New Jersey Chapter 7 Bankruptcy Lawyer
Filing for Chapter 7 in New Jersey
If you have found yourself in the position of being unable to pay off your debts and you don’t know where to turn for help, you should consult with a New Jersey bankruptcy attorney from Liberty Credit Law, P.C. Chapter 7 is one type of
bankruptcy that might be right for you and your family.
If you are completely underwater in your finances, we throw you the proverbial life saver. We are committed, compassionate legal professionals who seek to simultaneously remove stress and debt from our clients’ lives.
About Chapter 7 Bankruptcy
Chapter 7 is also known as straight bankruptcy or complete bankruptcy. It is called this because it is the simplest and shortest way to total debt relief. If you make an annual income that is less than average for your state, or if you have a higher income but are able to pass the mean’s test, you are eligible to file for this type of bankruptcy. Most unsecured debts can be eliminated with Chapter 7; this will free up your other income so that you can pay off your secured debts, allowing you to keep your home and car and other secured assets.
After filing for bankruptcy, you will have to hand over some of your assets in order for them to be liquidated so that you can repay a portion of the debts you owe. There are numerous asset exemptions, however, so you will not lose everything you own or all of your most valuable items. It is helpful to go over your financial situation with a skilled professional to determine which assets you will be able to keep.
Contact a New Jersey Chapter 7 Bankruptcy Attorney at our firm today to learn more about how we can help you be on your way to a debt free life within months!