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Bankruptcy Lawyer Newark New Jersey

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Bankruptcy Lawyer Newark New Jersey

When planning to file bankruptcy, help from an attorney is absolutely essential. A Bankruptcy Lawyer Newark New Jersey specializes in the very specific - and complicated - bankruptcy laws in the state of New Jersey. If you are in a seemingly hopeless situation with finances and there seems to be no end in sight, a bankruptcy may be the answer. While this is not something to enter into lightly, a bankruptcy can be a fresh start for people in financial trouble.

Who Can File Bankruptcy in New Jersey?

A bankruptcy attorney can help each client determine whether they are eligible to file bankruptcy. There are several requirements, including:

The Means Test: Every filer must take the New Jersey bankruptcy means test. This test compares average income over the last six months to the median income for the area. Anyone whose income fall below that median can qualify for a chapter 7 bankruptcy, but they may file chapter 13 bankruptcy if desired. Those who make above the median can file only for chapter 13 bankruptcy.

The Paperwork: Every bankruptcy filer needs to provide a number of different documents. These include: Records of current income, records of any major purchases or transactions over the last two years, tax returns for at least the last two years, and records of all debts. Proof of ownership for homes, real estate, and vehicles is also needed if they are owned outright.

Chapter 7 or Chapter 13?

Some people who plan to file bankruptcy have the option of filing either chapter 7 or chapter 13 bankruptcy. Chapter 7 bankruptcy is often the preferred option because it allows for all debts (excluding a few specific ones) to be discharged. However, with a chapter 7 bankruptcy the filer is allowed to keep only certain property. Thanks to bankruptcy exemptions, a chapter 7 filer can normally keep their home and a single car, along with most personal possessions.

People who own a great deal of property may be better off filing a chapter 13 bankruptcy since that type of bankruptcy would allow them to keep multiple properties and vehicles if they wish to do so. A Bankruptcy Lawyer Newark New Jersey can review their client's property and assets to help them determine which type of bankruptcy is best if they qualify for both.

The attorney will guide clients in other bankruptcy preparation, as well. The state of New Jersey does require credit counseling classes for all filers. Your Bankruptcy Lawyer Newark New Jersey can help you find a class close to you prior to filing.