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 Middlesex County, 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 Middlesex County, NJ, bankruptcy attorney can help address your concerns in a complimentary bankruptcy law consultation.
What Is a Bankruptcy?
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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 law firm focuses 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.
"Above and beyond." Hear Why New Jersey Clients Trust Our Bankruptcy Lawyer
Magaly Guzman
2022
Mr. Adam’s professionalism and Genuine desired to help and to support...was OUTSTANDING AND AWSOME!!! He has the passion and knowledge to make it a smooth process. We did it!!! I recommend him and his team
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Errol Hundley
2019
I highly recommend Adam C.Brown if you are having any kind of trouble. He is without a doubt the BEST person to represent you with any legal trouble you are having. He was a big help and went above and beyond to help me. I couldn’t of ask for a better lawyer.
View On GoogleHow Can an Attorney Help With My Bankruptcy?
Attorney Adam C. Brown can assist you along every step of the way of your bankruptcy case, such as:
Exploring Different Types of Bankruptcy
Answering Bankruptcy Law Questions
Helping You File for Bankruptcy
Representing You in Court
Determining a Repayment Plan
Choose 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 Middlesex County, NJ, law office or call:
(973) 281-2388
Important 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, office. 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.
"Adam is an amazing lawyer to work with." Reviews From Our Middlesex County, NJ, Law Clients
Crystal King
2022
Mr. Brown did a remarkable job handling my case. His confidence, professionalism, honesty and knowledge on our first call put me at ease. I always felt as though he was on top of any new developments and most importantly, I felt like he genuinely wanted me to have the best possible outcome. His associate was knowledgeable and professional and always had an answer to my questions. I highly recommend this firm.
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Kystal Panotorilla
2021
Adam is an amazing lawyer to work with. He is very responsive and on top of things. He was very patient and understanding of my situation, he listened to what I wanted to do and I really like how honest he was with regards to my expectations. I would definitely recommend his services. Thank you so much Adam for helping me get through this process and I really appreciate everything you have done for me and my kids.
View On GoogleIf 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).
