Bankruptcy

Monmouth County Bankruptcy Attorneys

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No one expects that they will ever be in a position to file bankruptcy. We all work hard and do our best to keep our heads above water. However, due to circumstances often outside of our control, bankruptcy can and should be considered to help you get out of debt and start fresh. If you or someone you know is financially over their head and need assistance dealing with debt, harassing phone calls from creditors, foreclosure proceedings, and more, the bankruptcy attorneys at Tomes & Hanratty, P.C. can help you decide if bankruptcy is right for you. If you decide to take this legal route and file for bankruptcy protection, our compassionate, experienced attorneys can guide you through the sea of legal red tape and help you get your financial life back on track. If you need quality legal support, contact Tomes & Hanratty, P.C.

Bankruptcy Options

Though you may be in a dire financial situation, choosing between Chapter 7 and Chapter 13 bankruptcy can mean a world of difference to you. Bankruptcy functions to relieve a person of overwhelming debts. Bankruptcy is not only for the financially irresponsible. Many people have to file for bankruptcy because of overwhelming debts that come from medical bills and the financial burden of divorce, just to name a couple of examples. Bankruptcy provides the means to get back on track and start building credit once again.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a liquidation of assets in order to pay debts. Under Chapter 7 bankruptcy, individuals, families and small businesses can discharge or wipe away unsecured debt and save their assets through personal exemptions and other strategies.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is known as reorganization bankruptcy. Under Chapter 13 bankruptcy, you will establish a more practical payment method in order to keep your possession and satisfy creditors. At the end, you should be able to keep your possessions.

341(a) Meeting

Everyone who files for Chapter 7 or Chapter 13 Bankruptcy is required to attend what is known as the “341 Meeting” or the “Meeting of Creditors”. The purpose of the 341 Meeting is for you to meet with the trustee appointed by the bankruptcy court to oversee your case and creditors to discuss your financial situation.

The Benefits of Bankruptcy

The idea of filing bankruptcy makes many people cringe, but it shouldn’t. Despite our collective tendency to demonize those who cannot pay their bills, filing for bankruptcy is often an excellent idea for people who need to stop the vicious cycle of debt and start rebuilding credit again.

Frequently Asked Questions

Bankruptcy can be overwhelming to consider and even harder to begin. When faced with a dire financial situation that may call for you to file for bankruptcy, knowing about the process is in your best interests. Tomes & Hanratty, P.C. has provided you with a few answers to some of the most popular questions people ask regarding bankruptcy.

Picking the Right Bankruptcy Attorney

Bankruptcy is an overwhelming prospect for most. When facing the reality of bankruptcy, it is important to pick the right attorney for your legal matter. Not all law firms provide the same caliber of legal services. When consulting with an attorney, it is best to consider if they are the right fit for your legal matter.