Chapter 7 Attorney
Struggling with debt can make life feel overwhelming. But there is hope.
Chapter 7 bankruptcy provides a path for individual debtors and businesses to find relief from their debt.
Cherry Hill and Middlesex County, NJ, debtors trust bankruptcy attorney Adam C. Brown Esq. to handle the Chapter 7 process.
What Exactly Is
Chapter 7 Bankruptcy?
Chapter 7 is the quickest bankruptcy option. The entire process takes about six months. Chapter 7 can be utilized by individuals, partnerships, and corporations. It achieves debt relief by selling unnecessary possessions and consolidating available assets, then using them to pay off unsecured debts owed to creditors.
When you file for Chapter 7, the court implements an automatic stay that protects you as a debtor. This automatic stay temporarily halts foreclosure proceedings, can stave off eviction, stop utilities from being disconnected, and prevent the garnishment of your wages. A trustee is put in charge of administering your assets to creditors. Once you have completed the entire Chapter 7 bankruptcy process, your dischargeable debts will be eliminated.
Eliminating Unsecured Debt Avoids Financial Spiral
Unsecured debts are not backed by collateral. This makes them riskier for creditors. In return, unsecured debts often have over twice the interest rate of a secured debt. Not addressing unsecured debts, instead of eliminating them with Chapter 7 bankruptcy, can only worsen financial concerns.
Using Chapter 7 Is Nothing to Be Ashamed Of
According to America's Debt Help Organization, from 2018 to 2022, over 1.8 million Chapter 7 bankruptcies were filed. This was nearly double the amount of the second most frequently used option of Chapter 13 bankruptcy.
Mr. Brown Is Here For Middlesex County
Chapter 7 is limited to individuals who do not have the financial capability to pay back their creditors. He can help you calculate your current monthly income. If it is less than the New Jersey median for a household of your size, you qualify for Chapter 7 bankruptcy. If not, you must prove that you do not have enough disposable income to pay off your creditors. This is done by completing a means test that involves highly specific and complex calculations.
Bankruptcy law can be very confusing. Mr. Brown is here to help clients throughout Middlesex County navigate the often complex process of proving you qualify for Chapter 7 bankruptcy. We have two convenient locations in New Brunswick and Moorestown. Reach out for his help today and get started on the path toward a brighter, more secure future.
Middlesex County Leaves 5-Star Reviews for Our Bankruptcy Lawyer
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 Google
Mr. Brown was excellent, his experience, professionalism and patience was a key to getting through a tough situation. Kudos counsel!View On Google
You Must Complete Credit Counseling
It is mandatory for all individual bankruptcy filers to complete pre-bankruptcy credit counseling. There are 48 different U.S. Trustee Program-approved credit counseling agencies in New Jersey. Mr. Brown can help you make sure the agency you choose will fulfill this all-important requirement.
The Chapter 7 Process
Chapter 7 allows debtors to find freedom from stressful debt.
Some Debts Cannot Be Discharged
In a Chapter 7 Bankruptcy
Unfortunately, not every type of debt can be eliminated with Chapter 7. Ineligible debts include:
- Child support
- Alimony payments
- Student loans
- Certain tax debt
- Court fees
- HOA Fees
In addition, aggressive creditors can petition the courts to make specific debts you owe not eligible to be discharged in your Chapter 7 plan. Many debtors are unable to fight against creditors on their own. Mr. Brown's bankruptcy law knowledge means he will do everything he can to protect clients from aggressive creditor behavior.
Chapter 13 Bankruptcy Is a Potential Alternative
A Chapter 13 bankruptcy may be pursued instead of Chapter 7. Chapter 13 is possible for individuals who have enough disposable income to pay off their debts over time.
Benefits of Chapter 13 Bankruptcy
The most common reason it is chosen over Chapter 7 is that Chapter 13 provides more robust protection against home foreclosure. Chapter 13 allows debtors to discharge more types of debt than Chapter 7. Chapter 13 also provides an avenue to catch up on delinquent payments that is not available in the more common Chapter 7. Another benefit of Chapter 13 is that it remains on your credit report for just 7 years as opposed to the 10 years of Chapter 7.
Benefits of Chapter 7 Bankruptcy
On the other hand, Chapter 7 is much quicker. It can be completed in approximately six months, while a Chapter 13 repayment plan typically takes five years. Chapter 7 does not usually require you to appear in court. Chapter 7 can also be used by businesses – an option unavailable to Chapter 13 users. Mr. Brown will break down the pros and cons for you as he helps choose the best option for your future.
More 5-Star Reviews From Middlesex County
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 Google
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