Is your family struggling to afford unexpected medical costs? Have you lost your job due to company cutbacks and the poor economy? Whatever your situation, filing for bankruptcy can get you a fresh start financially and help get your life back on track.
If you’re struggling with debt, Chapter 7 bankruptcy might be your best option. The law firm of Brenner Spiller & Archer assists New Jersey clients who need financial help. Our experienced bankruptcy lawyers care about our clients and can look over the details of your situation, provide guidance, and support you as you explore your available options. Contact us today for a free consultation!
What Are the Benefits of Chapter 7 Bankruptcy?
One of the immediate benefits of filing for Chapter 7 bankruptcy is that you will be able to stop creditors from bothering you. That’s because people who file for bankruptcy can receive immediate relief from collection efforts. Creditors will no longer be allowed to call you during dinner hours or at any other time. Additionally, they will be prohibited from sending collection letters and they must stop foreclosure proceedings until after the bankruptcy process is complete. This immediate relief is due to an automatic stay that goes into effect once the petition is filed. This automatic stay prohibits all collection efforts and assures stiff penalties for any creditor who violates it.
Protect Your Assets:
Many people worry that they will be forced to sell all of their property during the Chapter 7 liquidation process. This is incorrect. Both state and federal laws allow people to exempt some of their property and personal possessions, such as sentimental items, the equity in a home, many necessities and items required for employment. You may even be able to keep your car once the bankruptcy process has been completed. The exact property that can be exempted depends upon the property’s value, in which state the debtor files and under which chapter of the federal bankruptcy code the debtor files.
Protect Your Benefits:
Chapter 7 bankruptcy also affords individuals with protection when it comes to their state and federal benefits. That means you may be able to shield Social Security, Workers’ Compensation and unemployment benefits during the bankruptcy process.
How Chapter 7 Works: Discharging Your Debts
After determining what property is exempt, the non-exempt property is auctioned and distributed to creditors. Once this process is complete, most — and occasionally all — of a person’s debts are discharged. Debts such as medical bills, credit cards, certain loans, and court judgments are typically all dischargeable in Chapter 7 bankruptcy. However, many types of debt survive the bankruptcy process, including student loans, alimony, child support, fines, court-imposed penalties, and certain taxes.
If you’re considering bankruptcy, speak with an experienced bankruptcy lawyer for an analysis of their specific situation. The NJ bankruptcy laws are extremely complex, so navigating the bankruptcy process often requires the assistance of an experienced attorney who specializes in bankruptcy law.
Contact the Law Firm of Brenner Spiller & Archer
At Brenner Spiller & Archer, we provide friendly, caring and affordable legal services. We serve clients throughout central and south Jersey with offices in West Berlin, Mount Holly, Vineland, and Freehold. If you need a bankruptcy attorney, call 856.329.8033 today to schedule your free consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.