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New Jersey Bankruptcy Lawyers
Helping Clients with Chapter 7 Bankruptcy
The primary purpose of bankruptcy is to discharge certain debts in order to give a debtor a fresh start while still repaying the creditors at least a fraction of what they are owed. Chapter 7 is one type of bankruptcy which can help you regain control over your finances. At Giannantonio & Roth, our lawyers can help you through this process. Although the process can be difficult, many New Jersey residents file Chapter 7 bankruptcy each year knowing the end result is worth it. Because of the stigma attached to bankruptcy, many people are hesitant to seek further information about it. If you are considering filing for bankruptcy, please contact us so that we can provide you with the information you will need to decide if Chapter 7 bankruptcy is right for your situation.
Filing Chapter 7 Bankruptcy in New Jersey
Chapter 7 bankruptcy is also called “liquidation” and is the most common type of bankruptcy throughout the United States. Liquidation involves the appointment of a trustee who collects the non-exempt property of the debtor. This property is then sold so that the proceeds may be divided amongst the remaining creditors. Typically, these creditors are given a fraction of what was originally owed to them. Certain types of property may be exempt from liquidation under Chapter 7, and your bankruptcy lawyer can help you determine whether or not any of your property will be exempt. Liquidation of assets can be a scary thing that many people are hesitant to do, but it can be a great way to start you on the path toward financial stability.
In order to complete the Official Bankruptcy Forms that make up Chapter 7 bankruptcy petitions, the debtor must provide the following information:
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A list of all creditors and the amount and nature of their claims.
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The source, amount, and frequency of the debtor’s income.
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A list of the debtor’s property.
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A detailed list of the debtor’s monthly living expenses, including food, clothing, shelter, utilities, taxes, transportation, medical expenses, etc.
While this process may seem complex, here at Giannantonio & Roth, our attorneys will help you gather the pertinent information and ensure you have all necessary forms completed to successfully file Chapter 7 bankruptcy. Chapter 7 bankruptcy is a complex process, but the lawyers at our New Jersey firm will do everything they can to make your case proceed seamlessly.
Contact a lawyer at Giannantonio & Roth today to find out if Chapter 7 Bankruptcy is the right choice for you!
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