Chapter 7

Wall, NJ Chapter 7 Bankruptcy Lawyer

Compassionate & Proficient Representation in New Jersey

Chapter 7 is the most common form of bankruptcy filing in the U.S. It is generally filed in situations where you have accumulated large unsecured debt, such as credit card debt, medical or dental bills, personal loans, or other debt not backed by collateral and where you may have few assets.

It is the fastest and easiest type of personal bankruptcy and is designed to eliminate most of your unsecured debt to give you a fresh financial start. In order to take advantage of this type of bankruptcy, you will have to qualify and fulfill all necessary requirements.

At Cerbone Law Firm, we have successfully assisted thousands of individuals and couples through the Chapter 7 bankruptcy process. Our firm is well-versed in state and federal bankruptcy law and how the local courts operate in these matters.

We start out by ensuring that we fully understand the unique aspects of your financial situation so that we can determine if a Chapter 7 is right for you. Once you understand the process, what is involved, its advantages and disadvantages, we can guide you through all the steps that must be taken to successfully complete your case.

We pride ourselves on treating all of our clients like family, giving them the advice and support needed through our representation.

You can rely on the highly-professional legal service from our Wall, NJ Chapter 7 bankruptcy attorney. Call us at (732) 402-0088 for a free consultation or contact us online.

How Does a Chapter 7 Filing Work?

A Chapter 7 bankruptcy is commonly called the “liquidation” bankruptcy. This is because all of your non-exempt assets will be turned over to the trustee in charge of your case who will sell them and distribute their proceeds to your creditors.

In the vast majority of cases, you will be able to keep most of your property because it is exempt from the bankruptcy process under federal or state law or because its value is not enough for the trustee to use.

Once this process is completed, whatever unsecured debt remains will be eliminated. This is known as the discharge or release of your debt. This means that in a Chapter 7 you will not have to repay any of the outstanding unsecured debt you owe to creditors.

At the end of the process, which can be concluded within a matter of months, you will have a clean financial slate. Once you file for bankruptcy, your creditors can no longer engage in any type of collection attempts.

This means you will no longer be subject to any type of creditor harassment, such as phone calls, texts, letters, lawsuits, or wage garnishments. These agencies and entities can only go through the bankruptcy court to seek any kind of payment.

Exempt Property

Both the state of New Jersey and the federal government provide a list of exemptions that you may use in retaining your property under a Chapter 7. These two sets of exemptions each have their own advantages and disadvantages which can be applied to the specifics of your financial situation.

These exemptions can include those for a part of the equity in your home, your car, for all household goods, public benefits, trusts, pensions, retirement plans, and profit-sharing plans. Our firm can help you determine how exemptions will work for you according to your particular situation.

Non-Dischargeable Debts

Not all debts can be discharged in a Chapter 7 bankruptcy. Those that are generally non-dischargeable include the following:

  • Child support payments
  • Alimony payments
  • Student loans
  • Personal injury or wrongful death awards owed due to driving while intoxicated
  • Certain tax debts
  • Fines and penalties for criminal violations and traffic tickets
  • Fraudulent debts

Get Proven Legal Representation at Cerbone Law Firm

To fully understand how the Chapter 7 process will work in the framework of your case, you will need to consult with our Wall, NJ Chapter 7 bankruptcy attorney. Every case is different and the above describes only the general outlines of the process.

Our firm is here to answer your questions, address your concerns, and guide you through the process from start to finish. We have successfully resolved more than 10,000 bankruptcy cases with a 99 percent client satisfaction rate. We provide competent and compassionate representation at reasonable rates with options for saving your home.

Get the specific answers you need as they relate to your situation. Connect with our proficient attorney online or call our office at (732) 402-0088 for a complimentary consultation.

The Cerbone Law Difference

  • We Are Committed To Finding the Best Solution

    We promise to give you the same advice we would give to a family member.

  • We Care About Our Clients

    Our compassion for our clients and comittment to see them succeed is the driving force behind our practice.

  • We Have Over 25 Years of Experience

    Over those 25 years we have experienced it all and have learned how to have fun doing it!

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