Bankruptcy Lawyers in Essex County, NJ
The decision to declare bankruptcy can be stressful and difficult for individuals or businesses in Essex County. Yet, sometimes, failing to take action can be worse. Declaring bankruptcy often allows individuals the chance to start over with a clean slate. When you declare bankruptcy, you protect yourself from facing years of missed debt payments, defaults, repossessions of property, or lawsuits that can arise due to missed payments. However, bankruptcy is not a decision that should be taken lightly because it can impact your credit for years to come. It can also impact your financial planning because a bankruptcy can impact your ability to get a home loan or car loan. If you are facing financial difficulties or problems paying your bills, there are several options available. A bankruptcy lawyer in your hometown, located in Essex County, New Jersey can help you navigate the process, decide which bankruptcy option you should pursue, and guide you every step of the way, so that you understand the consequences and next steps. Contact Stuart M. Nachbar, Esq. in Essex County, NJ today to learn more about your options and rights. Our office is located at 354 Eisenhower Parkway, Suite 2025, Livingston, New Jersey 07039. Please call 973-567-0954 to schedule a free no obligation consult with Stuart Nachbar.
Chapter 7 Bankruptcy Lawyer in Livingston
Essex County, NJ
Chapter 7 bankruptcy is one of the most common kinds of bankruptcy in the U.S. While there are alternatives to Chapter 7, like Chapter 13 and Chapter 11 bankruptcy, many individuals choose to file for Chapter 7 bankruptcy. With Chapter 7 bankruptcy, all your non-exempt property is sold, the money is distributed to creditors, and you are allowed to start over with your remaining debts discharged. With Chapter 7 bankruptcy, you are permitted to keep some exempt property.
In order to file and qualify for Chapter 7 bankruptcy, you must complete and “pass” a means test. The means test determines how much disposable income you have available to pay your debts. Your income will be calculated and compared to a monthly median for your state. Every state’s and county’s means test will be different because the median income differs from state to state and county to county. If you “fail” the means test, it means that filing a Chapter 7 is presumed to be an abuse of the system, and the Court will have to review the file, the Petition and make a determination.
In order to file for Chapter 7 bankruptcy, in Essex County, you’ll need to show the courts all financial records, including bank statements, credit card statements, loan documents, pay stubs, and list all your assets and liabilities. All of these documents are synthesized into a document called the “Petition.” The Petition is then reviewed by the Trustee, who is appointed by the Department of Justice, Office of US Trustee, and is reviewed with you at the 341(a) Meeting. Certain assets are protected in New Jersey from sale or seizure during a Chapter 7 bankruptcy. There is a New Jersey exemptions list and a Federal exemptions list. You must choose one list to govern your bankruptcy. You cannot choose both. This is where it helps to have a qualified Chapter 7 bankruptcy lawyer on your side, like Stuart M. Nachbar, Esq. in Essex County, NJ. Some exemptions include:
- Burial funds
- Crime victims’ compensation funds
- Life Insurance (if the policy prohibits funds being used to pay creditors)
- $3775 equity in your car using the car exemption under the Federal Exemption Scheme
- Pensions and retirement benefits
- Public assistance and unemployment compensation
- Worker’s compensation
- $1000 of any personal property
If you have questions about what is exempt in your Chapter 7 bankruptcy, consider reaching out to a qualified attorney, like Stuart M. Nachbar, Esq. Our Chapter 7 bankruptcy attorneys can help you. We can also review your personal circumstances to determine whether other bankruptcy options may be available to you or may result in a more favorable outcome. Our office is located at 354 Eisenhower Parkway, Suite 2025, Livingston, New Jersey 07039. Please call 973-567-0954 to schedule a free no obligation consult with Stuart Nachbar.
Chapter 13 Bankruptcy Lawyer in Essex County, NJ
If you don’t qualify for Chapter 7 bankruptcy, you may be eligible for a Chapter 13 bankruptcy. Moreover, if you own property or own a home, and don’t want to lose it in bankruptcy, a Chapter 13 bankruptcy may be the best option for you. Under Chapter 13, you can keep your home as long as you remain current on your mortgage. If credit card debt or other debts are affecting your ability to remain solvent or pay your mortgage, Chapter 13 may be a better choice when filing for bankruptcy.
Chapter 13 bankruptcy will allow you to make a plan to pay all or some of your debts over a three to five-year period of time. After this period of time has passed, your debts can be discharged or paid off, depending on how you have structured the payments. With Chapter 13 bankruptcy, you can lower your monthly debt burden so that you can avoid lawsuits, keep your home, and regain financial balance. With a Chapter 13 bankruptcy, you can begin rebuilding your credit sooner. If you are facing problems with debtors or are having problems paying your bills, consider speaking to the Chapter 13 bankruptcy lawyer at Stuart M. Nachbar, Esq. in Essex County, NJ. Our firm can help you take this important step to rehabilitate yourself financially. Our office is located at 354 Eisenhower Parkway, Suite 2025, Livingston, New Jersey 07039. Please call 973-567-0954 to schedule a free no obligation consult with Stuart Nachbar.
Chapter 11 Bankruptcy Lawyer in Essex County, NJ
If you are a business or individual facing financial difficulties, you may want to speak to the Chapter 11 bankruptcy lawyer in Essex County, New Jersey, Stuart M. Nachbar, Esq. Our firm helps businesses and individuals restructure and reorganize their debts, so that they can pay creditors over time, while also keeping the business alive. You may want to speak to a lawyer before filing Chapter 11 bankruptcy. There are two options for filing for bankruptcy if you have a struggling business. One is Chapter 7, in which the assets of the business are sold and the business is closed. The other is Chapter 11, in which the business is restructured to pay off creditors and the business remains open. If you believe that the value of your business is higher than the value of your business’s assets, then Chapter 11 may be right for your company. Individuals can also file for Chapter 11 bankruptcy, but few individuals choose this option because it can be more costly than other options. If you are unsure which bankruptcy method is best for you, consider reaching out to Stuart M. Nachbar, Esq., a Chapter 11 bankruptcy lawyer in Essex County, NJ.
According to the United States Courts, Chapter 11 bankruptcy is known as a “reorganization bankruptcy.” In order to file for Chapter 11 bankruptcy, you must file a petition with the courts. The petition must follow the format set forth by the Judicial Conference of the United States. Individuals must present to the court:
- Schedules of assets and liabilities
- Schedules of current income and expenses
- A schedule of contracts and unexpired leases
- A statement of financial affairs
Debtors must also present a reorganization plan to the courts. Under Chapter 11, individuals or businesses can retain possession of their assets. Usually, Chapter 11 is used to reorganize a business. Business structures reorganized under Chapter 11 can include:
- Sole Proprietorships
If you plan to pursue a Chapter 11 bankruptcy, there are many requirements you’ll need to satisfy. For example, you may need to appoint a trustee, administrator, or have a creditors’ committee. If you are considering a business bankruptcy, speak to Stuart M. Nachbar, Esq., a Chapter 11 bankruptcy lawyer in Essex County, NJ. Our office is located at 354 Eisenhower Parkway, Suite 2025, Livingston, New Jersey 07039. Please call 973-567-0954 to schedule a free no obligation consult with Stuart Nachbar.