path to relief for individuals and businesses alike. Understanding the complexities of bankruptcy law and selecting the appropriate filing option are crucial steps in navigating this process effectively.

At Four Rivers Law Firm, our team of dedicated attorneys in New Jersey specializes in bankruptcy law and provides comprehensive legal assistance to individuals and businesses seeking debt relief.

To discuss your options and take the first step toward financial stability, contact us to schedule a complimentary consultation.

Understanding Bankruptcy in New Jersey

Bankruptcy laws vary by state, and New Jersey offers several options for individuals and businesses facing financial distress. The most common types of bankruptcy filings in New Jersey include:

• Chapter 7 Bankruptcy: Provides for the liquidation of assets to discharge debts.
• Chapter 13 Bankruptcy: Involves the creation of a repayment plan to settle debts over time.
• Chapter 11 Bankruptcy: Primarily used by businesses to reorganize debts and continue operations.

Each chapter of bankruptcy has unique characteristics and eligibility requirements, and selecting the right option depends on your specific financial situation.

Chapter 7 Bankruptcy in New Jersey

Chapter 7 bankruptcy, often referred to as "liquidation bankruptcy," allows individuals and businesses to discharge unsecured debts by liquidating non-exempt assets. In New Jersey, Chapter 7 bankruptcy offers a fresh start for those burdened by overwhelming debt.

Key aspects of Chapter 7 bankruptcy in New Jersey include:

• Appointment of bankruptcy trustees to oversee the liquidation process.
• Protection of certain assets through exemption laws.
• Automatic stay provisions that halt creditor actions.
• Credit counseling requirements for filers.

Chapter 7 bankruptcy typically takes several months to complete, and most debts are discharged upon successful completion of the process.

Chapter 13 Bankruptcy in New Jersey

Chapter 13 bankruptcy, known as "reorganization bankruptcy," enables individuals with a regular income to create a repayment plan to settle debts over three to five years. Unlike Chapter 7 bankruptcy, Chapter 13 allows filers to retain their assets while repaying creditors through a court-approved plan.

Important considerations for Chapter 13 bankruptcy in New Jersey include:

• Development of a feasible repayment plan based on disposable income.
• Protection of personal property from seizure by creditors.
• Approval of the repayment plan by the bankruptcy court.
• Completion of a financial management course.

Upon successful completion of the repayment plan, remaining eligible debts are discharged, providing a fresh start for the filer.

Chapter 11 Bankruptcy in New Jersey

Chapter 11 bankruptcy is primarily utilized by businesses to restructure debts and continue operations while under court protection. This type of bankruptcy allows businesses to develop a plan to repay creditors over time and emerge financially stable.

Key features of Chapter 11 bankruptcy in New Jersey include:

• Appointment of a bankruptcy trustee to oversee the reorganization process.
• Negotiation of repayment terms with creditors.
• Submission of a reorganization plan for court approval.
• Continuation of business operations during bankruptcy proceedings.

Whether you're an individual seeking relief from debt or a business looking to restructure, our experienced bankruptcy attorneys can guide you through the process and help you achieve a favorable outcome.

Contact Us for a Free Consultation

If you're considering bankruptcy as a solution to your financial challenges, don't navigate this complex process alone. Contact Four Rivers Law Firm for a free consultation to explore your options and take control of your financial future.