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Bankruptcy Attorney Union County NJ: What You Need to Know
Understanding Bankruptcy Law in Union County
Filing for bankruptcy can be a complex process, especially in Union County, NJ. It is essential to understand the basics of bankruptcy law and the role of a bankruptcy attorney in helping you navigate these challenging waters.
The Role of a Bankruptcy Attorney
A bankruptcy attorney provides legal advice, represents you in court, and ensures that your rights are protected throughout the bankruptcy process. Their expertise can help you determine the best course of action for your financial situation.
Types of Bankruptcy
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, often referred to as liquidation bankruptcy, involves selling off assets to pay creditors. It is a common option for individuals with significant unsecured debt. For more insights, you can read about texas bankruptcy laws chapter 7.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy allows individuals to reorganize their debt and create a repayment plan. This option is typically for those with a steady income who wish to keep their assets. Learn more by exploring surviving chapter 13 bankruptcy.
Steps to Filing for Bankruptcy
- Consultation: Meet with a bankruptcy attorney to discuss your financial situation.
- Documentation: Gather all necessary financial documents, including income statements and a list of assets and liabilities.
- Filing: Your attorney will help you file the bankruptcy petition and necessary paperwork.
- Creditors Meeting: Attend a meeting with your creditors, where your financial situation is reviewed.
- Discharge: Once the court approves your bankruptcy plan, your debts are either discharged or reorganized.
Benefits of Hiring a Local Attorney
Hiring a bankruptcy attorney from Union County, NJ, ensures that you have someone familiar with local laws and court procedures. Their local expertise can make a significant difference in the outcome of your case.
- They understand the nuances of state-specific bankruptcy laws.
- They have relationships with local courts and trustees.
- They provide personalized service and attention to detail.
FAQs
What is the cost of hiring a bankruptcy attorney in Union County, NJ?
The cost varies based on the complexity of your case, but most attorneys offer a free initial consultation to discuss fees and payment plans.
How long does the bankruptcy process take?
The duration depends on the type of bankruptcy filed. Chapter 7 typically takes 4-6 months, while Chapter 13 can take 3-5 years to complete the repayment plan.
Can I keep my house if I file for bankruptcy?
In Chapter 13 bankruptcy, you can often keep your home by catching up on mortgage payments through your repayment plan. In Chapter 7, exemptions may allow you to retain your home if it falls within certain value limits.
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