Personal Bankruptcy Attorney in Howell, New Jersey

When you're knee-deep in debt, struggling to make ends meet, and feeling like you're drowning, personal bankruptcy might be the lifeboat you're searching for. Don't let the stigma scare you off. It's not an admission of defeat, but a strategic move to regain control of your financial future. In New Jersey, there are specific rules and processes to follow, so let's explore this in detail. 

If you’re considering filing for personal bankruptcy in the areas of Howell, New Jersey, Jackson Township, Wall Township, Brick Township, or Freehold Township, reach out to Attorney Vera Fedoroff of Fedoroff Firm LLC for assistance in the process. With so much at stake, you should have your interests and rights protected with sound legal guidance.  

What Is Personal Bankruptcy? 

Personal bankruptcy is a legal process that allows an individual to eliminate or repay some or all of their debts. It's designed to give you a fresh start, free from the burden of unmanageable debt. There are two main types: Chapter 7 and Chapter 13 bankruptcy. 

Chapter 7, also known as liquidation bankruptcy, involves selling off your non-exempt assets to pay back creditors. It's a quicker process, typically taking four to six months. But it's worth noting that not everyone qualifies for Chapter 7. You'll need to pass a "means test" that assesses your income and expenses. If your income is too high, you might have to file for Chapter 13 instead. 

Now, Chapter 13 bankruptcy, often called reorganization bankruptcy, is more about restructuring your debts rather than wiping them out. Here, you'll create a three- to five-year repayment plan based on your income and debts. The goal is to pay back all or part of what you owe. At the end of the repayment period, any remaining unsecured debts may be discharged. 

How Can a Law Firm Help?

At Fedoroff Firm LLC, Attorney Vera Fedoroff is well-equipped and ready to help you navigate through the murky waters of personal bankruptcy. 

She'll sit down with you and really dig into your financial situation. It's not always easy to talk about money troubles, but Vera has a knack for making you feel comfortable. She'll look at all the angles, answer your questions, explore possible alternatives, and help you decide if bankruptcy is even the right move for you. 

If it turns out bankruptcy is your best option, she won't just leave you to figure things out on your own. Nope, she'll be right there helping you decide between Chapter 7 and Chapter 13. It's not a one-size-fits-all kind of deal, so she'll take into account your unique circumstances to find the best fit. 

And then there's the paperwork. Forms, documents, petitions—it can all get pretty overwhelming, especially when you consider balancing this process with the busyness of everyday life. But with Vera by your side, you can rest easy. She'll help you prepare and file everything correctly and on time. And if there are any meetings with creditors or the bankruptcy trustee, you can bet she'll be right there advocating for your rights and interests. 

The Bankruptcy Process in New Jersey 

In New Jersey, the bankruptcy process is similar to other states, but there are some unique aspects. For instance, the state has its own set of exemptions that protect certain property from being sold in a Chapter 7 bankruptcy. These include homestead exemption, motor vehicle exemption, and personal property exemption among others. 

The process begins with credit counseling, which must be completed within six months before filing for bankruptcy.

Next, you'll need to gather all your financial documents, such as tax returns, pay stubs, and bank statements. These documents will be used to complete the bankruptcy petition and other required forms. 

Once the paperwork is filed with the New Jersey bankruptcy court, an automatic stay is put in place. This prevents creditors from taking any further collection actions against you.

A meeting of creditors, also known as a 341 meeting, will then be scheduled. You're required to attend this meeting, where the bankruptcy trustee and creditors can ask you questions about your finances and bankruptcy papers. 

Lastly, before your debts can be discharged, you'll need to complete a debtor education course. Once this is done, and assuming everything else is in order, the court will discharge your eligible debts, marking the end of your bankruptcy case.