Bankruptcy Attorney in Howell, New Jersey

Giving You the Tools to Defeat Debt

It is easy to feel like there is no way out when you are faced with overwhelming debt. You may have done everything right, but even a single unexpected incident – a severe injury, a totaled car, a loss of income – can leave you financially vulnerable. As debts grow larger and more insurmountable, you may be fearful that you could lose your home or face lawsuits from angry creditors.

You do not have to face debt alone. The Ocean County bankruptcy services at Fedoroff Firm LLC can help identify legal solutions that can give you the means to overcome debt and build a fresh financial future. Bankruptcy helps many individuals, families, and business entities attain temporary and permanent relief, including the discharging of certain types of debt and extended protection from creditors. When you meet with the team, Attorney Fedoroffcan answer your questions about bankruptcy, determine for which types you qualify, and advise on what strategies will be most effective in addressing your debt.

Types of Bankruptcy and Debt Relief

• Chapter 7 Bankruptcy This type of bankruptcy is intended for those with limited means to repay creditors. Filing involves “liquidating” nonexempt assets in order to settle debts. Strategic use of exemption schedules often allows filers to protect their most treasured and essential assets – including their home, vehicle, and sentimental personal property – from the liquidation process. Chapter 7 cases can be completed relatively quickly, with most filings concluding in under 6 months.

• Chapter 11 Bankruptcy. Business entities struggling with a temporary economic downturn can use Chapter 11 to reorganize their finances while continuing operations and maintaining control of the company. Filers will propose a plan to manage outstanding debts, and this plan must be feasible, fair, made in good faith, and in the best interest of creditors. Individuals can also sometimes use Chapter 11 bankruptcy if they do not qualify for Chapter 7 or Chapter 13.

• Chapter 13 Bankruptcy. Those with a certain level of monthly disposable income will likely qualify for Chapter 13 bankruptcy, which skips liquidation and instead focuses on reorganization. Filers will be responsible for making monthly payments as part of a plan approved by the bankruptcy court. This payment typically involves a consolidation of the filer’s outstanding debts and must be made over a period of 3 to 5 years. Chapter 13 can be especially useful for individuals whose lucrative assets might otherwise be vulnerable to a Chapter 7 liquidation.

• Bankruptcy and Real Estate. Contrary to some misinformation, filing for bankruptcy will not result in your losing your home. In fact, bankruptcy can in many circumstances protect your home from foreclosure should you fall behind on mortgage payments. A primary residence can often be protected from Chapter 7 bankruptcy’s liquidation process, while the longer Chapter 13 bankruptcy will typically give you a period of several years to catch up on payments.

• Debt Relief. Bankruptcy can confer both immediate and long-term forms of debt relief. Regardless of what type you file for, you will gain the protection of the automatic stay, a court order that prevents creditors from taking action against you. This means that creditors cannot foreclose your home, repossess your vehicle, or file collection lawsuits against you for the duration of your bankruptcy. Successfully completing a bankruptcy also typically allows you to permanently discharge unsecured debts, including credit card debt, medical bills, and personal loans.

• Foreclosure Defense. Foreclosure of a home or any other type of real estate can often be avoided through direct negotiation with your mortgage lender. Should negotiation prove fruitless, we can help you leverage bankruptcy’s automatic stay to protect against foreclosure. Our team can help you strategize on how best to utilize bankruptcy tools to help you catch up on your mortgage.

Howell, New Jersey Bankruptcy Attorney

Explore your bankruptcy options by scheduling an initial consultation with Attorney Vera Fedoroff. She has the skills, experience, and care for her clients to support you. Attorney Fedoroff prioritizes your best interests and advises you through the process, knowing that the ultimate decision is your own. With over 20 years of experience, she has a full understanding of New Jersey’s bankruptcy system and can leverage our knowledge to help you efficiently get the relief that you need. Call or contact Fedoroff Firm LLC online to get started.