If you live in New Jersey you probably know that it is known as the Garden State. Although beautiful, New Jersey is known as the number one state for foreclosures in the United States. With individuals living in NJ paying high property taxes, it comes to no surprise when many people file for bankruptcy. The well known James Candy Company filed for bankruptcy just last year. Bankruptcy laws were enacted to protect the honest from the debtors and New Jersey bankruptcy lawyers are there to help you get that protection!
Types of Bankruptcies in New Jersey
If you are struggling with debt a New Jersey bankruptcy can be a great tool to help you get back on your feet and start over. The first step in understanding how to file bankruptcy is becoming educated on the bankruptcy process. There are two types of bankruptcies for consumers in New Jersey, Chapter 7 bankruptcy, and Chapter 13 bankruptcy. Below we will briefly discuss each chapter of bankruptcy.
Chapter 7 Bankruptcy (Straight Liquidation)
In a Chapter 7 bankruptcy, your debts are eliminated and you can start over freely. This chapter will let you start your life over and allow you to spend more time outdoors enjoying the New Jersey Garden State. Chapter 7 is good for individuals who have little assets and are low wage earners. It allows individuals to wipe out their unsecured debts.
Chapter 13 Bankruptcy (Debt Adjustment)
Chapter 13, on the other hand, is for individuals with higher wages and more assets. In a chapter 13 repayment plan, you can pay your creditors back over three to five years without interest and penalties accruing. A Chapter 13 bankruptcy allows individuals time to catch up on their missed payments to their lenders. In many chapter 13 repayment plans, individuals don’t have to pay back all of their creditors.
Why Choose Our NJ Bankruptcy Lawyers?
Karra L. Kingston Esq. was raised in New Jersey. She is very well known and respected in the bankruptcy community. She has appeared in front of many New Jersey bankruptcy trustees and judges. Karra L. Kingston Esq. helps individuals file bankruptcy and start their life over so they can’t get back to enjoying things they love.
Locations We Serve
Karra L. Kingston Esq. Serves all of New Jersey. Our bankruptcy lawyers in NJ can commute to you or do everything electronically if you do not have the means to come to our office. Some of the most common New Jersey areas that we help people file bankruptcy are:
- Caldwell, New Jersey
- Chatham, New Jersey
- Clifton, New Jersey
- Denville, New Jersey
- Elizabeth, New Jersey
- Essex Fells, New Jersey
- Freehold, New Jersey
- Garfield, New Jersey
- Hillside, New Jersey
- Jersey City, New Jersey
- Livingston, New Jersey
- Madison, New Jersey
- Manalapan, New Jersey
- Middlesex, New Jersey
- Millburn, New Jersey
- Monmouth, New Jersey
- Montville, New Jersey
- Morris Plains, New Jersey
- Morristown, New Jersey
- Mountainside, New Jersey
- Newark, New Jersey
- North Bergen, New Jersey
- Parsippany, New Jersey
- Patterson, New Jersey
- Randolph, New Jersey
- Red Bank New Jersey
- Roseland, New Jersey
- Short Hills, New Jersey
- Summit, New Jersey
- Toms River, New Jersey
- Union City, New Jersey
- Union, New Jersey
- Wayne, New Jersey
- Livingston, New Jersey