Consumer Bankruptcy Lawyers in Woodbridge, New Jersey

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

Chapter 7 Bankruptcy in Woodbridge, New Jersey

There are 2 typical types of consumer bankruptcies in Woodbridge, 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 the non-exempt property is sold, the rest of the dischargeable debt is absolved. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Woodbridge, New Jersey is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Woodbridge, New Jersey

Chapter 13 Bankruptcy in Woodbridge, New Jersey is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each distinct case. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the arrangements that gave rise to the debt in the first place. This results in an adjusted payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

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

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your distinct situation. If you have a steady income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a steady income, and most of your property is exempt, Chapter 7 might be a better way to go.

Of course, you should always seek the counsel of an experienced local Woodbridge, 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 specific situation.

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Life in Woodbridge

The township of Woodbridge New Jersey is located in Middlesex County. Woodbridge has a population of just under 100,000 residents, making it the fifth largest municipality in the state of New Jersey. Woodbridge also has the honor of being the oldest township in the entire state.

It is easy to see the history Woodbridge has to offer and many visitors enjoy the points of interests and historical figures that came out of the city. Named after Reverend John Woodbridge, the city has been growing rapidly since its founding.

One sector of Woodbridge that is of particular interest is the legal community. Woodbridge lawyers are trained at some of the best law schools in the country and skilled in a range of practice areas to help his or her client with their issue. Woodbridge lawyers enjoy everything the township has to offer, and also enjoy using their legal knowledge to help their neighbor.

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