As individuals go through difficult financial times, they often shy away from bankruptcy options. There is a bad stigma surrounding bankruptcy; however, it is not something to be ashamed of. By claiming bankruptcy, individuals may be able to rebuild their lives. It can help with a variety of factors. Bankruptcy may even be able to aid you in the future and help you become financially successful. Although it may be hard to consider, if you have no other options, speak to an attorney. They can provide you with the knowledge of bankruptcy cases and if you qualify. Our attorneys have dealt with bankruptcy handlings for individuals and businesses. We have helped them in rebuilding their lives and want to do the same for you.
What Are My Options?
When considering bankruptcy options, you could qualify for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankruptcy is a liquidation process that can help individuals in financial distress. The bankruptcy court will sell off your assets to fully satisfy any creditors you owe money to. However, you will be allowed to keep a certain amount of property based on the exemptions allowed by the federal and state bankruptcy laws. Exempt property differs in each state. It can include clothing, furniture, household appliances, tools and maybe even your car or home. It is important to seek legal counsel during this process to ensure that you will be able to stay in your home.
Chapter 13 bankruptcy is a repayment plan that helps during financial troubles. For this plan, individuals pay a portion of their monthly income to a trustee for distribution to creditors. This repayment plan can be useful when you are behind on your home or car loans. These types of plans can be used to extend the time period for paying your bills and might even allow you to pay less than you owe. The payment period can be up to five years long. With this, you will be able to make smaller payments over the period of time. You will also be allowed to keep part of your income to pay for living expenses.
Due to the stressful situation of a financial decline, it is best to seek representation. We can help ease your worries and make sure you are on the right path. We want to see you succeed. Do not be afraid to consider bankruptcy options. Contact us and we can inform you of the process more thoroughly.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.