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Bankruptcy
For most individuals and couples, there are two bankruptcy choices. The first is a Chapter 7 bankruptcy, which is a liquidation, and assets that cannot be exempt may be liquidated by the Trustee and the proceeds used to pay creditors. Despite the potential for liquidation, the Bankruptcy Code provides exemptions which allows people to retain many of their essential holdings, such as a portion of the equity in a home and a vehicle. The second choice is a Chapter 13 bankruptcy. Under Chapter 13, the party filing for bankruptcy must make scheduled plan payments over a period of a few years. The amount of these payments depends on several factors, including the filerâ€™s disposable income and/or the non-exempt equity that a filer may have in their assets. Our New Jersey bankruptcy lawyers can help you formulate the plan of reorganization that is best for your situation; and will prepare your petition, and file the plan and petition with the court.

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