NJ Lawyers | Middlesex County Bankruptcy Law | Middlesex
Middlesex | 08846Bankruptcy 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 Middlesex and throughout Middlesex County NJ. In Chapter 13 bankruptcy, instead of selling off all relevant assets to pay creditors, a person will set up a repayment plan that uses their income to gradually eliminate their debt. Chapter 13 bankruptcy has its own set of rules and eligibility requirements. 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. Under Chapter 7 bankruptcy rules, a debtor is ineligible under the following circumstances: a previous debt was discharged within the past eight years under Chapter 7; a previous debt was discharged within the past six years under Chapter 13; their income, expenses and debt would allow for a Chapter 13 filing; the debtor attempted to defraud creditors or the bankruptcy court; or the debtor failed to attend credit counseling. 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 Middlesex NJ can greatly rely on the sound advice by these experienced bankruptcy attorneys. Call them today to get started right away. The bankruptcy court appoints a trustee for each bankruptcy case. The trustee is responsible for overseeing the case to ensure that the debtor files the appropriate documents. The trustee must also determine whether the sale of nonexempt property will produce enough income to pay creditors. If property is unlikely to generate substantial compensation in comparison with the time and effort needed to sell the property, the trustee will likely allow the debtor to keep the nonexempt property. Perhaps the most important, and most tricky, part of a Chapter 13 bankruptcy will be the repayment plan. This paperwork will describe, in minute detail, how much you will pay to which creditors to pay down your debts. Although there is no standardized, official form to be used, many courts have developed their own that may be useful for you in making your 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. If making payments on the repayment plan would pose an undue hardship (if you were hospitalized for a long period of time), a bankruptcy judge may decide to discharge your debts. Chapter 13 bankruptcy attorney, Vince Maverick, can help you navigate through the complexities of bankruptcy law in Middlesex NJ. Get the help you deserve by calling him today. 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.
Middlesex | 08846
Chapter 7 Personal Bankruptcy Lawyers in Middlesex, NJ
08846 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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Middlesex Law Firm - All Practice AreasMaverick & 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 | Middlesex | 08846
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