Stack of credit cards.Difficult times can happen to anyone when they least expect it. Perhaps it was changes with your employment, divorce or health issues that left you struggling under the weight of debt. On top of that you now face collection letters, utility shut off notices, creditor telephone calls and even eviction or foreclosure. The future looks bleak, but it doesn’t have to be.

A New Brunswick bankruptcy lawyer can help you get a fresh start

Filing a bankruptcy petition will ease the pressure. Creditors will be prohibited from making repeated phone calls, and they won’t be able to make repossessions and paycheck garnishments. Your credit card and medical debt will be wiped clean. The utilities will not be allowed to shut off your services. With a New Brunswick bankruptcy attorney on your side you may even be able to save your home from foreclosure in many cases.

Types of bankruptcy

Chapter 7 Bankruptcy

If a business files for a Chapter 7 bankruptcy then a Trustee is appointed to look into the business’s financial affairs. They will liquidate any assets and distribute the proceeds to the creditors. The business entity will be dissolved.

If an individual files for a Chapter 7 bankruptcy they are allowed to keep certain exempt property. The appointed Trustee will liquidate other assets to pay the creditors and many (but not all) debts are discharged. The exact exemptions vary from state to state and can include cash, a family car and property.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is designed to give you a chance to reorganize your finances and file a plan to pay back your debt with the bankruptcy court. This prevents your assets being sold off to repay the debt. With the threat of foreclosure or automobile repossession gone, you can get your life back in order. Your debt will be consolidated and your monthly payments reduced.

Which one is right for me?

Adam G. Rosenberg, Esq. can advise you of the benefits and disadvantages of both types of bankruptcy. We’ll help you choose the right path forward with both your present circumstances and future plans in mind.

Why use a New Jersey bankruptcy attorney?

The thought of bankruptcy can be intimidating, but in many cases it will make your life easier. It may well be that within a couple of years your credit score will be higher with the debt removed than if you continue accumulating debt with your current situation. A New Jersey bankruptcy attorney from Adam G. Rosenberg, Esq. LLC can help you work out if it’s the right solution for you.

  • We’re experienced. We’ve helped many clients find their way out of debt successfully.
  • We know the courts. We’ll explain the process in simple terms and make sure you know what to expect.
  • We understand. We know the pressures you’ve been under. We’re here to lighten the burden rather than add to it.
  • Our fees are reasonable. We offer flexible payment options
  • Free initial consultations. Come talk to a New Jersey bankruptcy attorney about your situation and learn about the options ahead. Your first half hour is free and there’s no obligation. Contact us to set it up.

Further Reading