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Are you facing bankruptcy and need help with how to proceed? Give us a call to get started on a plan of action!
If you’ve ever had your debit or credit card declined, you know exactly what bankruptcy feels like. All of these questions run through your mind: How did I spend so much money? Did I add up my purchases wrong? Am I going to be charged a non-sufficient funds fee? Does this change how my bank views me?
Luckily, that feeling is fleeting when the next payday hits. But what if a payday can’t save you? When it comes to bankruptcy, the sadness stemming from a lack of adequate funds sits in your gut as you try to figure out where you went wrong. You may be in disbelief that things have gone this far or even feel numb as you put yourself on autopilot to handle your necessary day-to-day tasks.
No matter how you feel about bankruptcy, you don’t have to face it alone. Perth Amboy, NJ residents can rest assured that Paul N. Mirabelli, Esquire, will be able to assist you in coming up with a solid legal plan to get you back on your feet. For over 30 years, Attorney Mirabelli has been practicing law and has the experience and knowledge you need to face your bankruptcy problem head-on.
Typically, clients in Perth Amboy, NJ, have two options when it comes to bankruptcy: Chapter 7 or Chapter 13.
Both types will help to reorganize your debts for repayment and can cease the harassment calls from creditors. Each bankruptcy will also have a trustee who will evaluate your property and apply any exemptions.
However, each has its benefits and situations they work best for, respectively.
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Chapter 7 bankruptcy deals with asset liquidation. The primary purpose is to use the funds from liquidating assets to pay for debts and enter into debt repayment contracts with creditors. Under Chapter 7 bankruptcy, you can retain exempt assets. To get started with any bankruptcy, you must first qualify.
To qualify for Chapter 7 bankruptcy, you must meet the income eligibility requirement. The requirement is that you stay within a certain level of income.
However, there could be outstanding circumstances that prevent a clear-cut path for you, or you may have questions about some of the assets you have. Attorney Mirabelli will be able to best assist you by reviewing the details of your situation and developing a custom-tailored plan of action for you.
Chapter 13 bankruptcy is for those individuals who exceed the income limit set for Chapter 7 bankruptcy.
Those who don’t qualify based on the income limit may be eligible by meeting the non-exempt equity requirement.
Meeting the non-exempt equity eligibility requirement means the property you own isn’t covered or fully covered by an exemption.
Chapter 13 bankruptcy can also help you keep your mortgage payments current. If you can stay current on mortgage and trustee payments, past mortgage payments can be spread out over a five-year period to avoid accumulating.
While this is not an exhaustive list of the options available to you, it is an excellent place to start the conversation with your bankruptcy attorney. Keep in mind that personal bankruptcy goes through federal bankruptcy court. However, if you are local to Perth Amboy, NJ, having a local attorney experienced in bankruptcy law gives you the quality care your case deserves.
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Ready to get started on your new beginning? Let us guide you through the bankruptcy process.
While bankruptcy can undoubtedly offer some drawbacks, it definitely has the potential to ease the strain of a messy financial situation. Often, the clean slate that can arise from filing for bankruptcy is well worth the temporary setbacks.
Navigating the bankruptcy process can also prove stressful, especially if you try to do it alone. Self-help guides are available, and the court does its best to ensure resources are available. Nevertheless, a dedicated and experienced bankruptcy attorney is the best option if you are considering filing for bankruptcy.
Clients in Perth Amboy, NJ, have access to top-tier bankruptcy attorney Paul N. Mirabelli, Esq. Attorney Mirabelli won’t just be your tenured bankruptcy lawyer; he’ll be your advocate. Our firm will assist you in every step of the bankruptcy process, all the way to the best outcome for you.
Ready to get started? Call Paul N. Mirabelli, Esq. at (732) 733-2830 to schedule a consultation today!
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