Consumer Bankruptcy Lawyers in Elizabeth, New Jersey

Find the right Consumer Bankruptcy attorney in Elizabeth, NJ

Bankruptcy is a court proceeding which lets a person or business have some or all of their debts discharged. It should usually 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 Elizabeth, New Jersey will have individual rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Elizabeth, New Jersey

There are 2 main types of consumer bankruptcies in Elizabeth, 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 usually 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 discharged. 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 Elizabeth, New Jersey debts are not dischargeable, you might want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Elizabeth, New Jersey

In Elizabeth, New Jersey, Chapter 13 is quite different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your particular situation. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the agreements that gave rise to the debt in the first place. This results in a new payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

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

Which Bankruptcy type to file under depends heavily on the facts of each individual case. If you have a steady stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a steady income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

In any case, it would be a good idea to consult a local bankruptcy attorney in Elizabeth, New Jersey. Your attorney can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in Elizabeth

Elizabeth, New Jersey is located in Union County and has a population of over 124,000 people. Elizabeth is the 4th largest city in New Jersey and also serves as the county seat for Union County. In 2008, Popular Science Magazine rated Elizabeth, New Jersey as one of the 50 Greenest Cities in America. It is also one of the nation's oldest cities, being founded in the year 1655 and incorporated in March of 1855.

The city of Elizabeth, New Jersey is an unique combination of business and residential developments. A few examples of Elizabeth's major employers include Bayway Refinery and Newark Liberty International Airport. The Jersey Gardens outlet mall and the Elizabeth Center also generate large amounts of revenue.

Elizabeth, New Jersey is filled with U.S. historical landmarks. Residents and tourists can learn about American history at places such as Liberty Hall Museum. Liberty Hall is a historic mansion built in 1772 by William Livingston, one of the signers of the U.S. Constitution. Many notable U.S. persons were born and raised in Elizabeth, such as author Judy Blume and Poet Joe Weil.

Lawyers in Elizabeth, New Jersey offer assistance for a variety of legal matters and issues. The Union County Courthouse Complex is located in Elizabeth. Many Elizabeth attorneys resolve legal disputes at the courthouse.

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