Consumer Bankruptcy Lawyers in Perth Amboy, New Jersey

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

Chapter 7 Bankruptcy in Perth Amboy, New Jersey

There are 2 typical forms of consumer bankruptcies in Perth Amboy, New Jersey: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 liquidates part of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many forms of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and necessary personal items, like clothing. These assets are not available to creditors.

Once the appropriate property is sold, and the funds transferred to the creditors, the dischargeable debt is absolved. Some forms of debt, however, can't be excused in Chapter 7 Bankruptcy in Perth Amboy, New Jersey. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be excused, Chapter 7 may not be the best choice for you.

Chapter 13 Bankruptcy in Perth Amboy, New Jersey

Chapter 13 bankruptcy in Perth Amboy, New Jersey is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your specific case. Chapter 13 bankruptcy does not absolve debt, it restructures it. This involves a court coming up with an adjusted repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original arrangements that created the debt in the first place. This creates a new payment structure, typically involving a single monthly payment, that the debtor should find manageable.

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

Which Bankruptcy type to file under depends strongly on the facts of each distinct case. If you have a stable 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 stable income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

Regardless of your situation, you should speak with an attorney in Perth Amboy, New Jersey who is accomplished in bankruptcy before making a decision. They will be able to advise you of your options, and the likely results of each one, allowing you to make a much more informed decision.

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Life in Perth Amboy

Perth Amboy is located in Middlesex County, New Jersey. It is nicknamed "City by the Bay," because it is near Raritan Bay. As of 2010, the population is around 50,814 people.

Popular sites include The Waterfront, Downtown, Harbortown, Hall Avenue, Southwestern, State Street, Amboy Avenue, Maurer, Chickentown, and Spa Springs.

Attorneys have also established their practices in Perth Amboy, allowing residents and businesses to remain rest assured. Any and every legal inquiry of theirs can be handled by the city's capable legal force.

Famous residents include Solomon Andrews, David Bryan, William Dunlap, Vida Guerra, Richie Ambora, Marcus Spring, Harry Tierney, John Watson, Ruth White, and David T. Wilentz.

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