When debt is weighing you down, it's hard to concentrate on anything else. If you've been unable to get your debt under control, it's time to consider bankruptcy. Joseph A. Fortunato Law Offices understands the nuances of bankruptcy law in the Montclair, NJ area. We service clients from Newark, West Orange, and surrounding areas.
Filing for bankruptcy is a serious decision, but it doesn't need to be a difficult one. Ask an experienced bankruptcy law attorney about your options by calling 973-744-5958 today.
There are some debts that you cannot eliminate by filing bankruptcy. For example, most tax debt, child support and judgements against you cannot be eliminated by filing bankruptcy. You can stop a foreclosure by filing Chapter 7 or Chapter 13 bankruptcy which will allow you time to negotiate with your lender or allow you to pay back the arrears on your mortgage over time.
In nearly all cases, your home and car is safe when you file bankruptcy. There are both state and federal exemptions that are applied when you file. If your intent is to keep your home, bankruptcy filings can stop foreclosure using an automatic stay and if you file Chapter 1., the past due amount will be paid over time along with your usual mortgage payments.
There are two primary bankruptcy chapters that are applicable for consumers. Chapter 7 eliminates most debt and allows you to get a fresh start. In order to be eligible, consumers must pass a means test. Once the bankruptcy is discharged, most debt is eliminated allowing you to start over. Chapter 13 is a reorganization of your existing debt. This allows wage-earners to set up a payment plan which can last as long as five years to repay their debt. A New Jersey bankruptcy attorney can help you determine which Chapter is best for your specific needs.
Yes; under the U.S. Bankruptcy code, any consumer filing bankruptcy must take part in a credit counseling course. There are many organizations which offer this course and in some cases, you may be able to take the course online. This counseling must be completed before your bankruptcy is discharged.
When handled correctly, bankruptcy can help you move forward with your life. A bankruptcy attorney from Joseph A. Fortunato Law Offices can help you: