Bankruptcy Lawyers in Somerset County, NJ
If you are struggling with debt in Somerset County, you may have options. Bankruptcy may be able to allow you to get a clean slate and rebuild your financial life. However, bankruptcy comes with serious consequences. It will affect your credit history, may impact your ability to secure credit in the future, may impact your ability to get a mortgage or car loan, and can affect other areas of your life. However, bankruptcy may be a good option if you find yourself only making the minimum payments on your credit card, are facing calls from bill collectors, and if you believe you owe more money than you can afford to pay. Sometimes life changes or medical bills result in financial difficulties. Individuals may find themselves suddenly underwater if interest rates suddenly rise.
If you find yourself in a tough financial situation, bankruptcy may be able to offer relief. Stuart M. Nachbar, Esq. are bankruptcy lawyers in Somerset County, NJ who can help you navigate the bankruptcy process. There are several types of bankruptcy you can choose from. The more common bankruptcy situations include Chapter 7, Chapter 13, and Chapter 11 bankruptcy. 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 Somerset County, New Jersey
Chapter 7 bankruptcy is one of the more common bankruptcy methods available. With Chapter 7 bankruptcy, individuals liquidate or sell their assets that are of value (with the exception of certain exempt items), use the funds collected to pay off their debts, and the remaining debts are discharged. With many Chapter 7 bankruptcies, individuals are not required to sell anything. Federal and New Jersey law provides for certain exemptions under Chapter 7 bankruptcy. Individuals can choose between New Jersey’s list of exemptions or the federal list. If you aren’t sure which exemptions are best for you, consider reaching out to the Chapter 7 bankruptcy lawyer at Stuart M. Nachbar, Esq. Federal exemptions include:
- The homestead exemption (up to $23,675 in equity)
- Motor vehicle (up to $3,775 in equity)
- Jewelry (up to $1,600)
- Household items ($12,625)
- Tools and books for work ($2,375)
- Health aids
- Life insurance
- Social security, veteran’s benefits, worker’s compensation, personal injury settlements, and other benefits
- Retirement accounts
There is also a separate list for New Jersey exemptions. Unlike federal exemptions, you cannot exempt any value for your home, but there are other exemptions you are permitted to take. Bankruptcy exemption law is complicated. At the end of the day, you are entitled to keep some property with Chapter 7 bankruptcy. If you are considering Chapter 7 bankruptcy, speak to Stuart M. Nachbar, Esq. in Somerset County, NJ. Our firm can review your circumstances, debts, and assets and help you understand the best path forward. In some cases bankruptcy may not even be required. In other instances, bankruptcy may be able to afford you many important protections.
Chapter 13 Bankruptcy Lawyer in Somerset County, NJ
Some individuals don’t qualify for Chapter 13 bankruptcy. Either you make more money than the median income for your state or you may own a home that you do not want to lose in bankruptcy. If this situation describes you, you still have options. Chapter 13 bankruptcy could be a good option for an individual or family struggling with debt with a home mortgage or property they do not want to lose. Under Chapter 13 bankruptcy, you are permitted to keep your home or car as long as you continue to make payments on your mortgage or car loan. Then, your other debts are restructured. Non-dischargeable debts or obligations like student loans, alimony, or child support payments are given priority, while other debts, like consumer debts and other loans are paid as you are able. Over a period of 3 to 5 years, depending on your financial situation, you can pay off these debts. After the time period has passed, the remaining debts are discharged. Individuals can often keep their home or car as long as they stay current on payments and pay their debts as agreed under Chapter 13 bankruptcy.
In order to file for Chapter 13 bankruptcy, individuals must meet certain requirements. For example, you must:
- Not be a business entity
- Not have a prior bankruptcy that bars you from Chapter 13
- Meet credit counseling requirements
- Have less than $336,900 in unsecured debt and less than $1,010,650 in secured debt
- Have filed your income tax returns
- Have enough money to pay debts during the repayment period
Under Chapter 13, there are certain debts that cannot be discharged. These include child support, alimony, and taxes owed. If you want to keep your house or car, you must also remain current on these payments. While it may take longer to discharge your debts under Chapter 13, there are certainly situations where Chapter 13 bankruptcy is the best option. If you are unsure about whether Chapter 7 or Chapter 13 bankruptcy are right for you, consider speaking to the Chapter 13 bankruptcy lawyer at Stuart M. Nachbar, Esq. today in Somerset County, NJ. Our firm can help you understand the pros and cons of each option and help you move forward with filing, if it is appropriate for you.
Chapter 11 Bankruptcy Lawyer in Somerset County, NJ
If you own a business and are struggling with debts, the future may seem uncertain. Chapter 11 bankruptcy is a business bankruptcy option that may be available to you. Under this type of bankruptcy, you are permitted to restructure your debts and obligations and keep your business open. Chapter 11 bankruptcy isn’t right for everyone. Some business owners who do not wish to keep their business open, may be better off filing for Chapter 7 bankruptcy. However, if you own a business and are struggling with debt, consider reaching out to the Chapter 11 bankruptcy lawyers in Somerset County, NJ at Stuart M. Nachbar, Esq. Our firm can review your circumstances and help you understand your options.
Bankruptcy is an important legal protection afforded to individuals who face challenges with debt. Debt challenges can arise due to ballooning credit, due to a sudden medical expense, or when a business suffers a sudden significant loss. If you are planning to file for bankruptcy, you need to follow the law when doing so. This means filing all paperwork completely and truthfully and submitting all required documentation. Failure to do so could result in the failure to complete your bankruptcy or could result in other legal problems down the road. If you have any question about the process, reach out to the Chapter 11 bankruptcy lawyer in Somerset County, NJ at Stuart M. Nachbar, Esq. 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.