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The advantages of Chapter 7 bankruptcy in New Jersey

Many consumers in New Jersey and across the country struggle with overwhelming debt. Whatever the cause of the debt, these financial issues are relatively common. However, there are also solutions, including the opportunity to file for Chapter 7 bankruptcy in order to achieve a fresh start. 

Bankruptcy relief is designed to help solve financial problems that have grown out of control. Filers are typically able to discharge a wide range of unsecured debt, including medical bills and unpaid credit card balances. Known as a liquidation bankruptcy, Chapter 7 typically involves the sale of non-exempt assets, liquidating them to cash so that they may be paid to creditors. Moreover, each state provides for specified exemptions, allowing filers to keep certain designated properties free from the claims of creditors.

Once the process is completed, the court usually grants the filer a discharge of specified debts so that the filer is no longer responsible for repayment. The process of rebuilding one's credit can then begin in earnest, often involving a much shorter time span than many believe. After only two to three years, many banks may be willing to offer a home loan and will often offer shorter lines of credit even sooner.

For residents of New Jersey who are struggling with debt and considering whether to file for Chapter 7 bankruptcy, doing so may offer the quickest and most effective means to achieving financial security once and for all. The advice and guidance of a bankruptcy lawyer can prove invaluable throughout the proceedings. Filing for Chapter 7 bankruptcy is often the first step toward a brighter and more stable financial future.

Source: ebony.com, "The Bright Sides to Filing for Chapter 7 Bankruptcy", Kara I. Stevens, Jan. 4, 2017

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Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

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