Consumer Bankruptcy Lawyers in Clifton, New Jersey

Find the right Consumer Bankruptcy attorney in Clifton, NJ

Bankruptcy is a court proceeding which lets a person or business have some or all of their debts absolved. It should normally only be considered as an option of last resort, because it can have significant long-term consequences, even if it can stave off financial disaster. This means that the costs and benefits need to be carefully considered before filing. Being a creation of federal law, bankruptcy will go through federal courts. Accordingly, the process for filing for bankruptcy in New Jersey is essentially the same as the process anywhere else in the United States. However, particular courts in Clifton, New Jersey will have particular rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Clifton, New Jersey

There are 2 common forms of consumer bankruptcies in Clifton, New Jersey: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 involves liquidation of part of a debtor's assets. It requires that a certain percentage of the debtor's property to be sold to pay off as much debt as possible. The majority of property that most people own, however, is exempt. This normally includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is absolved. But some forms of debt cannot be discharged through Chapter 7 bankruptcy. These include child support payments, student loans, and criminal fines, among others. If most of your Clifton, New Jersey debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Clifton, New Jersey

Chapter 13 Bankruptcy in Clifton, New Jersey is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each particular case. Chapter 13 does not excuse any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

Which Type of Consumer Bankruptcy Should I File in Clifton, New Jersey

Chapter 13 is normally a good option for people who have a stable income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a stable income, Chapter 7 might be more beneficial.

Whatever your situation, you should speak with a local Clifton, New Jersey bankruptcy lawyer. Your attorney will be able to advise you of your options and their likely outcomes, which will help you make a more educated decision.

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Life in Clifton

Clifton is located in Passaic County, New Jersey. As of 2010, it has a population of 84,136 people. What is interesting is that Clifton is listed under five different zip codes--07011, 07012, 07013, 07014, and 07015!

Clifton has been mentioned in media such as the film The King of Comedy, Donnie Brasco, and the television series The Sopranos.

Well-known residents include Jay Alford, David Chase, Ronald F. Maxwell, Jon Seda, Steve Smith, Dave Szott, and Ivan Wilzig.

Clifton is also home to many small law offices and law firms, who train excellent attorneys to practice in various areas of law. Therefore, the legal needs of Clifton residents will always be tended to.

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