Bankruptcy: Types of Bankruptcy Chapters in New Jersey
There are a few different types of bankruptcy that you can file in NJ.. Which one you choose to file depends on two things:
- Your financial circumstances; and
- The desired outcome.
At Levitt & Slafkes, P.C., we understand how challenging it can be when you’re dealing with creditors and you’re trying to move forward in life. To help you make the right decision for your unique situation, here is a rundown of the most common types of bankruptcies in NJ.
And remember: if you need more help understanding bankruptcies in New Jersey, don’t hesitate to contact our team. With more than 30 years’ experience in bankruptcy law, we provide reliable answers, insight, and legal advice, and our attorneys have helped many clients return to a better financial footing.
What Are the Types of Bankruptcy Chapters in New Jersey?
Our attorneys can review your specific situation and help you identify which chapter works best for your personal or commercial goals. However, the most common types of bankruptcy claims in NJ fall under one of the following chapters.
Aimed at individuals, a Chapter 7 bankruptcy clears most types of debts within a three to four-month period. It may help you avoid being sued on your debt.
You may qualify for a Chapter 11 bankruptcy claim if:
- You’re a business ; or
- You’re an individual with debts exceeding the Chapter 13 limit
There are a few types of bankruptcies for businesses in NJ – we can help you choose the right path.
If you’re an individual, Chapter 13 can help if you:
- Don’t qualify for Chapter 7;
- You want to set up a payment plan, rather than eliminate all debt; or
- You’re trying to save your home.
Understanding bankruptcies in New Jersey is challenging, but we can help you find the best solution.
If you’re married, and the majority of your debt is in joint names, you might consider filing for joint bankruptcy rather than filing individually.
Contact a Pre-Eminent Bankruptcy Firm in NJ
Our attorneys are knowledgeable and attentive and will review all of your options when considering bankruptcy for you. The lawyers of Levitt & Slafkes, P.C., in Maplewood, New Jersey, have helped thousands of people file many forms of bankruptcy. We work with clients in Essex County and throughout New Jersey to find the best solution to their financial needs. We are honest with you about what will solve your problems and when to start. We’re always here to answer questions and address your concerns.
For help with strategic personal bankruptcies in NJ, or to learn more about types of bankruptcy for businesses in NJ, contact us for a free consultation to assess what you need: call us at 973-323-2953 or contact us online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.