Bankruptcy Lawyers Serving Morris County, NJ
If you are having trouble paying bills or are facing phone calls from creditors, filing for bankruptcy can give you and your family the chance to have a second start. However, bankruptcy carries some serious financial repercussions and can have major repercussions for your credit. Bankruptcy can also affect your credit score for many years, limiting your options when it comes to securing credit. You may be able to get credit, but at a higher interest rate.
Before you file for bankruptcy, you need to think about your options. Some individuals are “judgement proof.” There may be nothing creditors can take from you. In this case, bankruptcy actually may not be your best choice. Some debts cannot be cancelled in bankruptcy, like student loan debts or child support payments. If you have a home or car, you might also want to consider how bankruptcy will affect you and your property. Finally, if you own a business that is struggling, you might also want to consider options for bankruptcy specific to business owners.
Stuart M. Nachbar, Esq. is a bankruptcy lawyer serving Morris County, NJ who can work with you to help you get the best possible resolution for your financial difficulties. Our qualified lawyers can review the different bankruptcy options with you: Chapter 7, Chapter 13, and Chapter 11, and other options that may also be available. We can help you understand your rights and obligations and help you chart the best possible path forward under the law. 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 consultation with Stuart Nachbar.
Chapter 7 Bankruptcy Lawyer in Morris County, New Jersey
According to the United States Courts, there may be better alternatives to Chapter 7 bankruptcy if you have a mortgage or own a business. However, if you don’t own a home or don’t have a business, Chapter 7 bankruptcy may be your best option. In order to file for Chapter 7 bankruptcy, you must pass a means test. In general, the courts will look to see whether your current monthly income is below the state median. Every state has its own median income, so this varies depending on where you live. If you have concerns about the means test and how it can affect your bankruptcy, consider reaching out to Stuart M. Nachbar, Esq. a Chapter 7 bankruptcy lawyer servicing Morris County, New Jersey. Our firm can review your list of assets, debts, and other liabilities, and help you understand what Chapter 7 bankruptcy would mean in your circumstance. In Chapter 7 bankruptcy, most of your assets will be sold and used to pay off your debts. However, there are certain exemptions under the law. New Jersey has a list of state exemptions. You are also permitted to use the list of federal exemptions, but you must choose one list or the other.
The federal exemption list includes:
- Property, including homes up to $23,675.
- Motor vehicle, up to $3,775.
- Household items up to $12,625.
- Health equipment.
- Wrongful death recovery.
- Personal injury recovery up to $23,675.
- IRAs and tax exempt savings accounts.
- Public assistance, crime victims’ funds, and other aid.
- Tools of your trade up to $2,375.
- Life insurance policies.
The New Jersey list differs from the federal list. If you are not sure whether to use the local exemption list or the federal list, consider speaking to Stuart M. Nachbar, Esq. Chapter 7 bankruptcy lawyer in Morris County, NJ. Our firm can help you navigate the legal process and help you choose the best possible course of action permitted under the law. 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 Morris County, NJ
While Chapter 7 bankruptcy may be the most popular type of bankruptcy that people file, Chapter 13 bankruptcy may be a better option for some. If you own a home or have a mortgage, you may want to consider Chapter 13 bankruptcy. Why? You can keep your home under Chapter 13. Businesses cannot file for Chapter 13 bankruptcy. If you own a business, consider filing for Chapter 11 bankruptcy.
You can file for Chapter 13 bankruptcy if you meet the requirements. The requirements include obligatory credit counseling. You also cannot have a previous bankruptcy case that was dismissed within 180 days prior to your new filing. There may also be other limitation, so it is important to speak to your Chapter 13 bankruptcy lawyer servicing Morris County, NJ.
You must also:
- Have debts lower than $394,725 in unsecured debt and less than $1,184,200 in secured debt.
- Have filed tax returns for the prior 4 years.
- Restructure debt to show that you can pay priority debts. Priority debts include child support, alimony, and taxes.
- Show that you will remain current on vehicle loan or mortgage.
- Restructure your other debts over a three to five-year payment plan.
- Show that you have regular income to pay these debts.
Chapter 13 bankruptcy brings with it unique requirements, but also some unique protections. While many people who do not have a mortgage or a business, will still find that their best option might be Chapter 7 bankruptcy, if you have a home, Chapter 13 might be your best choice. Contact the Chapter 13 bankruptcy lawyer at Stuart M. Nachbar, Esq. serving Morris County, NJ today to learn more about your options at 973-567-0954.
Chapter 11 Bankruptcy Lawyer in Morris County, NJ
If you own a business, and are struggling to pay bills and debts and keep your business running, you may want to consider Chapter 11 bankruptcy. This kind of bankruptcy can allow you to restructure your debts so that you can keep your business open while rehabilitating your business financially. In some cases, business owners may choose Chapter 7 bankruptcy. But sometimes, the business is more valuable than the sum of its assets. In this case, Chapter 11 bankruptcy may be more appropriate. If you are not sure which course to take, consider reaching out to the Chapter 11 bankruptcy lawyer Morris County, NJ at Stuart M. Nachbar, Esq. During a Chapter 11 bankruptcy, you’ll need to file a plan of reorganization to show how your business will go about resolving its debts. Your board of creditors will then look over the plan and make a decision about what to do going forward. If you don’t submit a plan, your creditors have the right to submit one for you. Because Chapter 11 bankruptcy can be complex, you may want a qualified Chapter 11 bankruptcy lawyer on your side. Stuart M. Nachbar, Esq. serving Morris County, NJ is here to help you navigate this process and help you keep your business solvent, if your business meets Chapter 11 requirements. 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.