Villani & DeLuca – New Jersey Bankruptcy Lawyers

Should You File for Bankruptcy in New Jersey?

Bankruptcy NJAre you unable to pay your credit card bills?  Are you experiencing severe financial distress?  If so, bankruptcy might be a viable option for you.  While there may seem to be stigma surrounding the word “bankruptcy”, it is unfounded.  Bankruptcy protection can help you get through tough financial times and allow you to start fresh.  In most cases, you will be eligible for a discharge of the debts you cannot pay.  A discharge can be viewed as forgiveness of your past debts, leaving you free and clear to start new.

In other cases, you may be eligible to consolidate (combine) your debts and make one monthly payment to your creditors at dramatically reduced rates.  Some debts that may be eligible for you to discharge include credit card debt, medical debt, some eligible tax debt and other consumer-related debt.  If you would like to start fresh and get rid of your high monthly payments, you need to call an experienced bankruptcy attorney to find out if filing for bankruptcy protection is right for you.

Filing for Bankruptcy in New Jersey – Step by Step

Click on one of these links to be directed to a specific step, or read through step by step to find out what you need to do to file for bankruptcy in New Jersey Bankruptcy Court.

  1. Gather the Required Documents and Information
  2. Contact an Experienced NJ Bankruptcy Lawyer
  3. Attend a Free Initial Bankruptcy Consultation with Your NJ Bankruptcy Attorney
  4. Decide Which Type of Bankruptcy is Right for You
  5. Receive Mandatory Credit Counseling
  6. File a Bankruptcy Petition with the Appropriate NJ Bankruptcy Court

Step 1 – Gather the Required Documents and Information

Prior to filing a Petition for Bankruptcy in New Jersey, you must first learn what you need to do to properly begin the process. Before even meeting with a bankruptcy attorney, it is recommended that you gather information that will be helpful in your future bankruptcy filing. Documentation of the following will be needed to evaluate your financial situation: your current income sources, all financial transactions for the last two years, your monthly living expenses, your secured and unsecured debts, and a list of all of your property and assets. You must also provide copies of your tax returns for the last two years. Although it may feel like a long and stressful process, remember that the bankruptcy laws are designed to help people obtain a fresh start, as opposed to spending the rest of their lives being burdened by debts that they will never be able to pay.

Step 2 – Contact an Experienced NJ Bankruptcy Lawyer

Without question, hiring a NJ bankruptcy attorney who is experienced in handling bankruptcy cases in the U.S. Bankruptcy Court, District of New Jersey is the best way to make sure that your bankruptcy case is completed successfully. If your bankruptcy is completed with the help of an experienced New Jersey bankruptcy attorney, you can achieve financial freedom successfully. The bankruptcy lawyers at Villani & DeLuca are intimately familiar with how New Jersey bankruptcy laws may affect your particular bankruptcy filing.

Step 3 – Attend a Free Initial Bankruptcy Consultation with Your NJ Bankruptcy Attorney

Upon speaking with a bankruptcy lawyer about your situation, the next step in the process is scheduling an in-person consultation with them. Villani & DeLuca attorneys offer free bankruptcy consultations for new clients. During the consultation, a NJ bankruptcy lawyer at Villani & DeLuca will carefully review with you all the procedures that are required to successfully discharge your debts. The bankruptcy attorney will make sure that all aspects of your bankruptcy filing are explained to you in plain English so that you are informed and comfortable throughout the entire bankruptcy proceeding. Call (732) 965-3390 today to schedule your free consultation.

Step 4 – Decide Which Type of Bankruptcy is Right for You

During your free bankruptcy consultation, a NJ bankruptcy attorney at Villani & DeLuca will review with you whether or not bankruptcy is your best option. You will be asked specific questions regarding your reasons for considering bankruptcy and you will be required to provide the documentation and information you gathered on your financial situation in Step 1 above. The lawyers at Villani & DeLuca will explain to you the bankruptcy process and provide you with an informed opinion as to whether or not you should be filing for liquidation or reorganization.

Chapter 7 Bankruptcy in New Jersey

A Chapter 7 bankruptcy is liquidation. It is called a liquidation because the bankruptcy trustee assigned to your case is permitted to take and sell some of your assets in order to pay back some of your debt. However, under a Chapter 7 bankruptcy you are entitled to retain certain protected, exempt assets throughout your bankruptcy.

Chapter 13 Bankruptcy in New Jersey

In a Chapter 13 bankruptcy, you are entitled to retain all of your assets, but in exchange you must make monthly payments over a three to five year period to repay a portion or all of your debt. This repayment period is outlined in your assigned repayment plan.

Chapter 11 Bankruptcy in New Jersey

Chapter 11 bankruptcy, often referred to as a “reorganization” bankruptcy, is filed when a business seeks to reorganize its operations in the hopes of increasing its cash flow. The business can continue operations, keep its employees and hopefully emerge as a profitable business in the end of a Chapter 11 bankruptcy proceeding.

Chapter 7, Chapter 11 and Chapter 13 bankruptcies have many rules and it is very important that you review all of the rules and procedures with a qualified NJ bankruptcy lawyer.

Step 5 – Receive Mandatory Credit Counseling

At your initial consultation the attorneys at Villani & DeLuca will explain to you that certain requirements must be met prior to filing for bankruptcy. Those requirements include mandatory credit counseling. Before filing your petition seeking bankruptcy protection, you must first receive credit counseling within 180 days before the date of your filing. You are permitted to complete this course over the phone, online or in person.

Step 6 – File a Bankruptcy Petition with the Appropriate NJ Bankruptcy Court

Bankruptcy PetitionOnce you have completed the above steps and you are ready to start your bankruptcy proceeding, you will file a Petition for Bankruptcy with the help of your New Jersey bankruptcy lawyer in the appropriate Bankruptcy Court. A schedule is included along with the petition, which lists all of your assets, liabilities and other financial information. If you are a Monmouth County or Ocean County resident, your petition and related documents will be filed with the U.S. Bankruptcy Court located in Trenton, NJ. The bankruptcy attorneys at Villani & DeLuca have filed bankruptcy petitions in all three Bankruptcy Courts located in the State of New Jersey.

Call Villani & DeLuca About Filing for Bankruptcy in NJ

Villani & DeLuca Of Counsel attorney Robert H. Johnson, Esq. has been recently recognized as a New Jersey Super Lawyer “Rising Star”.  He has extensive experience in handling all aspects of consumer debt and distressed businesses, whether they are privately held companies or individually owned enterprises.  Mr. Johnson knows how the Bankruptcy Code works and he will be able to assist you in stopping harassing calls from creditors, stopping any lawsuits that have been filed against you and providing you with what you need in order to obtain a fresh financial start.

The bankruptcy lawyers at Villani & DeLuca practice bankruptcy law throughout the State of New Jersey and routinely appear in all three New Jersey Bankruptcy Courts.  Villani & DeLuca has offices located in Wall Township in Monmouth County and Point Pleasant Beach in Ocean County.  Call (732) 965-3390 today to schedule your free consultation with Villani & DeLuca bankruptcy attorney Robert H. Johnson.