Consumer Bankruptcy Lawyers in Hackensack, New Jersey

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

Chapter 7 Bankruptcy in Hackensack, New Jersey

There are 2 common types of consumer bankruptcies in Hackensack, 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 normally 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 eliminated. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Hackensack, New Jersey is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Hackensack, New Jersey

In Hackensack, New Jersey, Chapter 13 is very different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your individual 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 contracts that gave rise to the debt in the first place. This results in an altered 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 Hackensack, New Jersey

This depends entirely on the facts of your individual case. If you have a decent amount of steady income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 might be the best option for you. If most of your property is exempt, and you don't have much steady income, Chapter 7 might be the best option.

Of course, you should always seek the counsel of an experienced local Hackensack, New Jersey bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your individual situation.

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Life in Hackensack

Hackensack is located in Bergen County, New Jersey. Its official name is New Barbadoes Township. In 1921, the name informally became Hackensack. It is located about twelve miles from Midtown Manhattan,, and about seven miles from the George Washington Bridge. It is home to around 43,000 people.

Some popular sites include Fairleigh Dickinson University, the New Jersey Naval Museum, the World War II submarine USS Ling display, the First Dutch Reformed Church, The Shops at Riverside (Riverside Square Mall), and Bergen Museum of Art Science.

Some famous residents include Debby Boone, Philip Carey, Samuel Cooper, Harold Dow, Jim Finn, Dave Fiore, Mike Fratello, David Grisman, Matt Herr, John Huyler, Dave Scott, Douglas Watt, and Teresa Weatherspoon.

Hackensack is also home to attorneys who have established their practices in their local city. Thus, the legal needs of residents and local businesses will always be taken care of.

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