Bankruptcy & Debt Relief Options in New Jersey
Bankruptcy Services in Morris County and Surrounding Area
Bankruptcy laws were written to help individuals and businesses resolve serious financial situations. Many of the people we meet at Ast & Schmidt, P.C. are struggling with high credit card balances, medical bills, and underwater mortgages. They come to us in desperation and with very little hope. They are afraid there may be no way out of their stressful financial position.
Benefits of Bankruptcy
If you are considering filing for bankruptcy, we can take the time to explain the process, what to expect, and all the pros and cons. We can assess your current financial problems and determine whether filing for bankruptcy is the best option for you. Bankruptcy offers powerful advantages—one of which is called an “automatic stay.” It is an injunction that stops creditors from contacting you to collect on a debt. This starts as soon as your bankruptcy petition is filed. No more phone calls, letters, or threats.
Experienced, Honest, and Focused on You
Our firm has practiced bankruptcy law for decades. Because we offer client-focused service, you will be working with an attorney—not an assistant or paralegal. One of our bankruptcy lawyers will evaluate your financial situation and guide you to the right decision about filing for bankruptcy.
We may help you file one of the following options:
- Chapter 7 bankruptcy: This form of bankruptcy is often called “liquidation bankruptcy” or “straight bankruptcy.” Any assets that are not exempt will be sold, and the proceeds will go to your creditors. Many people benefit from this chapter because they own few to no assets before filing. Furthermore, you will most likely not lose your vehicle (up to a specific value), personal possessions, pension funds, or a certain level of equity in your home. The possessions you will have to give up may include valuable family heirlooms, a second vehicle, a vacation home, valuable works of art, and investment accounts.
- Chapter 13 bankruptcy: This type of bankruptcy is a process in which the court appoints a trustee to reorganize your debt and oversee your 3-5-year repayment plan. This form of bankruptcy, also called a “wage earner’s plan,” is often appropriate for those who have a steady job and a regular income.
Get the Bankruptcy Help you Deserve
Take the first step toward a more secure financial future and get the information you need to resolve overwhelming debt.