The Benefits of Bankruptcy

Monmouth County Bankruptcy Law Firm

dollar-1009324_960_720Guiding clients through 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 wish to start anew. At Tomes & Hanratty, P.C., we know that the benefits of declaring bankruptcy often outweigh any drawbacks you may perceive. This is why our bankruptcy attorneys dedicate themselves to informing you about how and when bankruptcy can help you. If you need an experienced law firm to guide you through the process of bankruptcy, contact Tomes & Hanratty, P.C. for a consultation.

Filing for bankruptcy may help you keep your home

Contrary to popular opinion, filing for bankruptcy may help you stay in your house. When you file for Chapter 13 bankruptcy, you are essentially agreeing to a repayment plan for your debts that lasts anywhere between three and five years. By doing so, you’re showing your mortgage lender an act of good faith, which can keep you from going into foreclosure or facing the difficulties of a short sale. You may also be able to keep your home in a Chapter 7 bankruptcy, provided you’re up to date on your mortgage payments and whether or not the equity in your property is exempt.

Declaring bankruptcy can ease your stress levels

It might seem like filing for bankruptcy would be more stressful than not doing so, but it’s not necessarily true. When you file for bankruptcy, the automatic stay goes into effect. This stops creditors from harassing you by phone, email or by letter. Furthermore, your financial matters are kept private (except for when you’re applying for a job or making a purchase, which might require a credit check). Unless you tell, no one has to know. If you’re feeling burdened by your bills, filing for bankruptcy can help.

You may be able to eliminate your mounting debt

Bankruptcy is determined by federal statute, but New Jersey offers its own list of exemptions and credits. No matter what kind of bankruptcy you file, you may be able to wipe out:

  • Medical bills
  • Credit card bills
  • Store card bills
  • Second mortgages through lien stripping (in certain circumstances)
  • Personal loans
  • Past due rent

There are a number of debts you can discharge through bankruptcy, and the lawyers of Tomes & Hanratty, P.C. can help you understand which ones apply to your particular case. At our law firm, we look out for your rights when you file bankruptcy. When you’re ready to make a fresh start, we are prepared to help.

Contact our Freehold bankruptcy law firm for a legal support

Deciding to file for bankruptcy may be a hard decision; choosing the right lawyer shouldn’t be. Call Tomes & Hanratty, P.C. has the experience and knowledge you need to help you make the right legal decision for your situation. If you need quality legal support from a compassionate and effective law firm, contact Tomes & Hanratty, P.C. for a consultation today.