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Chapter 7 Bankruptcy NJ
Filing for Chapter 7 Bankruptcy in Camden County and Throughout Central and South Jersey
For many people, bankruptcy is a helpful solution for financial difficulties. Maybe you have a large credit card debt that’s gotten too hard to pay off. Whatever your story is, and you’re looking to start over and make a clean break with a troubled financial past.
Chapter 7 bankruptcy, also known as a straight or liquidation bankruptcy, allows qualifying individuals to discharge their debts. With Chapter 7 bankruptcy, you may be able to eliminate your most significant debts. Additionally, if you are trying to save your home from going into foreclosure, filing for Chapter 7 may be your best move right now.
At the law firm of Brenner Spiller & Archer, LLP, our friendly Chapter 7 bankruptcy lawyers help clients throughout Central Jersey and South Jersey who face overwhelming amounts of debt. Bankruptcy is a complicated legal process and the matters surrounding Chapter 7 bankruptcy can be difficult to fully understand. Our attorneys care about you and will help you review your case and identify your specific needs to help you work toward a fresh start.
We have four offices, conveniently located in Collingswood, Freehold, Mount Holly and Vineland.
Contact Us Online or Call 856-963-5000 For Your Free Consultation!
What is Chapter 7 Bankruptcy?
When you file for Chapter 7 bankruptcy, you generally liquidate your assets and eliminate your debt. After you file for Chapter 7, an appointed trustee will take account of your assets and then sell the non-exempt assets to pay off your creditors.
Eligibility for Chapter 7 bankruptcy includes individuals, married couples, corporations, and partnerships. For an individual, Chapter 7 provides an opportunity to eliminate unsecured debt, such as credit card debt and medical debt. Keep in mind, however, that you cannot discharge certain debts under Chapter 7 bankruptcy. For example, obligations such as alimony, child support, student loans, fines, court-imposed monetary penalties, and some taxes cannot be eliminated via Chapter 7.
Benefits of Chapter 7 Bankruptcy
In order to liquidate your debts in a Chapter 7 bankruptcy, you must pass a means test. The means test will assess your financial situation and determine if you qualify. If you do not qualify, Chapter 13 bankruptcy may still be a helpful option for your situation. If you do qualify, there are many benefits to Chapter 7 for your financial situation, including:
- You can discharge most unsecured debt, including credit card debt and medical bills.
- You may have the ability to keep your home and vehicles, so long as you are current on payments and do not have a substantial amount of home equity.
- You can begin to re-establish your credit almost immediately.
It is important to be fully prepared for your bankruptcy before you file. Gathering income statements, copies of credit card bills and other bills, and other important financial documents right away will help save you time in the future. You also need to speak with a qualified bankruptcy and debt relief lawyer as soon as possible.
Contact Our NJ Bankruptcy Lawyers
The bankruptcy lawyers at Brenner Spiller & Archer, LLP provide friendly, caring and affordable legal services. We serve clients throughout central and south Jersey with offices in Collingswood, Mount Holly, Vineland, and Freehold. If you need a bankruptcy attorney, call 856.963.5000 today to schedule your free consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.