Find a Bankruptcy Lawyer in Edison, New Jersey
Bankruptcy in Edison, New Jersey is a court proceeding through which a person or business who is unable to pay their debt is able to have some of their debt legally eliminated, or "discharged." This theoretically allows the debtor to move on with a clean slate. However, bankruptcy should not be treated as a way to avoid debt that one simply doesn't feel like paying. It is meant to be a safety net for people or businesses who are truly unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a severely damaged credit rating for many years afterward), it should be viewed as an option of last resort.
Therefore, it is prudent to consult with an experienced Edison, New Jersey bankruptcy attorney, who can advise you of the costs and benefits of bankruptcy. Because the decision to file for bankruptcy depends very heavily on the facts of each individual case, the advice of a Edison bankruptcy attorney cannot be substituted.
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Types of Bankruptcy in Edison, New Jersey
There are three basic bankruptcy schemes that are most commonly used in Edison: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Edison, New Jersey will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the proceeds to pay off debt. Many types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.
The other popular bankruptcy system in Edison is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor wil find manageable, given his or her income, and that will result in the creditors being paid in a reasonable amount of time. When a repayment plan is approved by a court, creditors are legally barred from attempting to collect under the orginal terms of their agreement with the debtor. Chapter 11 bankruptcy is primarily used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - essentially telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be approved by the participating creditors through a simple majority vote.
One advantage of Chapter 11 bankrutpcy is that it allows a business going through it to continue operations, and to trade its stock.
How Can a Edison Bankruptcy Lawyer Help?
Filing for bankrtuptcy in Edison is a major decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a good Edison bankruptcy attorney.
There are 42 Bankruptcy, Banking and Credit cases posted in Edison
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest NJ Cities
Life in Edison
Edison, also known as "Edison Township," is in Middlesex County, New Jersey. Edison was incorporated as Raritan Township prior to becoming Edison Township.In 2006, Money Magazine ranked Edison the twenty-eighth most livable small city in the U.S. Two years later, this rank fell to thirty-five. In 2009, U.S. News and World Report ranked the city as one of "America's 10 Best Places to Grow Up." U.S. News and World Report uses factors such as low crime, a strong school system, greenery, and recreational activities.
With all of Edison's distinctions, naturally it is home to a variety of professionals, including attorneys. Many attorneys practice law in Edison and are able to aid residents and local businesses with their legal needs.
Past and present famous residents include David Bryan, Al Chez, Tom Dwan, Patrick McDonnell, Brittany Murphy, Susan Sarandon, Mike Vallely, Darrin Winston, and Jeremy Zuttah.
