Find a Bankruptcy Lawyer in Bayonne, New Jersey

Bayonne Bankruptcy Lawyers, NJ

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Bankruptcy in Bayonne, 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. Of course, one should never view bankruptcy as a "get out of debt free" card, allowing someone to be relieved of their obligation to pay their debts just because they don't want to. It is meant to serve as a lifeline, preventing unmanageable debt from resulting in complete financial ruin. Accordingly, it is best treated as an option of last resort, because it can carry with it significant negative consequences, which must be weighed against the possible benefits. For example, filing for bankruptcy can severely damage a person's credit rating.

Accordingly, it might be a good idea to consult with a Bayonne, New Jersey bankruptcy attorney. Your lawyer will be able to counsel you about your options, including alternatives to bankruptcy, if such alternatives exist in your case. Whatever the result, it is often difficult to foresee the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Bayonne could prove invaluable.

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Types of Bankruptcy in Bayonne, New Jersey

In Bayonne, New Jersey, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a creation of federal law, the procedures governing bankruptcy in Bayonne, New Jersey will be similar anywhere else in the U.S. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is complete, and the proceeds handed over to the creditors, the debt is viewed as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are totally or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.

The other popular bankruptcy system in Bayonne 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 will 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 original terms of their agreement with the debtor. 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 Bayonne Bankruptcy Lawyer Help?

The decision to file for bankruptcy in Bayonne is not one to be made lightly, and it certainly should not be made without first obtaining the advice of an experienced Bayonne bankruptcy attorney.

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Life in Bayonne

Bayonne is located in Hudson County, New Jersey, just south of Jersey City.  It derives its name from Bayonne, France.  A main attraction in the city is the Bayonne Bridge, which connects it to Staten Island, New York.  Red, white, and blue lights illuminate the bridge in the evening, as a 9/11 memorial.

The city was initially founded as a township in 1861 and officially incorporated in 1869. Bayonne currently has a population of about 57,000.  Notable residents of Bayonne have included actress Sandra Dee and basketball player Shaquille O'Neal.

Popular outdoors destinations in the city include Constable Hook, Bergen Point, and the Hackensack RiverWalk.  Bayonne is home to several places on the list of National Registered Historic Places and Museums.  Such places include Robbins Reef Light, Bayonne Truck House No.1, and Bayonne Trust Company.

The city of Bayonne is located near Newark Airport and the Newark Turnpike.  It is served by the Hudson-Bergen Light Rail Transit System.  The Bayonne Board of Education provides public education schools for city residents.  Bayonne High School has an on-campus ice rink facility for its hockey team.

Bayonne has been called "The Peninsula of Industry" by its locals.  Recently it has been earning a reputation as "The Peninsula of Business and Technology".  Traditional industries in Bayonne are being upgraded with new technologies and facilities, especially in the service sector.

Bayonne lawyers typically file their cases at the Bayonne Municipal Court.  Appeals may be processed with the Appellate Division of the New Jersey Superior Court.  Many lawyers in Bayonne, New Jersey are members of other Bar Associations in addition to the New Jersey Bar Association.

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