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Filing for Bankruptcy in Bergenfield: The Process

It can be a frightening proposition to be considering filing for bankruptcy. Usually this decision comes at the tail end of a great number of financial problems. When you cannot pay your debts no matter how responsible you are, it is time to consider the option of filing for bankruptcy and getting a fresh start. At our firm, we can provide legal representation for every step of the Chapter 7 process or the Chapter 13 process. The first action to take is to talk to us. The longer you wait, the more difficult the problems could be to resolve. You are now required to submit a "means test" which evaluates your financial condition and determines eligibility for filing for bankruptcy.

All submissions to the court must be 100% accurate or there can be serious repercussions. If the court believes you are trying to avoid losing certain assets by failing to list them, or you do not have all of your creditors and the amounts you owe, you could have legal trouble. Transferring assets to another party prior to filing bankruptcy is a red flag to the court. You need to carefully navigate each part of the process to avoid problems.

The bankruptcy laws were amended in 2005, and there are many more requirements to qualify. Our Bergenfield bankruptcy attorney has found that the great majority of people we serve in the area qualify for filing Chapter 7, and lose nothing other than debt through filing for bankruptcy. Once your petition is submitted, there will be other actions that must take place, including the meeting of the creditors. In most cases, the creditors do not bother to come and contest any debt. Whether they do or do not, you can be confident that our lawyer will be there to represent you, and to negotiate issues that could arise. You want to get the most out of filing for bankruptcy, and we can help you do so.

Chapter 7 or Chapter 13?

You may not fully understand whether you should file Chapter 7 or Chapter 13. These are two very different forms of bankruptcy. Chapter 7 is the most commonly filed form of bankruptcy, and allows the individual or couple to discharge unsecured consumer debt, including overdue utilities, credit card bills, personal loans, medical bills and many others. This form of bankruptcy gives the most debt relief possible under the federal bankruptcy laws – once the debt is discharge, it is gone forever. Chapter 13 is the form of bankruptcy most often used for those who do not qualify for Chapter 7, have a steady income, or don't want to lose property that could be liquidated. The great majority of our clients qualify for Chapter 7. We take the time to review each person's unique financial situation, and in some cases, are able to identify bankruptcy alternatives that will resolve their financial problems without the need to take the radical step of filing for bankruptcy.

It is likely that you have many questions, whether about bankruptcy & spouses, the benefits of bankruptcy or even do I need an attorney? Read our informational pages to get basic information, or take advantage of our free initial evaluation. We have over 23 years of experience serving people in serious financial trouble in the area of Bergenfield, and we can quickly establish the best course of action for you. If you are facing foreclosure, you may need to get accurate information about how to stop foreclosure, or need help with foreclosure defense and mediation. A foreclosure on your credit report can be more harmful than bankruptcy. Talk to us so we can help you make the right decision, before matters get worse.

With our experience, scope of practice and knowledge about debt relief, you will have the best opportunity to get counsel about how to resolve your problems, whether through filing bankruptcy or another alternative. Many people will find that bankruptcy is the best solution, while others may find that resolving an underwater mortgage could allow them to have the money available to address outstanding debts. Our firm can engage with creditors and banks to negotiate creditor workouts and mortgage loan modifications. We are prepared to discuss each of these matters for you, and we have a great deal of experience and success in this area. We can also assist in other forms of foreclosure defense, including deed in lieu of foreclosure or a short sale. We are on your side, and do everything possible to get your financial life back on track, by applying the solution that will give you the greatest relief and positive outcome.

Wondering how to choose an attorney? Experience and range of options is an important factor to look for. A firm that only does bankruptcy may not offer you another solution that could better resolve your financial difficulties. Worried about losing your home, car or lawsuits or wage garnishment? Call us today. We can act quickly to assist you in urgent cases.

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