Is your family drowning in debt? Newark’s best bankruptcy lawyers know that times are tougher than they have been for a while—but for many people, times have been tough for years! If your household or small business debts are causing you to sink too deep, filing for Chapter 7 bankruptcy with NJ’s best bankruptcy attorneys can open new doors. Keep reading to see how.


Why Would I File for Bankruptcy?
People in NJ file for bankruptcy to get rid of unmanageable debt. This could be debt from your credit card, from a personal loan that became out of reach, from medical bills that have built up, or from a mismatch in spending versus earning. Nobody likes to be in debt, but when your debt is too high, it can create even bigger problems like collections! When you file for bankruptcy, you can stop calls from creditors, protect your property, and get rid of that debt.

A Good Bankruptcy Lawyer in NJ Gets These Results
What will your life look like after you’ve filed for bankruptcy? Even before your debt is discharged, you get immediate relief from debt collectors. From the moment you file, there is an automatic stay (or hold) on collections activity. Your bankruptcy process will go quickly when you work with an experienced bankruptcy attorney in Newark, getting you permanent debt relief in just a few months. You get to keep your property, like your furniture, your income, and often your car—or, discharge the car and the auto loan entirely. You’ll still be able to bank and access credit after filing for bankruptcy.

Disadvantages of Chapter 7 Bankruptcy
So why doesn’t everyone file for bankruptcy? This process does have some drawbacks, but compared to sinking in the quicksand of debt, these are usually worth it. One of the most notable limitations is that those with higher income are usually not eligible for Chapter 7 bankruptcy. There is a formal means test that you must pass to determine if your household is making less than the median income in New Jersey. For those who meet criteria, keep in mind that your credit will take a big hit—and this will stay on your credit report for 10 years. In addition, some debts such as alimony, child support, certain student loans, and some tax debt cannot be discharged.

How can you get the most out of your bankruptcy filing? In NJ, work with a skilled bankruptcy attorney. At The Law Office of Robert Wachtel, your relief is our business!

Consumer Bankruptcy Law and Residential Real Estate. With specialized expertise in the practice of Bankruptcy Law in New Jersey, Robert Wachtel will assist you in a process that will free you from the prison of credit card debt and give you a fresh start on your road to financial freedom.
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Legal disclaimer: This web site has been prepared by the Law Offices of Robert Wachtel in the hope that it will assist you in becoming debt free through the Bankruptcy process. It gives information of a general nature and is not a substitute for competent legal advise. The viewer is advised to consult an attorney-at-law for legal advise as to his / her specific situation.

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