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Paul N. Mirabelli, Esq

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Paul N. Mirabelli, Esq

Bankruptcy & Debt Relief In Old Bridge, NJ

In Old Bridge, NJ, if you find yourself grappling with the daunting realities of the financial crisis, whether as an individual or a small business owner, know that you're certainly not alone. The weight of debt can be crushing, yet there's a beacon of hope on the horizon. Unlike what most people say, bankruptcy isn't the end—it's a chance for a new beginning, a step toward financial solidity. For three decades, Paul N. Mirabelli, Esq., has been the guiding light for many in Old Bridge and its neighboring towns, steering them through the intricate maze of bankruptcy laws with integrity, empathy, and invaluable insight.

Let's break down the types of bankruptcy. Understanding the options—referred to as "Chapters"—is key before taking the plunge in New Jersey. Each one has its purpose, pros, and cons. It's vital to get a seasoned bankruptcy attorney on board to pinpoint the chapter that's a perfect fit for your unique fiscal landscape.

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Chapter 7

Bankruptcy Lawyer Old Bridge New Jersey

Take Chapter 7 bankruptcy, for instance. It's a popular pick for folks aiming to wipe the slate clean swiftly and without draining the bank. This chapter skips the payment plans and wraps up typically in just a few months. What's more, you'll likely hold on to your car and other assets. Still, it's no magic wand—certain obligations like student loans, tax dues, and family support remain untouched.

You'll need to clear the "means test" to qualify. Simply put, if your six-month average household income is under New Jersey's median for your household size, you're in. Otherwise, your financial particulars might still see you through.

Chapter 13

If Chapter 7 isn't up your alley—maybe due to more substantial assets or you flunked the means test—Chapter 13 could be your ticket. This one's more of a repayment plan, stretching from 3 to 5 years, letting you keep your belongings while chipping away at your debts. Once you've made all the payments, the rest of your eligible debt gets wiped off.

It's an individual affair, Chapter 13. You'll need a steady income with enough left after the bills to tackle the monthly plan. There are debt ceilings to keep in mind, too, currently capping at $419,275 for unsecured debts and $1,257,850 for secured ones.

Chapter 11

Then there's Chapter 11 bankruptcy. It's the road less traveled for individuals, usually because it's trickier and pricier. However, it's got its perks for restructuring and safeguarding assets, especially if Chapters 7 and 13 don't mesh with your circumstances.

Switching gears to small businesses in Old Bridge, the choices are a trio of chapters. Chapter 7 is for sole proprietorships ready to liquidate, while other entities like corporations and LLCs need to look elsewhere. Chapter 13, again, is for sole proprietors eyeing debt reorganization and asset protection. For bigger players with heavier debts, Chapter 11 throws them a lifeline, allowing them to reshuffle and stay afloat.

Thanks to the Small Business Bankruptcy Reorganization Act of 2019, Chapter 11 has become more attainable for the smaller folks, temporarily hiking the debt threshold to $7.5 million. It's a game-changer for small businesses drowning in overdue payments or facing eviction threats, carving out a path to operate while settling financial quagmires.

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Contact Paul N. Mirabelli, Esq

Bankruptcy Lawyer Old Bridge New Jersey

Now, if you're knee-deep in debt around Old Bridge, NJ, and your nights are long and sleepless, you've got a friend in Paul N. Mirabelli, Esq. With a trove of experience in personal and business bankruptcy law, our team's ready with the answers, strategies, and steadfast legal counsel you crave.

We get it—the relentless hounding from creditors, the sinking feeling of perpetual financial lag. Our firm's forte lies in bankruptcy, with sidelines in foreclosure defense, mortgage tweaks, debt negotiation, and courtroom battles. We're all about empowering you to embrace your financial do-over with gusto.

Wondering where to turn for a bankruptcy attorney? Your search ends here. Drop us a line online or give us a ring at 973-323-2953 to tap into the expertise of a seasoned bankruptcy lawyer right here in Old Bridge, NJ. We're in the business of debt relief, and we stand ready to champion your quest for bankruptcy relief under the Bankruptcy Code. Here's to your fresh financial start!

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