If you are facing large amounts of debt, loss of credit, foreclosure, garnishment of your wages, etc., it is important to know that you are not alone. Millions of people are facing financial crises of some sort and over a million individuals file for bankruptcy each year.
Unfortunately, the word “bankruptcy” is one of those terms that is often used, but also misunderstood. Unlike what some might have you believe, bankruptcy is not about failure. It is about addressing serious financial challenges. It is a legal process through which you can potentially save your home, your car and other property; restore your driver’s license; and stop harassment calls.
The two main types of personal bankruptcy are Chapter 7 and Chapter 13.
Under a Chapter 7 Bankruptcy, most debts are wiped out and you are allowed to keep all of your personal property. The only debts that cannot be erased are recent taxes, child support, court fines, student loans, and secured debt. If you qualify, you can file a Chapter 7 Bankruptcy and still keep your home and car.
A Chapter 13 Bankruptcy involves the filing of a plan and monthly payments made to catch up on secured debts. If you qualify, a Chapter 13 Bankruptcy will stop sheriff’s sales, repossessions, and provide needed debt relief. Generally, Chapter 13 bankruptcies are more involved than Chapter 7 bankruptcies as they provide for detailed payment plans.
Underwood & Micklin offers a full range of bankruptcy services for individuals throughout New Jersey. Practicing for over 20 years, our attorneys regularly appear in United States Bankruptcy Court for the District of New Jersey. We take the time to fully explain to you all the technicalities of qualifying for bankruptcy, and evaluate which type of bankruptcy may be best for you. It is our goal to make the process go as smoothly and as painlessly as possible, and as such, are committed to providing you with regular updates as to the status of your case.
It is important to note that for many individuals, bankruptcy and divorce go hand in hand. As both bankruptcy and family lawyers, Underwood & Micklin has a unique understanding of these kinds of difficult situations.
Bankruptcy is about getting a fresh slate in life, and is nothing to feel guilty about. It allows you to get out of the debt trap, and to retake control of your life.
If you would like to discuss a family law matter, you can contact us at 877-580-2200, use the form at the right, or email us at email@example.com