Have questions? We are here to help. Still have questions or can't find the answer you need? Give us a call at 973-363-2260 today!

  • Can I discharge child support and alimony judgments in bankruptcy?
    Child support and spousal support are nondischargeable. However, bankruptcy helps you regain control over your financial situation. Through this process, you can acquire the resources you need to resolve your support obligations. Additionally, you may be able to pay support arrears over the course of a repayment plan under Chapter 13 bankruptcy.
  • Will bankruptcy stop wage garnishment?

    By triggering an automatic stay, bankruptcy puts an end to most (if not all) forms of debt collection, including wage garnishments. Wage garnishment typically stops even after the proceeding is complete. The automatic stay is one of the most powerful advantages of bankruptcy because it preserves access to funds and provides welcome relief from endless collection calls.

  • How long will the bankruptcy stay on my credit report?
    The bankruptcy can stay on your credit report for 10 years for Chapter 7 and 7 years for Chapter 13. Generally, recent events tend to carry greater weight. The more time that passes after your bankruptcy, the faster your score will improve.
  • If I need it, will I be able to get credit after I file bankruptcy?

    Every case is different. Generally, people who file bankruptcy will be able to get credit if they have income. You can expect to pay a higher interest rate due to the bankruptcy, but certain lenders will work with you to help rebuild your credit score. In every case, rebuilding credit takes time, and we can help you develop a plan to recover from bankruptcy and achieve your goals as soon as possible.

  • What is the difference between Chapter 7 and Chapter 13 bankruptcy?
    Chapter 7 is referred to as liquidation bankruptcy, while Chapter 13 involves debt restructuring. In Chapter 7, the trustee may liquidate your assets to repay your credits, and the court will discharge any remaining debt. Under Chapter 13, you will need to repay your creditors in 3-5 years. Our firm can help you weigh the advantages and drawbacks of each chapter to determine which path is the most feasible and beneficial.
  • Can I keep my assets?

    The vast majority of people who file for bankruptcy do not lose their assets as a result. Still, many people worry about losing their vehicles and homes. If you are concerned, rest assured that New Jersey offers several exemptions (i.e. types of assets you can keep when you file bankruptcy). You can also choose to claim federal exemptions instead. For example, federal law allows for a homestead exemption, which protects a certain amount of equity in your family home.

  • Is bankruptcy an option for me?

    The requirements to file bankruptcy changed in 2005. They became somewhat more burdensome, and many people thought they were not eligible. Nevertheless, most people are eligible to file bankruptcy, but each chapter has its own set of requirements and qualifications. Chapter 7 bankruptcy now has a means test, for example, to determine if a person has a low enough income to warrant debt discharge. Our firm can help determine whether bankruptcy is right for you, and, if so, which chapter is best for your unique situation.