Chapter 7 Bankruptcy

Monmouth County Chapter 7 Bankruptcy Attorneys

Bankruptcy Chapter 7Guiding NJ clients through the process of Chapter 7 bankruptcy

If you are dealing with overwhelming bills, debt collectors, and a bleak financial future, you may need to consider the process of filing for bankruptcy. If your debts are overwhelming enough that a payment plan is not a practical course of action, you may have to file Chapter 7 bankruptcy. Chapter 7 bankruptcy is a liquidation of your assets to pay your debts. Through the process, an official called a trustee will sell your valuable possessions in order to satisfy your unsecured debts to a certain extent and forgive the remainder, with some exceptions. Though the prospect of filing for bankruptcy may be frightening, it is not a punishment and could help you get back on track, build credit once again, and move on with a fresh beginning. It is important to note that bankruptcy will impact your credit score for 10 years but you can work to rebuild credit within that time. If you need to discuss your situation with an experienced and earnest bankruptcy legal team, contact Tomes & Hanratty, P.C. for a free initial consultation.

Can Chapter 7 Bankruptcy help?

Chapter 7 Bankruptcy is the legal means to get back on track. It can help you puts an immediate stop to some of your worst debt problems:

  • Stop debtor harassment: Debt collectors can no longer harass you with demands for money. This is called an automatic stay. Debt collectors cannot contact you about owed debts and the only communication allowed it through the Bankruptcy trustee.
  • Stop repossession and foreclosure: If you are facing the loss of your car or house, filing for bankruptcy stops any repossession or foreclosure proceedings. This gives you the time to explore your legal options and possible keep your home and car.
  • Forgiven debts: Many types of debt can be forgiven. This is called a discharge. You may be able to discharge credit card debts, medical bills, and other unsecured debts. Some of the many debts you cannot discharge include student loans, child support, and some taxes.

Before you can file for bankruptcy…

You cannot simply just file for bankruptcy in the state of New Jersey. You must satisfy some prerequisites, including receiving credit counseling from a court-approved agency within the 6 months before filing, engagement in a debtor education course, and the satisfaction of the means test. Contact our firm to help you satisfy these obligations.

The Meeting of Creditors

When you file for Chapter 7 bankruptcy, you will have to attend a Meeting of Creditors. This is also called a 341(a) meeting. You, your lawyer, the bankruptcy trustee and any creditors who attend the meeting will explore your financial situation. During the meeting, the trustee will work to establish a clear picture of the situation and creditors will try and collect information to support a valid objection. If any creditor convinces the bankruptcy court that an objection should be allowed, you will be liable for the debt.

Contact Tomes & Hanratty for Chapter 7 bankruptcy help

Although every situation is unique, those who qualify can use the provisions of Chapter 7 bankruptcy to begin immediately to rebuild a solid financial future. The debt relief attorneys at Tomes & Hanratty, P.C. aggressively strategize to make sure that their clients get the best outcomes when filing for bankruptcy protection. If you need quality legal support through Chapter 7 bankruptcy, contact Tomes & Hanratty, P.C. for an initial consultation today.