Consumer Bankruptcy Lawyers in Piscataway, New Jersey

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

Chapter 7 Bankruptcy in Piscataway, New Jersey

There are 2 common types of consumer bankruptcies in Piscataway, New Jersey: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 liquidates some 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 types 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 basic personal items, like clothing. These assets are not available to creditors.

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

Chapter 13 Bankruptcy in Piscataway, New Jersey

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

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

Chapter 13 is normally a good option for people who have a steady income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a steady income, Chapter 7 might be more beneficial.

Of course, you should always seek the counsel of an experienced local Piscataway, 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 Piscataway

Piscataway is located in Middlesex County, New Jersey. It is near the Piscataqua River, New Hampshire, and Main. The city's name stems from the words "pisgeu," meaning dark night, and "awa," meaning place of.

Popular attractions include Yurak Field, Ferrer Colony and Modern School, High Point Solutions Stadium and Road Up Raritan Historic District.

Top employers include Gorgias Press, Ingersoll Rand, Hapag-Llyod, Pepsi Cola Bottling Group, Cintas Corporation, Colgate-Palmolive, Siemens Hearing Instruments, Johnson Johnson, Marlabs, and IEEE. The legal force also has a strong presence in Piscataway via many well-established law offices and firms, providing legal services in all areas of law.

All in all, the city provides residents with a wonderful quality of life!

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