Bankruptcy Lawyers in Union County, NJ
If you are facing phone calls from creditors, or if you simply don’t have the money to pay your bills due to a lost job, new medical expenses, or unforeseen circumstances, you may want to speak to the bankruptcy lawyer in Union County, NJ. Stuart M. Nachbar, Esq. are bankruptcy lawyers in Union County, NJ who can work with you to find the best possible solution for your financial difficulties. Sometimes bankruptcy is the best option. Sometimes other options are best. Bankruptcy is a serious decision that can have a long-term impact on your credit report and credit score. It is often an individual or business’ last resort when dealing with financial difficulties. A bankruptcy can impact your ability to obtain credit, get a mortgage, and it can impact your ability to rent an apartment or even get hired in certain fields. It is important to consider the impact that bankruptcy will have on your financial, personal, and professional life before moving forward.
There are different types of bankruptcy options in Union County, NJ. These options include Chapter 7, Chapter 11, and Chapter 13 bankruptcy. If you are considering bankruptcy, you may want to speak to a qualified lawyer, like Stuart M. Nachbar, Esq. in Union County, NJ. Our firm can review your circumstances and help you understand your options. 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 Union County, NJ
Under Chapter 13 bankruptcy, individuals are given the option of reorganizing their debts. Unlike Chapter 7 bankruptcy, which results in the discharge (or forgiveness) of your debt, in exchange for all your assets, with Chapter 13, you can keep your home or continue to pay your mortgage as long as you continue to pay your other debts under a payment plan. After a specified period of time (between 3 and 5 years), your debts will discharged or forgiven under Chapter 13 as long as you keep up with your payments. It is important to understand that while debts are “forgiven” with bankruptcy, this comes at a cost to your credit history and credit score. However, if debts are affecting your ability to stay above the water on your mortgage, you may want to consider Chapter 13 bankruptcy. It is also important to consider that there are certain debts that cannot be discharged in bankruptcy. These debts include student loans, child support payments, and alimony.
When would an individual choose Chapter 13 bankruptcy over Chapter 7?
- When the person fails the means test. The means test is designed to determine whether you have enough disposable income to pay your debts. If your income is above the state median, you may not be permitted to file for Chapter 7 bankruptcy. In this case, you may still be permitted to file for Chapter 13 bankruptcy on a payment plan. Passage or failure of the means test depends on where you live. If you are considering bankruptcy in Union County, NJ consider speaking to the qualified Chapter 13 bankruptcy lawyers at Stuart M. Nachbar, Esq.
- You own a home or have a mortgage. If you want to keep your home, or get up to date on your mortgage payments, a Chapter 13 bankruptcy may be able to help you make this possible. Sometimes individuals fall behind on debts because of medical expenses, ballooning credit card payments, or other unforeseen circumstances.
- Get ahead on past due taxes, alimony, or child support. If your debts are making it impossible for you to keep up with these obligations, you can file for Chapter 13 bankruptcy. However, these obligations are never discharged. Your other debts can be discharged so that you can manage these obligations.
- Get ahead on student loan payments. While student loan payments cannot be discharged in bankruptcy, other debts can impact your ability to pay. Chapter 13 can help you reorganize your debts to stay current with your student loans.
If you are falling behind on your debts, consider speaking to Stuart M. Nachbar, Esq. a Chapter 13 bankruptcy lawyer in Union County, New Jersey. Our firm can review your situation and help you understand which bankruptcy option is best. We can also help you file all paperwork so that your case is resolved in a timely manner.
Chapter 7 Bankruptcy Lawyer in Union County, NJ
If you do not own a home, have a mortgage, or own a car of value that you wish to keep, then Chapter 7 bankruptcy may be your best course forward. With Chapter 7 bankruptcy, your debts are discharged after all your assets have been liquidated (sold). However, many individuals do not have to sell anything in order to file for Chapter 7 bankruptcy. New Jersey and the federal government both provide lists of property that is exempt from bankruptcy. You may be able to keep a low-value car, certain personal property, a retirement fund, and other benefits during bankruptcy. In Union County, NJ, you can choose between New Jersey’s bankruptcy exemptions or federal exemptions. What are the current federal exemptions?
- Up to $3775 for your car
- Up to $1600 for jewelry
- Up to $12,625 for household goods
- Up to $2,375 for tools and books
- Life insurance
- Spousal support
- Social Security, Veteran’s Benefits, and disability benefits, including Worker’s Compensation
There are other exemptions that may apply if you have received personal injury recoveries, have a retirement account, or own property. It is important to protect your rights when filing for Chapter 7 bankruptcy. For some individuals, it will be more beneficial to use New Jersey’s exemption list, while for others, the federal exemption list is the best choice. Stuart M. Nachbar, Esq. is a Chapter 7 bankruptcy lawyer in Union County, New Jersey who can work with you to determine the best course forward. 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 Union County, NJ
What happens if you have a business in Union County, NJ? In some cases, a business will file for Chapter 7, but if you plan to continue operating your business or would like to restructure your debts, you may want to consider Chapter 11 bankruptcy. Chapter 11 bankruptcy can be more complicated than other types of bankruptcies. You’ll need to show a plan for paying back creditors and that plan must be approved by creditors and the court. Despite the difficulties and challenges of Chapter 11 bankruptcy, it may be the best option for some, especially if you want to keep your business open. If you don’t want to lose your business assets or property, a Chapter 11 bankruptcy may work for you. Sometimes a business is more valuable than the sum of its assets. In this case, Chapter 11 may be an option. Stuart M. Nachbar, Esq. are Chapter 11 bankruptcy lawyers in Union County, NJ who can review your business finances, your situation, and help you understand the benefits and drawbacks of this kind of bankruptcy. If you are not sure what course is best going forward, reach out to our Chapter 11 bankruptcy lawyers today.