Bankruptcy Attorney in Edison, NJ

packs-163497_960_720Representing clients through the process of bankruptcy

If you are in a dire financial situation, you may face the reality of having to file for bankruptcy. Though it may be difficult to contemplate, the right attorney can compassionately and effectively guide you through the process of filing for bankruptcy. You have options. If you need to liquidate your assets to pay back debts, Chapter 7 may be the best option for you. If you believe that you can satisfy your debt through some reorganization, Chapter 13 may be your best option. If you need more information about bankruptcy or need the legal support to help you through tough times, contact Velasco Law Office for a consultation.

What are my bankruptcy options?

If you are in a dire financial situation, you may be considering the process of bankruptcy. Velasco Law Office is an experienced bankruptcy law firm ready to guide you through your options and help you choose the best path to right your financial ship. There are two options under the bankruptcy laws: a liquidation or a repayment plan.

Chapter 7

Chapter 7 bankruptcy is basically the conversion of your assets into cash by creditors in the event that you are unable to pay your debts. Chapter 7 bankruptcy is the most basic form of bankruptcy filed in the United States. Even more simply put, with some exceptions, you can just walk away from your debt by selling what you own. The proceeds go towards paying the creditors.

Chapter 13

When a person faces a terrible financial state, they may have to take action to address the problem. Sometimes, a person may have to file for bankruptcy in order to better his or her financial situation. Also known as a wage earner’s plan, Chapter 13 bankruptcy enables an individual to pay back all or most of the debt that is owed to creditors. Chapter 13 helps people with regular incomes develop a repayment plan over 3 or 5 years.

 Foreclosure Defense

If you are facing foreclosure, you need an attorney that knows what it takes to defend your future and help you keep your home. There are countless ways for an attorney to use legal means to stall or stop the process in its entirety. Even though the future looks bleak, foreclosures are not set in stone and the right attorney can help.

Myths of Bankruptcy

When you are facing a grim financial situation, you may consider filing for bankruptcy but shy away because of the stigma associated with those who have filed in the past. Many people believe that filing for bankruptcy is for the irresponsible, will tarnish their reputation, take all of their possessions, and permanently ruin their credit. Do not allow the unfounded myths of bankruptcy to scare you.

Benefits of Bankruptcy

Velasco Law Office understands that the thought of bankruptcy can be overwhelming for many who are in dire financial situations. It is obvious that bankruptcy has some negative aspects to it, including impacting your credit score, but it is important to note that bankruptcy comes with some benefits.

Commonly Asked Bankruptcy Questions

If you are facing the need to file for bankruptcy, it is important to be prepared with the facts. Bankruptcy is not a punishment. It functions to help you out of a bad situation. Though it has become normal for people to file for bankruptcy, it once was thought of as a last resort for the incompetent and irresponsible. This is far from the truth. There are many reasons to file for bankruptcy and having the right information is important as you move forward.