Consumer Bankruptcy Lawyers in Edison, New Jersey

Find the right Consumer Bankruptcy attorney in Edison, NJ

Bankruptcy is a court proceeding which lets a person or business have some or all of their debts excused. It should typically only be considered as an option of last resort, because it can have serious 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 product of federal law, bankruptcy will go through federal courts. Accordingly, the procedure for filing for bankruptcy in New Jersey is basically the same as the procedure anywhere else in the United States. However, individual courts in Edison, New Jersey will have distinct rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Edison, New Jersey

There are 2 typical types of consumer bankruptcies in Edison, New Jersey: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 involves liquidation of some 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 typically 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 excused. But some types 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 Edison, New Jersey debts are not dischargeable, you might want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Edison, New Jersey

In Edison, New Jersey, Chapter 13 is substantially different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your specific situation. Chapter 13 Bankruptcy involves a court setting up a modified payment plan, which allows the debtor to pay off most or all of his debts over an extended period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

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

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your distinct situation. If you have a steady income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a steady income, and most of your property is exempt, Chapter 7 might be a better way to go.

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

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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.

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