Find a Bankruptcy Lawyer in Vineland, New Jersey

Find the right Bankruptcy attorney in Vineland, NJ

Bankruptcy in Vineland, 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 truly 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 Vineland, 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 Vineland bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Vineland, New Jersey

In Vineland, New Jersey, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Vineland, New Jersey will be roughly the same as everywhere else in America. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the funds to pay off debt. Many types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.

The other typical bankruptcy scheme used by consumers in Vineland is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the agreements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is authorized, creditors are not allowed to attempt to collect payment under the original agreements. Chapter 11 bankruptcy is primarily 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 - essentially 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.

A major advantage of Chapter 11 bankruptcy is that businesses can continue their operating while going through the process. Also, they can continue to buy and sell their stock.

How Can a Vineland Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Vineland is a major decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a seasoned Vineland bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Vineland

Vineland is the largest city in the state of New Jersey, encompassing just over sixty nine square miles. Vineland is located in Cumberland County and has a population of just over 57,000 residents. Vineland gets its name after the city's fertile soil, which is perfect for growing grapes.

Not surprisingly, Vineland was the birthplace of giant juice producer Welch's Grape Juice. Vineland is also home to the Vineland Produce Auction -- the east coast's largest farmers cooperative. Other points of interest in Vineland include: the site of New Jersey's only drive-in theatre, and the Palace of the Great Depression. Not all grapes, the city has a bustling downtown and also has an Urban Enterprise Zone which gives a 31/2% reduced sales tax to shoppers that purchase goods in the zone. Vineland is also home to a thriving legal community, with some of the Garden State's top lawyers practicing their craft there. Vineland lawyers are skilled in a range of legal specialties and able to help their local clients with any legal problem he or she may be facing. In addition to a booming legal practices, other Vineland professionals such as doctors and lawyers are also contributing to the city's overall growing professional community.

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