Bankruptcy

Thousands of people in the United States are plagued by inescapable amounts of debt, unpaid bills, and endless financial expenses. Many people who suffer from overwhelming amounts of debt are stressed, worried, and too ashamed to file for bankruptcy to seek the financial relief they need. However, bankruptcy laws were established provide relief to people who are in severe debt or serious financial trouble. At Joseph A. Chang & Associates, LLC, our attorneys have helped hundreds of individuals throughout New Jersey get a handle on their finances and alleviate the burden of debt.

When an individual files for bankruptcy, he/she is requesting a restructured financial plan that is tailored to his/her actual ability to pay off the debt. In some bankruptcy cases, the individual requests a complete dismissal of all debt.

CHAPTER 7 BANKRUPTCY

Under Chapter 7 bankruptcy, all dischargeable debt is eliminated completely. Chapter 7 legally excuses an individual's obligation to repay his/her unsecured debt. When an individual is granted bankruptcy under Chapter 7, he/she has proven to the court that there is no realistic way he/she is able to repay their debt. In almost all Chapter 7 bankruptcy cases, the individual is permitted to keep all of his/her properties and assets.

Chapter 7 does not clear all forms of debt. Types of debt that cannot be cleared through Chapter 7 include taxes, alimony, child support, student loans, and personal injury damages.

CHAPTER 13 BANKRUPTCY

When an individual is not granted bankruptcy under Chapter 7, he/she can file for Chapter 13 bankruptcy. Most individuals who file for Chapter 13 bankruptcy have fallen too far behind on their bills and other financial payments to catch up without legal assistance. But unlike Chapter 7, Chapter 13 bankruptcy does not completely eliminate debt. Chapter 13 consolidates an individual's debt, and restructures it into a feasible payment plan.

CHAPTER 13 BANKRUPTCY TO CRAM DOWN OR STRIP OFF MORTGAGE

In a Chapter 13 bankruptcy, some debtors may be able to wipe out or strip off second and third mortgages where the home is worth less than the amount owed on the first mortgage. Many homes are saved from foreclosure with the cram down or strip off strategy. One must qualify to take advantage of this and meet certain income requirements and appraisal requirements.

In order to cram down a second mortgage, the house must be underwater to the extent that there is no equity whatsoever covering the second mortgage. In other words, the value of the house must be less than the balance due on the first mortgage. The debtor provides evidence of the homes value by providing the Court with documentation supporting the valuation of the home, an appraisal by a New Jersey licensed appraiser.

The main idea behind choosing the filing of a Chapter 13 bankruptcy is to give the debtor greater options to grapple with secured and unsecured debt and encourage repayment. In a Chapter 13, a person can save non-exempt assets that would otherwise be surrendered in a Chapter 7. If a home is in arrears, and you want to keep the home, the plan must provide for curing the arrears and paying the mortgage at the same time.

Bancarrota

COMUNIQUESE CON NUESTROS ABOGADOS DE BANCARROTA

Hay numerosas razones por las que un individuo se encuentra en dificultades financieras, incluyendo la pérdida repentina del trabajo, divorcio, falta de negocio, o una enfermedad o una muerte inesperada. Si usted está sufriendo por deudas u otros apuros financieros, un abogado experimentado puede proveerle a usted las opciones viables para aliviar su carga financiera. Creemos que ningún individuo merece sufrir por sus problemas financieros. Nuestros abogados se dedican a ayudar a nuestros clientes eliminar sus deudas solicitando la bancarrota bajo el Capítulo 7 ó el Capítulo 13.

Si usted necesita representación profesional de experiencia en el area de Nueva Jersey, comuníquese hoy con nuestros abogados de bancarrota de Joseph A. Chang & Associates, LLC, para una evaluación gratis de su caso llame al (973) 925-2525.

ABOGADOS DE BANCARROTA

Miles de personas en los E.U. están agobiados por la imposibilidad de pagar las deudas contraidas y las personas, especialmente los inmigrantes consideran que es una vergüenza el no cumplir con sus obligaciones financieras y les da pena acudir al remedio conferido por la ley de bancarrota. Si usted no puede vivir en paz porque sus acreedores lo acosan en forma constante ponga a trabajar la ley para usted. Nuestra firma Joseph A. Chang & Associates, le ayudará a determinar cual de las diferentes bancarrotas 7 -13 -11 le favorecerá a usted.

BANCARROTA CAPITULO

El capítulo 7 le permite al deudor no pagar ninguna de las deudas que haya contraido en buena fé, es cuestión de demostrar que el dinero que recibe como ingreso no es suficiente para mantenerse y pagar sus deudas al mismo tiempo. Generalmente la ley exige que se demuestre un manejo adecuado de su crédito, es decir que no hayamos incurrido en deudas a sabiendas de que no podiamos pagar. Hay algunas deudas que no son descargables como las sentencias de alimentos, mantenimiento de los hijos, prestamos estudiantiles, algunos impuestos atrasados.

BANCARROTA CAPITULO

El capítulo 13 es una reorganización, hay que preparar un plan financiero que sea viable, es decir que el deudor demuestre su capacidad de cumplir con lo acordado. Generalmente la corte ordena que los acreedores acepten pagos parciales, rebajen tazas de intereses y las prioridades en el orden de pago. Este capítulo es usado por personas no solamente con algunos pequeños negocios, sino por grandes compañias.


A CASE FILED UNDER CHAPTER 11 OF THE UNITED STATES BANKRUPTCY CODE IS FREQUENTLY REFERRED TO AS A "REORGANIZATION" BANKRUPTCY.

An individual cannot file under chapter 11 or any other chapter if, during the preceding 180 days, a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court, or was voluntarily dismissed after creditors sought relief from the bankruptcy court to recover property upon which they hold liens. 11 U.S.C. §§ 109(g), 362(d)-(e). In addition, no individual may be a debtor under chapter 11 or any chapter of the Bankruptcy Code unless he or she has, within 180 days before filing, received credit counseling from an approved credit counseling agency either in an individual or group briefing. 11 U.S.C. §§ 109, 111. There are exceptions in emergency situations or where the U.S. trustee (or bankruptcy administrator) has determined that there are insufficient approved agencies to provide the required counseling. If a debt management plan is developed during required credit counseling, it must be filed with the court.

CONTACT OUR NEW JERSEY BANKRUPTCY ATTORNEYS

There are countless reasons why an individual falls into debt or financial hardship, including sudden job loss, divorce, business failure, or an unexpected illness or death. If you are suffering from debt or other financial troubles, an experienced attorney can provide you with viable options to help alleviate your financial burden. At Joseph A. Chang & Associates, LLC we believe that no individual deserves to suffer for their financial troubles. Our attorneys are dedicated to helping our clients eliminate their debt by filing for either Chapter 7 or Chapter 13 bankruptcy.

If you need experienced and professional legal representation in New Jersey, contact our bankruptcy attorneys at Joseph A. Chang & Associates, LLC today at (973) 925-2525.