Chapter 7 Bankruptcy Lawyer
A Chapter 7 Bankruptcy is a mechanism for an individual or married couple to receive complete forgiveness on their personal debt obligations and at the same time retain their home, car(s), retirement accounts, and assets. Yes, Chapter 7 Bankruptcy is technically considered a “liquidation”. However, there are generous exemptions under the bankruptcy code that allow the average person to retain all of their assets and still receive a discharge on all of their debts.
Never automatically assume that you qualify for a Chapter 7 Bankruptcy. Only a lawyer who specializes in bankruptcy law in New Jersey can help you make this determination. The local bankruptcy rules governing a Chapter 7 Bankruptcy in New Jersey are different from every other state. If you file a Chapter 7 Bankruptcy without the proper due diligence to determine that you are eligible for a discharge of your debt and that your assets fit within the exemptions allowable under the Federal Bankruptcy Code and New Jersey Bankruptcy Rules, the outcome could be most unfavorable. You could end up having to sell assets involuntarily with the money going to your creditors to pay off all or a portion of your debt. My goal is to make sure that you retain the assets that you wish to hold onto and discharge all or most of your debts at your discretion.
In addition to personal bankruptcy filings, a Chapter 7 Bankruptcy can be filed as a mechanism to liquidate a business and close the business down. The moment a Chapter 7 Bankruptcy is filed on behalf of a business, the business must cease operating. All books, records, inventory, and assets of the business are handed off to the bankruptcy trustee assigned to the case. Chapter 7 Bankruptcy for a business ensures that collection efforts against the business cease forever and that the business assets are disposed of in a timely fashion by the bankruptcy trustee to pay a portion of the debt owed to creditors as applicable. A business bankruptcy filing closes a business with dignity and finality.
When choosing a Chapter 7 Bankruptcy lawyer, make sure that your attorney exclusively practices bankruptcy law as I do. Many times, I see clients who have made a mistake with a prior bankruptcy filing that has not worked out in their favor because their attorney was not qualified to represent them, or they did not have a good working relationship with their lawyer. It is important to see that your attorney has filed a volume of cases with an outstanding success rate, are active at the State level with the Bankruptcy Inn of Court, and are asked to speak on bankruptcy topics for bar associations and non-profit groups statewide, as I am.