Find a Bankruptcy Lawyer in Jersey City, New Jersey

Jersey City Bankruptcy Lawyers, NJ

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Bankruptcy in Jersey City, New Jersey is a court procedure through which a person or business who is unable to pay their debt is able to have some of their debt legally excused, or "discharged." This theoretically allows the debtor to move on with a clean slate. However, bankruptcy should not be treated as a way to avoid debt that one simply doesn't feel like paying. It is meant to be a safety net for people or businesses who are really unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a heavily damaged credit rating for many years afterward), it should be viewed as an option of last resort.

Therefore, it is advisable to consult with an experienced Jersey City, New Jersey bankruptcy attorney, who can advise you of the costs and benefits of bankruptcy. Because the decision to file for bankruptcy depends very heavily on the facts of each individual case, the advice of a Jersey City bankruptcy attorney cannot be replaced.

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Types of Bankruptcy in Jersey City, New Jersey

There are three basic bankruptcy schemes that are most commonly used in Jersey City: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the process for filing for bankruptcy in Jersey City, New Jersey will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the funds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the appropriate property is sold, and the proceeds directed to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will typically be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.

The other form of bankruptcy most frequently used in Jersey City is Chapter 13. It allows a person to pay off their debt over a extended period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while slowly paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Chapter 11 bankruptcy is generally used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - typically telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be authorized by the participating creditors through a simple majority vote.

One advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operating, and to trade its stock.

How Can a Jersey City Bankruptcy Lawyer Help?

The need to examine all the options and consider the costs and benefits of applying for bankruptcy in Jersey City cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Jersey City bankruptcy attorney beforehand.

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Life in Jersey City

Jersey City is a place rich in culture, with something for everyone in the family to enjoy.  Located between the Hudson River and Upper New York Bay, Jersey City is situated right across from Lower Manhattan.  Although Manhattan is known for wonderful attractions and high tourism, Jersey City is filled with historic neighborhoods, museums, shopping malls, and beautiful city parks.  

For all those history-lovers out there, you can book a cruise to Ellis Island, visit Harsimus Cemetery, or tour the Underground Railroad and experience the footsteps of many escaped slaves. If shopping is your forte, visitors can shop till they drop!  Jersey City is home to ten major shopping districts filled with large department stores, contemporary boutiques, and specialty stores.  For those who love museums, Jersey City has many museums that highlight the city's history and art.  However if visitors would just like to relax and soak in the beauty, Jersey City has many beautiful city parks.  Two of the most famous parks are Liberty State Park and Leonard Gordon Park.  

Alongside the beautiful parks is the city's beautiful waterfront port of entry.  The waterfront port runs about 11 miles long and truly is a site not to miss!  Many major corporations and industries have found a home along this beautiful waterfront.  In fact, the Goldman Sachs building stands at 238 meters and is one of the 200 tallest buildings in the world.  Goldman Sachs is not the only Fortune 500 Company to be located in Jersey City.  Major corporations such as Chase Manhattan Bank, Charles Schwab, and Merill Lynch have also found a home in Jersey City.  

To top it off, Jersey City has one of the most diverse populations in the United States.  Known as a "Tapestry of Nations," the city is home to Jewish, Italian, Cuban, Filipino, Polish, Indian, Irish, Puerto Rican, Dominican, African, Arab, and Asian communities.  Therefore, visitors will be introduced to many cultures and ethnicities when visiting this wonderful place.  Such a population, rich with many ethnicities and cultures, is also rich with a variety of different professionals.  There are many attorneys who practice in all areas of law in Jersey City.  Not only are many major law firms located in Jersey City, but the city also has a number of small to medium sized law firms.  Undoubtedly, any legal issue that you have can be resolved by the many competent attorneys who call Jersey City their home.

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