Best Bankruptcy Lawyers in Clifton, NJ

Bankruptcy is a legal process in court. It gives people who are unable to pay their bills a fresh financial start. Federal law gives qualified debtors the right to file bankruptcy in federal court. Filing a bankruptcy immediately stops all creditors from taking any collection activities until your debts are sorted out according to law.

Eliminate their legal obligation to pay most or all of their debts. This happens with a "discharge" of debts which is designed to give people a fresh financial start. Stop foreclosure and other legal processes. It can allow people the opportunity to catch up on missed payments. Prevent a repossession, or force the creditor to return property even after it has been repossessed. Stop wage garnishments, collection harassment, and other creditor actions to collect a debt. Restore or prevent termination of utility service.

Yes but there are some exceptions. The typical Bankruptcy discharge will not normally apply to things such as child support or alimony, court fines, and some taxes; it also may not cover certain debts not listed on your bankruptcy petition or loans that were gotten by knowingly giving false information to a creditor, and that creditor reasonably relied on the knowingly false in in making the loan; Debts that are the result of "willful and malicious" harm; Student loans, except if rare cases where a bankruptcy judge decides that payment would be an undue hardship.

After your case is filed, you must complete another bankruptcy court approved course in personal finances called debtor education. This course is longer than the credit counseling and will also result in a certificate which we need in order to get your discharge. We recommend that you sign up for the course soon after your case is filed, and will provide you with a list of providers if you need help location one.

During a Chapter 13 bankruptcy, debtors are required to use their disposable income to pay their debts through fixed monthly payments for anywhere from 36 to 60 months. The amount each debtors will be required to pay depends on the specific income, allowed expenses and types of debts in each individual or joint case, among other factors. The bankruptcy law describes special status to certain debts, granting them what are known as priority claims. Chapter 13 repayment plans must provide for these debts to be paid in full. Also in order to keep collateral for their secured debts, you must pay off at least the value of the collateral. In cases when people have funds remaining in their plan after their priority and secured claims are paid, these are generally applied toward unsecured debts. Approving Chapter 13 plans. With few exceptions, we must file your Chapter 13 repayment plan within 14 days of filing the bankruptcy petition. That way, at the meeting of the creditors, creditors and the trustee will have the opportunity to ask questions and address issues with the plan proposed. Within 45 days of the meeting of creditors, we will hold a confirmation hearing to approve or deny the plan. In order to make this decision, the Court evaluates the plan to determine if it complies with the legal standards and is feasible. If their plan is approved, the funds being paid to the Trustee through the plan will immediately start being distributed to your creditors.