Consumer Bankruptcy Lawyers in Gloucester, New Jersey

Find the right Consumer Bankruptcy attorney in Gloucester, 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 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 Gloucester, New Jersey will have individual rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Gloucester, New Jersey

There are 2 main forms of consumer bankruptcies in Gloucester, 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 usually includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once the non-exempt property is sold, the rest of the dischargeable debt is cleared. Some forms of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Gloucester, New Jersey is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Gloucester, New Jersey

In Gloucester, 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 involves a court setting up a revised payment plan, which allows the debtor to pay off most or all of his debts over a longer 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 Gloucester, New Jersey

The answer to this question depends strongly on your individual situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.

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

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Life in Gloucester

Gloucester, also known as Gloucester Township, is located in New Jersey's Camden County. It has a population of around 64,634, per the 2010 census.

Many may not think so, but Gloucester has been home to some famous residents. These celebrities include John A. Dramesi, Kyle Hines, Jim Jackson, Sandra Love, and David R. Mayer.

Another surprise to some may be that Gloucester is also home to some practicing attorneys. These attorneys have established law offices where they practice law, consult with clients, and work diligently to serve their clients' needs.

Overall, Gloucester offers a wonderful quality of life to anyone and everyone.

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