Chapter 7 Bankruptcy Information

Who qualifies for Chapter 7 Bankruptcy? Individuals, Corporations, and Business Entities (Sole Proprietors/Partnerships)

Chapter 7 Bankruptcy is a liquidation of a debtor’s non-exempt assets – after bankruptcy, you are debt-free (*see below for examples of exempt assets & non-dischargeable debts).
Although called liquidation, frequently there are no assets to liquidate and you obtain approval to no longer pay any of your debts
If eligible, a person or business has a great opportunity to eliminate debts (both consumer and non-consumer)
Business debts that you personally guaranteed can be discharged (wiped out)
Move forward in a short period of time (approx. 3 months)

Why File Chapter 7 Bankruptcy?

No hope or ability to pay back your debts.
Monthly payments & interest keep sinking you deeper into debt.
No disposable money left for you and/or your family after making your monthly payments.
High Medical Bills – You may have insurance, but deductibles and co-pays resulted in high bills.
Personal Guarantees of Loans for Businesses and/or Others.
- You personally guaranteed a car loan for a friend.
- Your friend defaulted on the loan and the creditor is looking to you for payment.
- You personally guaranteed a business debt, but the business is closed/no longer in operation, and the creditor is looking to you for payment.
Repossession of a Car – Your car was repossessed; the amount owed exceeds its value. The creditor is requiring you to pay the difference.
Car Payment Balance is more than your car is worth; you can get rid of your car and no longer owe car payments.
Old Tax Debt – Under certain circumstances, you can discharge old tax debts owed to the IRS or the State of New Jersey when you file for bankruptcy. There are circumstances under which you are able to discharge back taxes.
Owe More than Your Home is Worth – you can surrender your home and never be liable for the balance owed – regardless of how many mortgages, lines of credit, home equity loans, etc. exist.
Gambling Debts are high, and you just cannot pay these back.
SBA Loans – There are circumstances under which you can file bankruptcy on SBA loans. SBA Loans can be discharged in Bankruptcy.

My Commitment to My Clients:

Reachable – you can call me on my cell phone (201) 446-5904
Respond to your emails/texts quickly
When I file your Chapter 7 petition, I will be with you from the start of the case until the end of your case and beyond.
Provide expert advice. I am Board Certified in Consumer Bankruptcy by the American Board of Certification (ABC). You look for the best bankruptcy lawyer, and this should be one of the criteria to choose the best bankruptcy lawyer for you.
You have bankruptcy protection immediately, and no creditors may contact you
When your bankruptcy is completed, my clients have their debts erased/discharged
After only 3 months, you start over with a clean slate and a fresh start. The time it takes for the Chapter 7 Bankruptcy filing and discharge is approximately 3 months. The time it takes to file your bankruptcy and go through the discharge is short in Chapter 7 Bankruptcy. Your Chapter 7 Bankruptcy filing is given my attention and is not left in limbo.
Meet with you in person for a free bankruptcy consultation
Before moving ahead, I understand your goals and your financial situation
Determine if filing bankruptcy is in your best interests
If filing for bankruptcy is not right for you, I will not recommend bankruptcy for you
Your bankruptcy file gathers no “dust”; there is constant activity – no follow-up on me required (see my clients’ reviews)