Following you will find some facts about bankruptcy in the United States, provided for your convenience. Whether you reside or run your business in NJ, NY or PA, bankruptcy attorneys are not all alike. You can find out more about your best option in New Jersey bankruptcy attorneys (no matter where you are in the tri-state area), and discuss your situation by contacting us and scheduling an appointment. We handle Chapter 7 and Chapter 13 bankruptcy in addition to adversarial complaints.
The United States Congress is granted the ability to enact “uniform laws on the subject of Bankruptcies,” and has thus enacted what is commonly referred to as “Title 11.” This is the United States Bankruptcy Code; it has been amended multiple times since its initial enactment in 1978.
Discharge – This term refers to the release provided a debtor who qualifies and addresses specific types of debt. Under bankruptcy discharge, a debtor is legally no longer obligated to pay the discharged debts. This does not preclude situations where property value could potentially repay a debt, in which case a lien that remains enforceable even after the bankruptcy process is complete can still be enforced.
Types of Bankruptcy Relief – There exist many types of bankruptcy relief. Debtors can find relief by filing a petition under chapter 11 of the Bankruptcy Code instead of proceeding with Chapter 7 relief. This is particularly relevant for those who have businesses, partnerships, etc., which they would prefer to continue operating. For individuals who receive income, an “adjustment of debts” can be sought under chapter 13 of the Bankruptcy Code, optimal for those who wish to avoid foreclosure on their homes.
The issue of bankruptcy is complicated and is unique for every individual or business situation. A review of your situation and discussion of your options is available at our Cherry Hill law offices. Contact us today to arrange an appointment.
If you have come to the point in your private or business life when debt has paralyzed further progress, contact our office located in Cherry Hill, New Jersey. Bankruptcy attorneys who know about more than filing Chapter 7 or Chapter 13 but also have experience in related areas can provide wise counsel and practical, competent representation. Whether you live or work in NJ, NY or PA, bankruptcy attorneys’ advocacy is based on successful handling of a multitude of similar cases over many years. Please see the Representative Clients page and then contact our offices to take the next step.