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Levitt & Slafkes, P.C. - Essex County Bankruptcy Attorneys

Get The Fresh Start You Deserve

Levitt & Slafkes, P.C. - Essex County Bankruptcy Attorneys
GET THE FRESH START YOU DESERVE

Bankruptcy &
Debt Relief For
Individuals and
Businesses

Chapters 7, 11
and 13

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Foreclosure
Defense &
Mortgage
Litigation

Saving Homes
Fighting Banks

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Loan
Modifications

Preventing
Foreclosure

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Commercial and 
Bankruptcy
Litigation

State Federal &
Bankruptcy Court

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Bankruptcy & Debt Relief For
Individuals and Businesses

Chapters 7, 11 and 13

Find Out
More

Foreclosure Defense &
Mortgage Litigation

Saving Homes Fighting Banks

Find Out
More

Loan Modifications

Preventing Foreclosure

Find Out
More

Commercial and Bankruptcy
Litigation

State Federal &
Bankruptcy Court

Find Out
More

How Chapter 7 Bankruptcy Can Benefit You

| Apr 8, 2013 | Bankruptcy Basics, Chapter 7 Bankruptcy |

Individuals filing for bankruptcy protection most commonly file under Chapter 7 or Chapter 13. Check back with us to learn more about Chapter 13. This blog will focus on the advantages of a Chapter 7 filing: Discharge of unsecured debts. Most personal debts are unsecured debts such as medical bills or credit card bills. These types of debts are discharged or eliminated in a successful Chapter 7 filing. This means at the conclusion of your case, you are no longer liable to pay those debts. Stops collection. When you file a bankruptcy case, all lawsuits, foreclosures, garnishments, repossessions and harassing collection calls must stop. Quicker resolution. The term of a Chapter 7 filing takes less time than a Chapter 13 case. Chapter 7 cases generally last about 3 to 6 months, while a Chapter 13 lasts 3 to 5 years. Less expensive. In most cases, a Chapter 7 filing costs less than a Chapter 13. A typical Chapter 7 does not last as long as a Chapter 13, so your attorney’s fees and costs are less. Exemptions. The law provides numerous exemptions which protect the majority of your assets that you want to keep (house, car, retirement accounts, etc.). Many Chapter 7 debtors keep all of their assets while still getting the benefit of discharging their debts. It is important to contact anexperienced bankruptcy attorney to discuss whether filing a Chapter 7 bankruptcy case could be beneficial to you. We are bankruptcy lawyers who know how to make a difference in your financial situation. We have experience you can rely on and we care about your results. Contact our New Jersey law firm online by filling out the form or by calling 973-323-2953 to schedule a free initial consultation with a knowledgeable and compassionate attorney.

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