Many people are hesitant to open a discussion about filing for bankruptcy, because they worry that their credit will be permanently ruined, that they will be forced to surrender their possessions, or that they will be unable to make major purchases in the future. However, the truth is that filing for bankruptcy is a highly powerful resource which has allowed millions of residents of New Jersey to once again regain credit stability, freedom from creditor harassment — and most importantly, the confidence of knowing that they are in control of their financial futures.
At Young, Marr & Associates, we have filed over 5,000 unique bankruptcy cases in over 20 years of experience. For decades, we have worked with thousands of clients from all financial backgrounds, which has afforded us the opportunity to build strong professional relationships with New Jersey judges and jurors along the way. Our attorneys are committed to treating our clients with compassion and respect, and to providing cost-effective and aggressive legal representation for the residents of New Jersey, period.
New Jersey Bankruptcy Basics
Filing for bankruptcy can be a complex and daunting process, but with the assistance of seasoned New Jersey bankruptcy attorneys, obtaining a successful discharge is within your reach.
Before you file for bankruptcy in New Jersey, you will be required to complete credit counseling, which can only be administered by an approved agency. Once you have submitted proof of credit counseling, you may then file a petition for bankruptcy.
The most common types of consumer bankruptcy are Chapter 7, and Chapter 13. The type of bankruptcy you will embark upon is chosen by something called the Means Test, which calculates your financial resources to determine what sort of a payment plan you will be able to reasonably satisfy. Chapter 7 bankruptcies completely eliminate, or “discharge,” most debts, and are granted based on need. Chapter 13 bankruptcies take a longer period of time to complete than Chapter 7 bankruptcies, and require that certain debts be gradually repaid per the specifications of a repayment plan, which is designed around a petitioner’s income and other financial resources.
Once your bankruptcy has been successfully completed, or “discharged,” you will finally be required to receive debtor education. The purpose of New Jerey’s debtor education requirement is to provide ex-petitioners with the knowledge and information they need to help budget and manage their finances in the future, in order to avoid falling into another bankruptcy.
Do I Need an Attorney?
If a petitioner wishes to file on their own, it is perfectly legal to do so. The technical term for an individually-filed bankruptcy is pro se. However, while it is possible to file for bankruptcy without legal assistance, it is not in a petitioner’s best interest. The state and federal legislature pertaining to bankruptcy is complicated, dense, and ever-changing, and even a seemingly trivial error or omission in paperwork can lead to significantly reduced exemptions — or even the complete dismissal of a case.
It is natural that many people considering bankruptcy are concerned about the cost of enlisting an attorney. We completely understand that petitioners seeking financial relief are often worried about legal fees and payments, and we promise to work diligently to create flexible, affordable plans for our bankruptcy clients.
Your debt isn’t going to disappear on its own. Take charge of your finances today: contact the law offices of Young, Marr & Associates online, or call us at (609) 755 3115 in New Jersey or (215) 701 6519 in Pennsylvania. Our consultations are always 100% confidential, and your first consultation is free. Together, we can achieve financial freedom. Call today.