Find a Bankruptcy Lawyer in Cherry Hill, New Jersey

Find the right Bankruptcy attorney in Cherry Hill, NJ

Bankruptcy in Cherry Hill, 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 absolved 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 Cherry Hill, 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 hard to predict the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Cherry Hill could prove invaluable.

Types of Bankruptcy in Cherry Hill, New Jersey

In Cherry Hill, 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 Cherry Hill, New Jersey will be similar 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. Varied 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 Cherry Hill 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 contract with the debtor. Though accessible to individuals, Chapter 11 bankruptcy is generally 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 presented, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

One main advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Additionally, their stock can still be bought and sold.

How Can a Cherry Hill Bankruptcy Lawyer Help?

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

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Cherry Hill

Cherry Hill is located in New Jersey's Camden County. It is the thirteenth largest city in the state and is home to around 70,000 people. Cherry Hill is included in the Delaware Valley coastal plain. The city is about five miles outside Philadelphia, Pennsylvania. In fact, some call Cherry Hill the "edge city" of Philadelphia.

The top employers are Subaru of America, Pinnacle Foods, and Commerce Bancorp. A popular site for residents and visitors is Cherry Hill Mall. This mall is distinguished from others because it was the first enclosed shopping mall in the eastern United States. It opened in October 1961.

In 2006, Money Magazine named the city amongst the "Best Places to Live." Money Magazine also ranked it the eighth safest city to live in. Philadelphia Magazine, in 2006, named Cherry Hill amongst the "Best Places to Live" as well.

Many attorneys call Cherry Hill home. Along with safety, residents can also remain rest assured because any and every of their legal inquiries can be adequately handled by the legal force in Cherry Hill.

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