NJ Lawyers | Middlesex County Bankruptcy Law | Bound Brook
Bound Brook | 08805
Bankruptcy is a court-based process that is meant to give people a financial 'fresh start' by getting them out from under burdensome debts. Once the bankruptcy process is complete, the filer is typically released from personal liability for most debts. Filing for bankruptcy can present many challenges, so it's important to have all the information you need at the outset. Contact personal bankruptcy attorney, Vince Maverick, and the bankruptcy lawyers at Maverick & Peters, LLC if you are concerned about bankruptcy law. They have advised many businesses & individuals in Bound Brook and throughout Middlesex County NJ. Chapter 7 bankruptcy allows debtors to get rid of most, if not all, of their debts and start over with a clean slate.
A debtor may choose to file for either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. While a Chapter 13 bankruptcy reorganizes debt into a repayment plan, a Chapter 7 bankruptcy, also known as a 'liquidation' bankruptcy, erases all debt that is legally capable of expungement. Chapter 7 bankruptcy rules determine who qualifies, how to file, and what debt is eligible for discharge. Income criteria established by bankruptcy law determine which debtors may file for Chapter 7 bankruptcy. In order to qualify under income guidelines, a filer's income must be equal to or fall below the median income in the filer's state. Every state has different income guidelines. A filer that falls within a state's income criteria may file for Chapter 7. Although the debtor may be ineligible for Chapter 7, Chapter 13 is an option. A Chapter 13 bankruptcy allows the debtor to repay creditors in a five-year repayment plan.
A debtor is required to provide information about income, debt, expenditures, creditor holdings of secured and unsecured debt, the sale of prior property, and a list of exempt property. The chapter 7 bankruptcy lawyers at Maverick & Peters, LLC can walk you through each step of the way during this difficult phase of your life. Businesses & individuals in Bound Brook NJ can greatly rely on the sound advice by these experienced bankruptcy attorneys. Call them today to get started right away. There are certain debt limits that may prevent you from filing for Chapter 13 bankruptcy. As of January, 2010, if you have secured debts that exceed $1,010,650 or unsecured debts of more than $336,900, you are not eligible to file for Chapter 13 bankruptcy. An unsecured debt is one where your creditor does not have the right to take a specific item of property if the debt is not repaid. Conversely, a secured debt is one where a creditor 'secures' the loan by your promise that the creditor is allowed to take a specific item of property the debt is not paid.
Payments on any secured debts have to be included in the plan (such as car or home payments). In addition, if you have fallen behind on any of these secured debt payments, these late payments should also be included in the repayment plan. As a general rule, if your average monthly income for the six months prior to your bankruptcy filing was more than the median income for your state, you will have to propose a repayment plan that is five years long. If, on the other hand, your average income for the same time period is less than the median income for the state, then you will propose a three year repayment plan. However, if you pay off all of your debts in full before the end of the repayment plan, your repayment plan will end. You may also be able to convert your Chapter 13 reorganization bankruptcy to a Chapter 7 liquidation bankruptcy. The seasoned chapter 13 bankruptcy attorneys at Maverick & Peters, LLC are ready to step in to provide individuals & businesses with strong advice and aggressive representation to defend your rights in Bound Brook and throughout Middlesex County NJ.
Personal Bankruptcy Lawyers serving South Plainfield, Avenel, Bound Brook, Clark, Colonia, Dunellen, Edison, Fanwood, Fords, Green Brook, Iselin, Metuchen, Middlesex, North Plainfield, Piscataway, Plainfield, Rahway, Scotch Plains, South Bound Brook, Warren, Woodbridge, and throughout Middlesex County.
Bound Brook | 08805
Chapter 7 Personal Bankruptcy Lawyers in Bound Brook, NJ
08805 Bankruptcy Law Firm
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Maverick & Peters, LLC 114 Oak Tree Ave, South Plainfield, NJ 07080 (908) 899-1661 http://www.SouthPlainfieldAttorneys.com/
Chapter 7 and 13 Bankruptcy Lawyers in New Jersey
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Maverick & Peters, LLC specializes in the following Practice Areas: Accident Law, Bankruptcy Law, Business Law, Civil Law, Criminal Law, Divorce & Family Law, Employment Law, Estate Planning Law, General Practice Law, Immigration Law, Injury Law, Real Estate Law, and more.Attorneys | Bankruptcy Law | Bound Brook | 08805Related topics: what is chapter 7 bankruptcy, chapter 7 bankruptcy, personal bankruptcy, chapter 7 bankruptcy law, what is chapter 7 bankruptcy, bankruptcy attorneys, bankruptcy lawyer attorney, bankruptcy law, bankruptcy law firms, bankruptcy lawyers
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