Bankruptcy
If you are overwhelmed with debt you cannot pay back, your home, car, and savings can all be at stake. You may have to declare bankruptcy.
Though the bankruptcy process can be stressful, you don't have to go through it alone. Adam C. Brown Esq. LLC is here to help.
Our New Brunswick and North Bergen, NJ, bankruptcy attorney can fight for you in and out of court so that you can finally find equilibrium.
Facing a Bankruptcy? Our Firm Offers Free Consultations
The financial burden of a bankruptcy case can be high. Our New Brunswick, NJ, and North Bergen, NJ, bankruptcy attorney can help address your concerns in a complimentary bankruptcy law consultation.
What Is a Bankruptcy?
/
A bankruptcy occurs when you owe creditors but you cannot repay them. This legal process can clear your debts, though it is not without drawbacks. Our Middlesex County and Cherry Hill law firms focus on two types of bankruptcy cases: Chapter 7 bankruptcy and Chapter 13 bankruptcy.
Chapter 7 and Chapter 13 Bankruptcy: What's the Difference?
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, the quickest and most used method, essentially collects and liquidates your available assets to pay off unsecured debts. Married persons can file for Chapter 7 bankruptcy either as a couple or as individuals.
Who Can File for Chapter 7 Bankruptcy?
Individuals, partnerships, and corporations are eligible to file for Chapter 7 bankruptcy.
Pros & Cons of Chapter 7 Bankruptcy
Of these two types of bankruptcies, Chapter 7 bankruptcy is faster. The entire process takes about six months. If you need to pause collections, Chapter 7 enables an automatic stay, which prevents communications from creditors about those debts.
A Chapter 7 bankruptcy will remain on your credit report for up to 10 years.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy involves debt reorganization. A repayment plan is created in which the debtor agrees to pay at least some debts within three to five years. If the repayment plan is followed, remaining debts are eliminated even if not paid in full.
Who Can File for Chapter 13 Bankruptcy?
Individuals and businesses that are classified as sole proprietorships may file Chapter 13 bankruptcy.
Pros & Cons of Chapter 13 Bankruptcy
Once you have completed all payments over the agreed-upon repayment time, the courts will discharge all relevant, applicable debts that you have left. As long as you are not delinquent on payments, you technically do not have to pay back creditors in full.
A Chapter 13 bankruptcy will remain on your credit report for up to seven years.
"My top pick." Hear Why New Jersey Clients Trust Our Bankruptcy Lawyer
Amber J.
2023
After consulting with a few lawyers, Mr.Brown was, by far, my top pick, and I was glad to have him represent me. He was extremely professional, knowledgeable, realistic about my options, and a pleasure to work with. I was very happy with how he handled my case, listened to my wants and needs, and acted on my behalf.
View On Google
Jazmin Peralta
2023
Adam was tremendous help. He ensured I understood what was going on, share my concerns and provided space to address concerns and explain best next steps. He was timely and communicated effectively. Truly thankful for all your help! Would definitely recommend.
View On GoogleChoose a Bankruptcy Lawyer With In-Depth Knowledge of the Law
Bankruptcy attorney Adam C. Brown understands the nuances of the law when it comes to bankruptcy cases. Before he began his career as an attorney, he completed an internship at a private tax firm. He learned numerous intricacies on finances and taxation that he may be able to use in your favor.
Mr. Brown has also benefited from guidance from mentors from the U.S. House of Representatives, as well as the New Jersey Superior Court.
Our firm can give you stability, resources, and peace of mind as you navigate the often-confusing world of bankruptcy law.
To begin, contact our New Brunswick, NJ, or North Bergen, NJ, law offices, or call:
(973) 281-2388
"One of the best lawyers in the state."
Kimberly Taylor
2023
I have had the absolute most pleasure of working with Mr.Brown. Work with integrity;
He is kind and caring. I have nothing negative to say about Mr.Brown. Highly recommend!
Lateef Balogun
2023
Y’all gotto try this lawyer men. I’m telling y’all is one of the best lawyers in state. He helped me out with my case without no stress. Thank god I found him I swear to GOD he is good in what he does.
View On GoogleImportant Factors to Remember As You're Applying for Bankruptcy
In order to successfully file for Chapter 13 or Chapter 7 bankruptcy, you must meet certain requirements. Mr. Brown, your bankruptcy attorney, can explain the requirements and guidelines in detail at his Middlesex County, NJ, and Cherry Hill, NJ, offices. They include:
Credit Counseling
Credit counseling is required by bankruptcy law. You must complete your course for full eligibility.
Honest Filing
Your bankruptcy filing can be denied if there is any evidence of fraud. Make sure your filing is accurate.
Staying Consistent
In Chapter 13 bankruptcy, all payments must be made. Missing a payment will be detrimental to your financial future.
The Income Limit for New Jersey Households To Be Eligible for Chapter 7
As of May 15, 2022, those who file for Chapter 7 in New Jersey must qualify by meeting or making less than these household income limits:
What If I Make More Than the Median Income?
If your household makes more than the median income in New Jersey, you may still be able to file for Chapter 7 bankruptcy. You will need to take a means test to determine if certain expenses are deductible. Attorney Adam C. Brown can review these matters with you in greater detail.
If I Declare Bankruptcy Do I Still Have to Lose My Home?
The answer to this question depends on which type of bankruptcy you choose.
Chapter 7
Unfortunately, in New Jersey, while Chapter 7 bankruptcy can buy you more time before your home is foreclosed upon, it may only delay the eventual foreclosure.
Along with other assets, you will have to give up your home when you and your bankruptcy attorney file for Chapter 7.
Still, it gives you a valuable chance to make other arrangements — and stay in your home for longer.
Chapter 13
With a Chapter 13 bankruptcy, you will likely be able to keep your home, provided you make every payment on time.
After a Chapter 13 bankruptcy is filed, your bank must take additional steps to be able to foreclose.
If they decide to do so, they will likely file for a motion for relief from stay. Your bankruptcy lawyer, Mr. Brown, can help you if this happens.
Can I Buy a Home Again After Going Through Bankruptcy?
The answer is yes, but not immediately.
Declaring bankruptcy and going through a foreclosure can give you a fresh slate, though it's not without drawbacks.
After Chapter 7, you may have to wait two to four years before qualifying for a loan. A Chapter 13, on the other hand, typically means you'll have to wait a little longer: about four years after your debt has been dismissed (this is after you have spent years repaying creditors).
Filing for Chapter 7: Step by Step
The entire process usually takes four to six months:
"We won't hesitate to call him again." Reviews From Our Middlesex County, NJ, Law Clients
Dan Wang
2023
My wife and I called Adam in regards to a potential case that we had no idea how to approach. We had a lot of questions and were quite flustered. He was extremely helpful and knowledgeable in the subject and provided us with all the information we needed. Should we need his services in the future, we won't hesitate to call him again.
View On Google
Jonathan Lloyd
2023
Adam was a great source of knowledge and information, and make me and my fiancé very comfortable discussing typically uncomfortable matters and situations. Highly recommend his services and time!
View On Google
