Discuss Your Situation With Toms River Consumer Bankruptcy Lawyers
If you file for bankruptcy protection under Chapter 7, you'll be working toward the quickest and most complete bankruptcy relief available under the U.S. Bankruptcy Code. If there are no complications or objections in your case, you can expect to receive your Chapter 7 discharge within four to six months of filing your petition. Any debts you discharge in bankruptcy will never need to be paid back.
To learn whether you qualify for Chapter 7 relief, contact an experienced bankruptcy attorney at Purrazzella & Purrazzella in Toms River. Our law firm works with people in Ocean County, Monmouth County and other parts of the state to help them get the maximum benefits of bankruptcy protection.
In order to qualify for the full benefit of Chapter 7, you need to satisfy several eligibility criteria. First, you won't be able to get a Chapter 7 discharge if you received one at any time within the preceding eight years. Next, your income as adjusted under bankruptcy guidelines can't exceed the New Jersey state median household income. If you don't satisfy the so-called Chapter 7 means test, you'll still be able to file for bankruptcy under Chapter 13.
Find Out Whether You Qualify Under the Chapter 7 Means Test
For most people, the means test is the most significant change that was introduced in the 2005 legislative amendments to the Bankruptcy Code. Today, you won't be allowed to file for Chapter 7 bankruptcy if your adjusted monthly income is too high. Before assuming that you earn too much to file for Chapter 7, though, you should be aware that even relatively affluent people earning substantially more than the state median can often qualify once the adjustments are applied.
Given the choice between Chapters 7 and 13, most people will take Chapter 7. It's much simpler, it's a lot faster and you won't need to repay any portion of dischargeable unsecured debt. There are situations where Chapter 13 will help people protect assets that might otherwise be subject to liquidation for creditors under Chapter 7, but it's rare for Chapter 7 debtors to part with any property. Unless you have a great deal of equity in your residence, your assets are very likely to be exempt from creditor claims.
Find out more about the immediate benefits of bankruptcy under Chapter 7 and learn about your eligibility under the means test. Contact a New Jersey Chapter 7 bankruptcy lawyer at Purrazzella & Purrazzella in Toms River for a free consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
