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BankruptcyAt Thomas R. King, Esq. LLC. we provide our clients with effective legal services regarding all aspects of a bankruptcy. Whether you are an individual, joint debtor, or a business owner, married, single or getting a divorce, my firm will work to protect your rights under the bankruptcy code. If you are facing foreclosure, our firm will explore every option to protect your home. We are here to help.

I can help guide you through a chapter 7, or chapter 13 bankruptcy – chapter 13 bankruptcy is a reorganization whereas chapter 7 bankruptcy is a liquidation.

Chapter 7 bankruptcy protection allows debtors to get rid of most of their debts and start over with a clean slate. However, it also has its drawbacks, including the loss of property and a depressed consumer credit score. Chapter 7, also called “liquidation” or “straight bankruptcy,” is the process by which a debtor’s assets are sold, creditors receive payment, and you are then free from your debts. You must be eligible to file for bankruptcy, and the rules vary depending on the type of case you want to file. Bankruptcy laws changed significantly in 2005, making it harder to qualify for Chapter 7 relief.

Chapter 13 bankruptcy protection proposes a 3-5 year repayment plan to the creditors offering to pay off all or part of the debts from the debtor’s future income. You can use Chapter 13 to prevent a house foreclosure or make up missed car or mortgage payments or pay back taxes or stop interest from accruing on your tax debt. It helps you keep valuable non-exempt property and more. Chapter 13 bankruptcy is generally used by debtors who want a way to keep secured assets, such as a home or car, when they have more equity in the secured assets than they can protect with their New Jersey bankruptcy exemptions.

Call me to schedule a free consultation.

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