Consumer Bankruptcy Lawyers in Plainfield, New Jersey

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

Chapter 7 Bankruptcy in Plainfield, New Jersey

There are 2 main types of consumer bankruptcies in Plainfield, 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 essential personal items, like clothing. These assets are not available to creditors.

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

Chapter 13 Bankruptcy in Plainfield, New Jersey

Chapter 13 bankruptcy in Plainfield, New Jersey is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your particular case. Chapter 13 does not eliminate any debt, but it creates a new payment plan that should give the debtor some breathing room. Usually, all of the debts are consolidated into 1 periodic payment. While this might make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

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

Which Bankruptcy type to file under depends heavily on the facts of each individual case. If you have a steady 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 steady 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 Plainfield, New Jersey who is experienced in bankruptcy before making a decision. They will be able to advise you of your options, and the likely consequences of each one, allowing you to make a much more informed decision.

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Life in Plainfield

Plainfield is known as "the Queen City" and is home to 50,000 Union County residents. The City of Plainfield covers a total of 6 square miles and plays host to a predominantly African-American community. With such a strong school system, it's interesting that less than 35% of the households were married families.

The Barack Obama Green Charter High School, New Jersey's first sustainable High School, is located in Plainfield. The high school is focused on green building and sustainable practices for faculty and students.

Citizens can get around the city with the convenient New Jersey Transit rail stations and bus systems. For travel, Plainfield is located just 25 minutes from the Newark Liberty International Airport.

The Plainfield Symphony was founded in 1919 and performs at the Crescent Avenue Presbyterian Church making it one of the oldest orchestras in the entire United States. It may be surprising to find out that the area was settled by Quakers in 1684 and Plainfield was an incorporated as early as 1869. It was a manufacturing center for chemicals, clothing, vehicle parts, and electronic equipment and was popular among the other New York Metropolitan Area suburbs.

Many of the homes from the extravagantly wealthy still remain there in full glory. The historic district of Plainfield has a number of homes with locally influenced architecture including the former home of New Jersey Governor Jim McGreevey who was also a lawyer.

Plainfield lawyers are knowledgeable of local courts and procedures and will likely be able to help you with whatever legal issue you may be facing.

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