9 Eyland Ave at Route 10, Succasunna, New Jersey 07876/ 5594 Berkshire Valley Rd, Oak Ridge, New Jersey 07438/ arinaldi@srr-law.com
Bankruptcy Law
BANKRUPTCY LAW
CHAPTER 7 BANKRUPTCY
Your goal in filing a Chapter 7 bankruptcy is to receive a discharge of debts when the case is finished. This usually means that credit card, medical bill, personal loan and other unsecured debts are forgiven forever. Some debts are not discharged such as recent income taxes, school loans and child support. Debts that are secured by your property, such as cars and furniture loans, require that you either enter into an agreement with the lender that says you agree to keep the property and continue to pay for it, or give the property back to the lender and discharge the debt. You are usually allowed to keep all of your property except if you have more equity in it than New York State law allows. The property that you are allowed to keep under New York State law is referred to as "exempt" property, and the allowed exemptions are numerous.
You must qualify to file a Chapter 7 bankruptcy. This means that your household income must be below a certain New Jersey and New York State median average ("Means Test") and that you do not have significant income left after paying your reasonable and necessary living expenses. During your we will be able to advise you whether you are eligible to file a Chapter 7 bankruptcy. Prior to filing, you must be briefed by an approved credit counseling that outlines available credit counseling options and performs a budget analysis. After the briefing, you will receive a certificate of completion. Once the bankruptcy case is filed, almost all creditors who are suing or harassing you must stop their collection efforts. A Chapter 7 Trustee will then be appointed to administer your case. You will meet with the Chapter 7 Trustee at a meeting of creditors about 30 days after your case is filed. Usually, no creditors appear at this meeting, and it only lasts a few minutes.
One of the Trustee's duties is to see whether you own any non-exempt property that can be sold to pay off part of your debts. The Chapter 7 Trustee also has the power to pursue and recover transfers you may have made of your property to others in certain time periods before you filed your bankruptcy.
Generally, if no creditor objects to the discharge of the debt you owe them within 60 days from the meeting of creditors, the discharge will be granted. Once a discharge is received under chapter 7, you may not file another Chapter 7 case for eight (8) years.
Contact Us
Our Phone Number is (973) 584-1520
Our e-mail address is srrlaw@aol.com
Our Pledge to You
Filing for bankruptcy is never an easy decision, but you do not need to make this decision alone. As an attorney who has practiced bankruptcy law for over 12 years, I understand the heavy burden of debt that you are facing and I am committed to providing you with the relief that comes with a future free from debt.
We promise to take the time to personally review all of your debts and assets with you in order to create an effective solution tailored to your particular needs. I will handle all of the details of your bankruptcy case, answer all of your questions, and address all of your concerns.
Our sole my mission is to help you move past your financial turmoil and into a situation where you are able to receive a fresh start at life.