Consumer Bankruptcy Lawyers in Union, New Jersey

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

Chapter 7 Bankruptcy in Union, New Jersey

There are 2 common forms of consumer bankruptcies in Union, New Jersey: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 states that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many forms of property are exempt, and do not need to be liquidated, such as cars, homes, insurance policies, and retirement accounts.

Once all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is absolved. But some forms of debt cannot be discharged through Chapter 7 bankruptcy. These include child support payments, student loans, and criminal fines, among others. If most of your Union, New Jersey debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Union, New Jersey

Chapter 13 Bankruptcy in Union, New Jersey is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each particular case. Chapter 13 does not absolve debt, but restructures it instead. Normally, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is normally manageable, as long as the debtor can make some sacrifices.

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

The answer to this question depends strongly on your particular situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.

Of course, you should always seek the counsel of an accomplished local Union, 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 Union

Union, New Jersey is a township located in North-Central Union County, New Jersey. With a population of just under 55,000 residents, this lovely township comprises 9.1. square miles. Union is also home to the worlds tallest watersphere, standing 212 feet tall and the water towerhas become a local point of interest, with it's own fan website. As a township, Union is governed by a five member Township committee. In 2008, Union was ranked the 75th best place to live in America by Money Magazine. Not surprisingly, the Union Public School District has a lot to do with the ranking and Union is home to some of the top schools in the state of New Jersey. There is also a fabulous community of professionals in Union, many of which grew up in the township and decided to stay and practice. Union, New Jersey is home to some great lawyers. There is a thriving legal community in Union and the local lawyers are trained in a range of specialties and able to help their clients with any legal issue he or she many be facing. Whatever the problem is, an Unionlawyer can certainly solve it!

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