New Jersey Bankruptcy Lawyer - Time to File a NJ Bankruptcy

When filing a New Jersey Bankruptcy, it is important to know when to file a chapter 7. The "best" time to file a chapter 7 bankruptcy case will depend on several factors. I consult many clients during the week that are interested in our same-day filing service. This request is made because they want to avoid an appearance at court, prevent a repossession, prevent foreclosure, avoid a wage garnishment, or to simply to calm their nerves. The filing of a New Jersey chapter 7 bankruptcy will prevent all of the above events (except of course the calming of your nerves). Upon filing a chapter 7 bankruptcy, petitioners are awarded the protection of the automatic stay. This bankruptcy protection prevents creditors from pursuing any type of collection efforts. Depending on your particular situation, it may be beneficial to take advantage of this protection right away. Another factor that should be considered when contemplating a New Jersey Bankruptcy filing is whether you are considering selling (shorting) your home. The automatic stay will prevent any kind of movement of the property. You will not be able to sell the property without obtaining permission from the New Jersey Bankruptcy Court. Many clients that consider filing a New Jersey Chapter 7 Bankruptcy have failed to file their previous 3 years taxes. This is an important timing issue because the appointed trustee will require a copy of your tax returns one week prior to the meeting of creditors. If you do not produce this information, it affords the trustee an opportunity to dismiss your New Jersey Bankruptcy Case. Prior to filing, you must ensure that you have filed your previous 3 years tax returns. Apart from the two considerations above, an immediate New Jersey Chapter 7 Bankruptcy filing will help you as a debtor.

New Jersey Bankruptcy Lawyer - Husband and Wife

"If I file for a chapter 7 bankruptcy in New Jersey, will it impact my wife"? "Does my wife have to file with me"? These are questions I hear almost everyday during my consultation with clients. The answer is simple: New Jersey is not a community property state. This means that by virtue of you filing, your spouse will not be affected. Your spouse, however, will still be responsible for debts that they have co-signed for. The creditor can still pursue your spouse for these debts because a chapter 7 bankruptcy only discharges the debt as to the spouse that files. Your spouses credit will not be affected by your filing. Some credit card companies will try to hold one spouse responsible for the other spouse's debt. If this happens, you can contest it with the credit reporting agency. If the credit card company cannot prove that you signed for the debt, it will be removed from your credit report. I encourage my clients to take full advantage of the free annual credit report.