Seasoned Ch 7 & Ch 13 Bankruptcy Attorneys in Totowa, NJ Help Clients Get Out from Under Crushing Debt and Financial Issues in Passaic County, Hudson County, Essex County, Bergen County, and Throughout NJ
When you find yourself no longer able to afford your debts, you might think that you have no way out from under the crushing weight of your financial issues. But you always have options for handling your debt problems and getting a fresh start on the path towards a debt-free life. Although bankruptcy may seem like a drastic step, it can afford you the relief you need from your debts so that you can begin building back your financial health. Turn to one of our New Jersey bankruptcy attorneys from Camili & Capo PA to discuss your options for resolving your debts in bankruptcy.
While the legal process of bankruptcy can appear complex and daunting, having one of our seasoned New Jersey bankruptcy attorneys in your corner can help make your bankruptcy proceed much more smoothly. When you hire one of our experienced Ch 7 & Ch 13 Bankruptcy Attorneys in Totowa, NJ, you can also feel much more confident that you have a dedicated advocate looking out for your rights and interests. Our firm will work tirelessly to pursue the best possible outcome for you in your case.
Don’t spend another day struggling under substantial debt. Reach out to Camili & Capo PA for an initial case review to speak with our New Jersey bankruptcy attorneys about your options for resolving your debt situation.
Types of Bankruptcy
The U.S. Bankruptcy Code provides for several different types of bankruptcy that individuals may apply for:
Chapter 7 bankruptcy: Also known as liquidation bankruptcy, in Chapter 7 most of a debtor’s assets are sold, or liquidated, to generate cash that is then used to pay creditors. The debtor gets to keep certain assets through exemptions defined in federal or state law. In Chapter 7 bankruptcy, creditors typically only receive a fraction of the debt that is owed. Any balances remaining on most types of unsecured debts are discharged by the bankruptcy court, with the debtor having no further obligation on those discharged debts.
Chapter 11 bankruptcy: Although Chapter 11 bankruptcy is typically used by financially distressed corporations to help reorganize their business and emerge in a financially healthier position, in rare cases Chapter 11 can also be used by individuals with high-net-worth or complex assets and business interests to reorganize their affairs.
Chapter 12 bankruptcy: Chapter 12 bankruptcy is an option for family farmers and family fishermen to pay down their debts while protecting their land and equipment from foreclosure or seizure.
Chapter 13 bankruptcy: Also called a “wage earner’s” bankruptcy, in Chapter 13 a debtor submits a plan, to be approved by the court, under which the debtor will pay back some of or all their debts over a three to five year period. While the debtor gets to keep all their property in Chapter 13 bankruptcy, they must turn over their disposable income to a trustee who in turn pays the debtor’s creditors under the terms of the Chapter 13 plan. If the debtor fulfills the terms of the plan, any remaining dischargeable debts are discharged by the court.
Most individuals will either file for Chapter 13 bankruptcy or if they qualify, Chapter 7 bankruptcy. We can help you determine your eligibility for bankruptcy and advise you on which path may work best for your situation.
How Camili & Capo PA Will Work to Give You a Fresh Start Towards Financial Health
Struggling under significant debt can be a frightening, stressful situation. But you are not alone. Our New Jersey bankruptcy attorneys from Camili & Capo PA can help guide you on the path towards resolving your debts through resources such as bankruptcy so that you can begin to work towards living a debt-free life. Let our firm assist you by:
Evaluating your financial situation to identify potential solutions to resolve your debt issues, including whether bankruptcy is the best option for you
Determining your eligibility for the different types of bankruptcy and advising on which chapter you should file for
Working with you to gather your financial documentation of your debts, assets, and income
Preparing and filing your bankruptcy petition and bankruptcy plan (if applicable)
Handling communications on your behalf with your creditors and the bankruptcy trustee
Representing you during court, creditor, and trustee hearings
Providing you with guidance and assistance during your bankruptcy plan
Reach out to Our Firm for a Confidential Case Evaluation to Speak with our Ch 7 & Ch 13 Bankruptcy Attorneys in Totowa, NJ about Your Situation
If you find yourself no longer able to keep up with your debts, bankruptcy may be the best option to give you a new start on the path towards financial health. Contact Camili & Capo today for an initial consultation to speak with one of our Ch 7 & Ch 13 bankruptcy attorneys in Totowa, NJ about your rights and options and how we can help you resolve your financial issues.
Frequently Asked Questions about Bankruptcy in New Jersey
Should I file for bankruptcy?
Although bankruptcy is one of the most powerful tools for resolving serious debt problems and getting a clean slate, filing for bankruptcy is not without its downsides. Chief among these is the substantial negative impact that bankruptcy can have on your credit score and ability to obtain credit, which can last for several years after you have filed for bankruptcy. You may have other less drastic options that can also allow you to resolve your debts, such as credit counseling or debt consolidation. Our New Jersey bankruptcy attorneys from Camili & Capo PA can walk you through your options for addressing your financial issues and advise you when bankruptcy represents the best option for you.
Can all my debts be eliminated in bankruptcy?
Most unsecured debts can be eliminated, or discharged, in bankruptcy. This makes bankruptcy an attractive option for obtaining a fresh financial start. However, certain categories of debts are typically not eligible to be discharged in bankruptcy. These include most secured debts, such as home mortgages or car loans, as well as other debts such as student loans, outstanding tax liabilities, and liabilities you may have from a personal injury claim against you.
