Dedicated Bankruptcy Attorney In New Jersey
Most people who face financial problems are reluctant to pursue bankruptcy. They consider it shameful or dishonest to admit that they cannot pay their bills and struggle with the thought of being labeled “bankrupt.” There is nothing to be ashamed of. Many well-respected people and businesses have filed for bankruptcy.
Bankruptcy laws are geared toward helping people and businesses get a fresh start by reducing or eliminating their debts. The advice and counsel of an experienced bankruptcy lawyer can help you. The Law Offices of Franklin S. Montero in Clifton, New Jersey, will guide you through the process and explain the differences in the applicable bankruptcy chapters.
We Help People And Businesses
Knowledgeable, understanding and skillful, our team of attorneys has helped clients maneuver through the bankruptcy process in areas that include:
- Chapter 7: Considered a straight bankruptcy, Chapter 7 comprises the majority of bankruptcy filings. Depending on the results of the means test, you may have to sell most of their assets to repay creditors and keep some of their income and property, including your home. However, you may also lose your home, which is why you need a skilled attorney on your side.
- Chapter 11: Almost exclusively designed for businesses, Chapter 11 allows a business to reorganize its finances in hopes of staying open. If you hear that a company has emerged from bankruptcy, it means that the company convinced its creditors, the trustee and the court that, under its new structure and payment arrangements, it will survive. If your business is having trouble, you might be eligible to reorganize and restructure your debts.
- Chapter 13: This type of bankruptcy is more complex and involved than a Chapter 7. It is usually recommended only if you have significant equity in the home and you can demonstrate some change in your circumstances to indicate that you will be able to meet the requirements of repayment. You must stay current with your bills and propose a plan for catching up on your arrears, especially your mortgage. You can keep your home and property if you complete a court-ordered repayment plan.
Our team of attorneys can explain your best legal options and answer any questions concerning the bankruptcy process from beginning to end.
The Bankruptcy Means Test
Before the Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), debtors seeking to eliminate unsecured debt filed for Chapter 7 bankruptcy with few restrictions. Today, the legal system scrutinizes your income and expenses to decide if you qualify for a full discharge. Our legal team simplifies the bankruptcy means test and demonstrates how these regulations affect your Chapter 7 petition.
Problems With The Bank? Call Frank.
Filing for bankruptcy takes a great amount of thought and can result in a new financial beginning for you. The Law Offices of Franklin S. Montero in Clifton, New Jersey, has helped many people and businesses navigate through the bankruptcy process. Contact us online or call us at 973-869-5556. Se habla español.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.