Chapter 7

At Helfand & Associates, our bankruptcy lawyers file numerous Chapter 7 bankruptcies for couples and individuals living in local towns such as Morristown and West Orange in Morris and Essex Counties, respectively. Of course, our attorneys handle bankruptcy cases for clients throughout New Jersey.

To qualify for Chapter 7, Congress created the median income test and Means Test. These tests are based on the last six months of household income, immediately prior to filing of a Chapter 7 bankruptcy. The income includes all sources. If your income falls under the median income number, you will automatically qualify for a Chapter 7. However, if this is not the case, many individuals still qualify by analyzing their income and expenditure using the Means Test. It is a budgetary analysis for the district where the individual resides.

At Helfand & Associates, we are careful to prepare and make your bankruptcy very smooth. It takes work and proper documentation, but it is important that your case be handled carefully and with detail. Bankruptcy can be complex. Our Chapter 7 bankruptcy attorneys inform the clients about limitations to discharge, fraud, taxes, student loans and domestic support obligations. Residents living in towns like Morristown, as well as West Orange, file bankruptcy in the Federal Court in Newark.

Bankruptcy can help individuals during tough situations. The Bankruptcy, Chapters 7, 13 and 11, can stay repossessions, evictions, sheriff’s sales, and levies from judgment. If your house is in foreclosure or underwater, you can be relieved of the debt to the mortgage company. If you have credit card debt or medical bills and you just cannot catch up, bankruptcy can help. It is a legal option that works and provides great relief.

The Chapter 7 discharge applies to individuals, not to corporations and partnerships; although these entities can file Chapter 7. Bankruptcy is a temporary setback, not a permanent situation. You can file a Chapter 7 bankruptcy and still obtain credit after the filing. Certainly, your credit can and will be impacted by the Chapter 7 or other bankruptcy filing, but it can be repaired. You can get out from under the heavy burden of foreclosure, credit card, or medical debt, or a home underwater and get a fresh start.

At Helfand & Associates, we are sensitive to the fact this is not what you want to do, but it is something that makes a lot of sense in today’s economy. Take some time to meet with the attorneys of Helfand & Associates to see what your options are. They may be much better than you think. Make informed decisions about your debt and your future. It is a business decision and provides a lot of relief.

Please call our office at (973) 428-0800 or contact us online for a free 1/2 hr consultation if you have any questions.

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