New Jersey Bankruptcy Attorney

1. You should become familiar with your state bankruptcy laws. In 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act was passed by Congress. According to this Act, people must complete credit counseling 180 days before they file for bankruptcy. Additionally, in order for debts to be discharged, people must complete debtor education. Many people think that filing for bankruptcy is very easy and quick. The truth is, the bankruptcy process takes time, patience and commitment, which is why you should learn about bankruptcy laws before you decide to file.
2. Learn which type of bankruptcy is best for you: Chapter 7 or Chapter 13. If you are unsure of which type is appropriate for your individual situation, you can meet with a credit counselor or a skilled New Jersey bankruptcy lawyer, like the lawyers at Liberty Credit Law, PC.
3. Hire a bankruptcy lawyer. This is an important step than many people think they can do without. However, it is a known fact that by working with a bankruptcy attorney, people stand a better chance of successfully filing for bankruptcy in a shorter amount of time.
4. Understand that filing for bankruptcy is not free. Start looking into costs and plan to save money so that when the time to file comes, you are financially prepared.
5. After you have met with your lawyer or financial professional, he or she will file your bankruptcy petition. Once the petition has been filed, a court will tell your creditors to stop their collection efforts. Approximately 4 to 6 weeks later, you will attend a hearing where your debts will either be discharged or you will agree to a repayment plan, depending on the type of bankruptcy you filed for.
6. If you filed for Chapter 7 Bankruptcy, after your hearing your non-exempt assets will be turned over to a bankruptcy trustee who will then liquidate the assets and distribute funds to your creditors. 60 days after your hearing, you will receive a notice of discharge.
7. If you filed for Chapter 13 Bankruptcy, you will have 3 to 5 years to repay your debts to your creditors.  You will make one monthly payment that will be dispersed amongst your lenders.

A knowledgeable legal professional from Liberty Credit Law, P.C. can give you more detailed information about the bankruptcy process. Contact a New Jersey Bankruptcy Attorney at our firm today!