Consumer Bankruptcy Lawyers in Wayne, New Jersey

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

Chapter 7 Bankruptcy in Wayne, New Jersey

There are 2 typical types of consumer bankruptcies in Wayne, New Jersey: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 requires that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many types 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 excused. But some types 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 Wayne, New Jersey debts are not dischargeable, you might want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Wayne, New Jersey

Chapter 13 bankruptcy in Wayne, 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 does not excuse debt, but restructures it instead. Typically, 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 typically manageable, as long as the debtor can make some sacrifices.

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

Which Bankruptcy type to file under depends heavily on the facts of each distinct 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.

Whatever your situation, you should speak with a local Wayne, New Jersey bankruptcy Attorney. Your Lawyer will be able to advise you of your options and their likely results, which will help you make a more educated decision.

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Life in Wayne

Wayne New Jersey is a beautiful Garden State city located just fifteen miles from midtown Manhattan -- making it a perfect city for the city worker to live in. With a population of over 55,000, it looks like many people may be doing just that! The city of Wayne has also been listed on the Top 100 places to live. Wayne is home to the Toys "R" Us corporate headquarters as well as the Valley National Bank headquarters. The city also houses the Ice Vault rink where many Olympians can be seen practicing on a regular basis. Wayne is home to a wide variety of activities for their residents to enjoy, including: recreational facilities, lake communities, a state university, and several parks.

Wayne is also a popular location for many lawyers to set up their practice. Specializing in a range of skills, Wayne lawyers are some of the top in the business and ready to help serve their client in whatever capacity he or she is needed! Wayne lawyers are just one more aspect that makes this city such a wonderful place to live in!

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