Paterson, like other manufacturing sectors in the United States, was hard hit during the last half of the 20th century. In an effort to regain economic footing the city established the Urban Enterprise Zone (UEZ) in 1993. With special tax benefits and other incentives, Paterson, New Jersey, continues on a positive redevelopment path.
Perhaps, you’ve found yourself in the middle of a financial struggle that feels like there’s no relief. Like the cities in which they live, people sometimes need a helping hand to reestablish their strength and begin again. Bankruptcy may create that positive turning point you need to create financial security. Contact the Silverberg Law Firm, LLC for a free initial evaluation of your financial situation.
The people who file for bankruptcy want nothing more than to pay their bills each month and set a little something aside for the future. Unfortunately, an unforeseen life-changing event can make that goal seem impossible.
Chapters 7 and 13 are the most common bankruptcy options for individuals. While they involve different criteria, each offers an opportunity for debt relief and a fresh start.
If you’re fielding harassing creditor phone calls or threats of wage garnishment, filing bankruptcy can provide the following relief:
A Paterson, NJ, bankruptcy attorney can assist you with available options.
Once it’s been determined that bankruptcy is an option, the two most common choices are Chapter 7 and Chapter 13.
With a brief description of each here, it’s in your best interest to consult an experienced Paterson, New Jersey, bankruptcy attorney.
Chapter 7, known most commonly as liquidation bankruptcy, is the least expensive route. A trustee is appointed to your case to collect all non-exempt assets in an effort to pay your debtors. What’s left of your unsecured debts is usually discharged. The following is an example of discharged debts:
Others who seek debt relief may have a higher income than is allowable for filing a Chapter 7. Chapter 13 bankruptcy provides you the opportunity to restructure your debts over a set period of time. A typical repayment period may be between three and five years, any remaining unsecured debts at the end of that time are forgiven.
A Chapter 13 bankruptcy stipulates which personal property you retain throughout the restructuring process, such as a house or vehicle. It also delivers the relief you need to regain financial stability by putting a stop to the following scenarios:
If you live in Paterson, or anywhere within Passaic County, you’re required to file with the Newark vicinage. The Newark Bankruptcy Clerk of Court’s Office is located at 50 Walnut Street, Newark, NJ 07101. Electronic filing is also an option.
The total bankruptcy cases filed for Passaic County in 2018 reached 1,539. While the number includes both business and personal cases, those for individuals were comprised of 1,030 Chapter 7 filings and 463 Chapter 13 cases.
Contact the Silverberg Law Firm for a free, no-obligation evaluation of your financial situation. One of our expert bankruptcy attorneys can assist you with finding an answer to your debt problems.
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