Finding Creative Solutions To Your Legal Challenges

A Fresh Financial Start Could Be Possible

Chapter 7 bankruptcy involves the liquidation (sale) of your property to repay creditors. Although it sounds devastating, federal and state laws exempt certain assets from the process, including your house and car.

At Bastarrika, Soto, Gonzalez & Somohano, L.L.P., in Woodland Park, our lawyers understand that no one plans to file bankruptcy. Most people have a negative perception about bankruptcy that is wrong. Bankruptcy, particularly Chapter 7, is a great tool to help people get back on track with their finances. Let us help you start over. Call 973-370-0997 or to learn more.

Do You Qualify For Chapter 7 Bankruptcy?

You could qualify for this form of bankruptcy protection if you pass a means test that compares income to debts. Generally, you may qualify if your current monthly income is less than the median monthly income for a family of your size in New Jersey.

The Basic Process

Bankruptcy could open a path forward after you have gone through a job loss or are facing overwhelming medical expenses. You will need to file paperwork and pay fees at your regional bankruptcy court. The petition must include detailed records about your income and assets as well as the names of your creditors.

Your filing will initiate an automatic stay that informs your creditors to cease collection efforts. As the process continues, the court will liquidate nonexempt assets (if any), distribute funds to creditors and discharge eligible remaining debts, such as credit card balances and medical bills.

What Cannot Be Discharged In Bankruptcy

A Chapter 7 bankruptcy cannot erase all debts. You will generally remain responsible for unpaid taxes, student loans and child support. Speak with us to learn your options for reorganizing these debts.

Contact An Attorney At Our Firm Today

Our representation could allow you to prevent foreclosure, stop creditor harassment and bring order back to your financial life. Fill out our contact form so that we can explore your options for relief, or call us at 973-370-0997 to get in touch.

We are a debt-relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.