What began as a port of entry for many of the country’s immigrants in the 19th and early 20th centuries, has grown into a major banking center. Indeed, with Jersey City’s renaissance from a dock and factory town to the financial district it is today adds to the city’s distinction as Wall Street West.
If you are experiencing financial hardship, however, you may feel that you will never achieve the success that others seem to enjoy. The heavy burden of debt mounts as you attempt to avoid harassing phone calls from creditors and threats of wage garnishment. The fact is, one of the worst things you can do is ignore the situation. There are options available to help you regain financial stability. As an individual, Chapters 7 and 13 bankruptcy offer the opportunity for relief and restructuring you need for a fresh start.
Contact Jersey City bankruptcy lawyer, Jay L. Silverberg, and arrange a free consultation to discuss the options available for financial relief.
The most common and least expensive bankruptcy filing is Chapter 7. Known as liquidation bankruptcy, when you file Chapter 7, you’re appointed a trustee who collects your non-exempt assets in an attempt to pay off your debtors. The remaining balance owed on your unsecured debts is typically discharged. Debts discharged through Chapter 7 may include the following:
If you make more than the allowable income to file Chapter 7 and you want to retain certain property, Chapter 13 provides financial relief through restructuring your debts. With a typical repayment plan of three to five years, you may prevent the following scenarios:
In the process, you may be able to keep valuable non-exempt property. Once you’ve satisfied the repayment plan, the remaining dischargeable debt is forgiven.
Before you file for either Chapter 7 or Chapter 13, you must first complete the Means Test. The test determines whether you meet the income guidelines to qualify for Chapter 7. It is also used to calculate your disposable income for managing debt repayment in Chapter 13.
New Jersey allows you the option of choosing state or federal exemptions. A New Jersey bankruptcy attorney can assist you in determining which provides you with greater flexibility for retaining personal property.
Exempt means the item is not counted as an asset in the bankruptcy estate. Within certain limits, items you may be able to keep include the following:
Additionally, a Wild Card exemption provides you the opportunity to keep an item of your choice within a specified dollar limit.
As you consider moving forward with your New Jersey bankruptcy case, remember you’re not alone. The total number of bankruptcy case filings for Hudson County in 2018 was 1,818. Of those, 1303 were Chapter 7, and the remaining 470 were Chapter 13 cases.
All residents of Jersey City and Hudson County file bankruptcy cases at the Martin Luther King, Jr. Federal Courthouse in Newark, NJ, located at 50 Walnut Street, Newark, NJ 07101. Online filing is also an option.
Contact the Silverberg Law Firm, LLC, to arrange a free, no-obligation initial consultation. We offer the expertise of more than 30 years of successful representation. It’s time to put an end to creditor harassment, wage garnishment, and the threat of foreclosure.
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