Filing For NJ Chapter 7 Bankruptcy

What is Chapter 7 Bankruptcy?

Credit Card DebtChapter 7 bankruptcy can be used to discharge most debts of the debtor.  Debts that can be discharged include credit cards, medical bills, certain tax debts, personal loans and other consumer debt.  If you are eligible for Filing For NJ Chapter 7 Bankruptcy petition, a trustee is appointed in U.S. Bankruptcy Court to oversee your case.  Once the petition is filed, an automatic stay is placed on all creditors.  This means that creditors can no longer make any attempt to collect on the debt that you owe; they must go through the bankruptcy proceeding.  The trustee will take charge of all of your assets and value them.  Once valued, the trustee will sell the assets to satisfy your debts.  In most cases, a debtor will be able to keep most, if not all, of their assets.  Once assets are sold, the remaining debt will be discharged or completely forgiven.

Will I Qualify for Filing For NJ Chapter 7 Bankruptcy?

Under the new changes to the Bankruptcy Code that took effect in 2005 (BAPCPA), a debtor must qualify for Filing For NJ Chapter 7 Bankruptcy protection.  This means that your attorney will have to perform certain calculations based on your monthly income and monthly expenses to determine how much money you have left over to pay your debts.  If you have too much extra monthly income, you may not qualify for Chapter 7 bankruptcy protection.  If you do qualify, however, you will go through the process outlined above and may receive a full discharge of your debts.  A full discharge is extremely desirable because it will allow you to begin the repair process and keep all of your future earnings.  To find out if you qualify for a Chapter 7 bankruptcy, contact an experienced bankruptcy attorney.

Call Villani & DeLuca for a Fresh Start

If you are going through financial difficulty, you need to consult with an experienced bankruptcy attorney.  Villani & DeLuca, P.C. Of Counsel attorney Robert H. Johnson, Esq. has considerable experience as debtors’ counsel, handling all aspects of distressed business and individual bankruptcy cases.  Call 732-965-3390 today to speak with Mr. Johnson and receive your free initial consultation.

Filing For NJ Chapter 7 Bankruptcy in Monmouth & Ocean County, New Jersey

We represent individuals going through Chapter 7 bankruptcy throughout Ocean County and Monmouth County, New Jersey.  If you are considering Filing For NJ Chapter 7 Bankruptcy and you are a resident of a town such as Long Branch, Asbury Park, Red Bank, Freehold, Manasquan, Belmar, Point Pleasant, Beachwood, Toms River, Seaside Heights, Lakehurst or Lavallette, call Villani & DeLuca at 732-965-3390 for your free initial consultation.