Bankruptcy

When you are in severe financial difficulty, coping with a mountain of debt and a line of persistent creditors may seem like a hopeless problem. Filing for bankruptcy; however, may be an option. The first important step in seeking the protection of bankruptcy is choosing an attorney to assist you in the complicated process.

At Helfand & Associates, our firm represents individuals and small businesses throughout New Jersey in filing for bankruptcy. When you are insolvent, bankruptcy is a Federal Court process designed to discharge debt or part of your debt. The process helps to relieve you of your debt load and enables you to regain financial stability.

Our bankruptcy lawyers will assist you in a review of your finances, that includes a thorough evaluation of your income, assets and debt in order to recommend the form of bankruptcy or alternative resolutions most suited to your circumstances.

The U. S. Bankruptcy Code defines numerous types of bankruptcy. Chapter 7 and Chapter 13 are the two most common types of bankruptcy for individuals and individuals with businesses.

Chapter 7, also referred to as liquidation, is used when an individual has credit card debt and other unsecured bills and few assets. The new federal law has established specific income and asset guidelines to file for Chapter 7 bankruptcy. You can keep a significant amount of exempt property through the bankruptcy process, while still discharging your debts. There are many circumstances where you can keep your home, vehicle and other assets despite filing a Chapter 7 bankruptcy. While Chapter 7 helps you eliminate debts, there are certain debts, that are not eliminated, including money you owe the IRS, alimony, child support, and student loans from the government to name a few.

A Chapter 13 bankruptcy is generally the choice of individuals that have assets and a regular income. Chapter 13 allows you to repay debt based on the income stream and/or value of assets. Under a Chapter 13, you will repay at least a portion owed to your creditors, making payments set up under a plan, usually over a period of 3-5 years. As long as your equity does not exceed certain limits, a Chapter 13 bankruptcy allows you to keep property such as your home, vehicle and other assets.

When you are struggling under an unmanageable debt load and need legal advice concerning bankruptcy, call Helfand & Associates (973) 366-3500 in Rockaway or (973) 992-2600 in Livingston to arrange an appointment. Our attorneys will help determine if you meet the qualifications to file for bankruptcy or have some other alternative to resolve your debt issue.