Find a Bankruptcy Lawyer in Trenton, New Jersey
Bankruptcy in Trenton, 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 Trenton, 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 Trenton bankruptcy attorney cannot be substituted.
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Types of Bankruptcy in Trenton, New Jersey
In Trenton, New Jersey, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Trenton, New Jersey wil be about the same as anywhere else in America. 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.
Under Chapter 13 bankruptcy in Trenton, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a longer period of time, thereby theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Though available to individuals, Chapter 11 bankruptcy is mostly used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is proposed, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.
During the Chapter 11 process, a business can usually continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.
How Can a Trenton Bankruptcy Lawyer Help?
The need to weigh all the options and consider the costs and benefits of filing for bankruptcy in Trenton cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Trenton bankruptcy attorney beforehand.
There are 121 Bankruptcy, Banking and Credit cases posted in Trenton
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest NJ Cities
Life in Trenton
Trenton is New Jersey's capital. It is seen as a part of the Greater New York Area by many. It is located in Hunterdon County.Popular attractions include Cadwalader Park, Friends Burying Ground, the New Jersey State House, War Memorial Auditorium, The Trenton City Museum, Trenton Battle Monument, New Jersey State Library, New Jersey State Museum, Old Barracks, William Trent House, and Trenton City Hall.
Trenton is home to many attorneys who practice in law offices and firms. These attorneys focus on providing excellent legal services to their clients, who comprise of both residents and local businesses.
Famous past residents include Steve Braud, Betty Bronson, Al Downing, Greg Grant, Roxanne Hart, Roy Hinson, Gary Stills, Troy Vincent, and Ira W. Wood.
