07 Jan 2010 06:39 pm
Morristown, New Jersey Attorney with over 36 years experience in the Bankruptcy Process.
Mr. Pegg personally handles all of his matters and is dedicated to providing his clients with the knowledge and understanding to successfully complete their Bankruptcy filing in accordance with the Federal Bankruptcy Laws. Located in Morristown, New Jersey and serving all of Northern NJ. Contact us for a free consultation.
WHAT IS BANKRUPTCY? A quick guide to bankruptcy information:
“Going Bankrupt” has a very negative stigma in our society, but you should not let that scare you. Bankruptcy is a legal procedure created to help individuals just like you; While it should only be used as a last resort, a successful Bankruptcy filing can be the most fiscally responsible thing to do when repaying ones debt becomes impossible or unbearable. Bankruptcy debt relief is designed to both protect individuals or businesses from crippling debt collection and to simultaneously protect the creditors involved from fraud.
A Bankruptcy filing can fall into different ‘Chapters’ according to federal law. A Chapter 7 Bankruptcy involves taking most of the borrower’s non-essential property, selling off the assets and distributing the cash among the separate creditors, in short eliminating all outstanding debts. A Chapter 13 Bankruptcy involves a negotiation between the borrower and lenders to repay a portion of the debt in installments proportionally based on the borrowers income, in short manageable monthly payments leading to real debt relief. Lastly is Chapter 11 Bankruptcy which applies to corporations and is generally a much more complex affair. If you are reading this article, you will most likely benefit from either a Chapter 7 or a Chapter 13 bankruptcy filling.
Upon successfully applying and being discharged, the borrower will be truly debt free from all pending credit card debt, medical bills, etc. (note student loans will still need to be repaid) You will at this point start from a clean slate and easily be able to rebuild your credit; Credit card offers will literally appear in your mailbox within days of completing your Bankruptcy process. As a cautionary note, do remember that Bankruptcy can only be filled once every eight years, and that it will remain in the borrowers credit record for up to ten years. A past Bankruptcy reflects responsible financial planning in accord to federal law, and it is a much better option than payment defaults, delinquent accounts, a large outstanding debt with interests so high it becomes incredibly difficult and lengthy to repay, or predatory debt consolidation scams which permanently damage your credit and cost thousands of dollars more to repay in the long run. Bankruptcy is the legal way to to be debt free when all else fails.
Be sure to consult with a qualified bankruptcy attorney which can offer accurate credit counseling. With over 36 years of experience, Mr. Pegg personally handles all of his matters and is dedicated to providing his clients with the knowledge and understanding to successfully complete thier Bankruptcy filing in accordance with the Federal Bankruptcy Laws.
Give us a call for a free consultation!
If you are experiencing financial difficulties, being harassed by creditors, have credit card debt, unpaid medical bills, repossession (s), pending lawsuits, judgments or are being on your mortgage or rent payments, then a Chapter 7 or a Chapter 13 filings may be of great benefit to you.
Related posts:
- A Focus on the needs of our clients. Morristown Attorney at Law.
- New Jersey Bankruptcy Attorney In Hudson County
- New Jersey Bankruptcy Attorney in Somerset County
- New Jersey Bankruptcy Attorney in Bergen County.
- “Can I get a new business loan after declaring Bankruptcy in New Jersey?”
