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Tag: Bankruptcy Lawyer

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What Kind of Lawyer Do I Need?

People often find themselves in unfamiliar situations where they could use a bit of legal advice. However, they might not be sure of who to turn to. Consulting with an attorney near you will usually be an appropriate step to take.  However, what kind of lawyer does each situation require? This guide will walk individuals through several types of lawyers who handle specific types of cases in the most common areas of law: financial, business, civil, and personal law.

Benefits of a Chapter 13 Bankruptcy

Bankruptcy
Benefits of a Chapter 13

When an individual schedules an appointment to talk with a bankruptcy attorney in NJ they may be given several options including filing either a Chapter 7 or a Chapter 13 bankruptcy. If they have too much income they may not be able to file a Chapter 7 bankruptcy. But the Chapter 13 may be much more advantageous in some situations than the Chapter 7. There are certain situations where one option is better than the other and in many instances a Chapter 13 is preferred over a Chapter 7. InNew Jerseya Chapter 13 bankruptcy is the only available choice if you are behind on business payments or a mortgage and you still want to keep your property when the bankruptcy process is complete. When you file a Chapter 13 bankruptcy there is the unique opportunity to make up all of the overdue payments over an extended period of time and then reinstate the mortgage agreement that was originally made. Most of the time, the payment plan is developed to last for between 3 and 5 years.

What is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is generally filed to eliminate unsecure debt. A corporation, married couple, partnership or an individual can file for this type of bankruptcy. It typically discharges debts such as medical bills, personal loans and credit cards. In some cases, even though the Chapter 7 will free an individual from their debts, there are some types of property that they may be able to keep. They will just have to make arrangements which will reaffirm the debt. For most people the main reason for filing a Chapter 7 is to get rid of their debts while keeping most of their belongings including vehicles and homes.