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If you are dealing with insurmountable debt, struggling to pay more than the interest, or facing bank harassment and foreclosure in Sayreville, bankruptcy attorney Paul Mirabelli can help.
The middle-class families and small businesses that make up the backbone of Middlesex boroughs like Sayreville, New Jersey, are also those most likely to suffer from the burdens of debt. With little wealth to protect them from a financial downturn, medical emergency, or pandemic that combines them both, it is all too easy to fall behind on payments and be left kneck deep with no clear path forward.
Fortunately for Sayreville residents, there are options for dealing with most forms of consumer or medical debts, though you may not realize it. Attorney Paul Mirabelli has been helping families, one at a time, throughout the region of New Jersey escape crushing debt through bankruptcy.
Bankruptcy is a heavy word, there is no doubt about it, but more often than not, a trip to the Middlesex Bankruptcy Court will help take a weight off your shoulders. Particularly if you work with an experienced bankruptcy lawyer like Paul Mirabelli, who has been working in communities just like Sayerville for over
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While bankruptcy can be a terrifying thing to think about, in many ways, its bark is worse than its bite. For families and small businesses struggling already to make ends meet, debt can be the burden that keeps you from building up any wealth or, worse, locks you into a cycle of poverty or more debt.
Getting out of that cycle requires careful planning or drastic measures. Bankruptcy will not always be the ideal solution for everyone in Sayreville, as there are other debt relief mechanisms that can be brought to bear. But when the outlook is too grim, creditors too greedy, and the debt too deep, then a bankruptcy attorney may be the only one offering a light of any kind.
Fortunately, there are several kinds of bankruptcy, called Chapters, each of which is best suited for different situations. As a result, whether you are a small business owner on Main Street or trying to hold on to your home in Morgan, there is a type of bankruptcy best for you.
Many New Jersey residents worry that bankruptcy will cost them their home and any equity or ownership they have built up for it. Fortunately, that is not the case. Under Chapter 7 Bankruptcy, you can get most, if not all, unsecured debts discharged (completely forgiven) without losing any essential and except assets.
That includes your household.
You might have to give up luxuries like a boat, an unnecessary car, or a second home, but in New Jersey, Chapter 7 bankruptcy will not cost you your home in Sayreville or anywhere else. This means that, with the help of an experienced attorney, you could be out from under your debts without losing the essentials you have worked so hard to earn.
However, to file for Chapter 13 bankruptcy, your income must be below a certain threshold, which means some families with two jobs or those who have recently started earning more may not be eligible for that kind of relief.
If you are unable to qualify for Chapter 7 bankruptcy, or if the loss of non-essential assets represents too big a burden for you and your family, an attorney can help you file for Chapter 13 bankruptcy instead.
Under New Jersey’s Chapter 13 bankruptcy rules, Sayreville residents will not have to give up any assets or be under a certain income level to qualify. Instead, they will have to prepare a carefully planned repayment plan.
This plan effectively has you pay back a portion of what you owe your creditors over the next three to five years. If you are able to meet the payments you have committed to, then the remaining debt is discharged, and you will have the same fresh financial start without giving up anything you already owned.
While Chapter 13 is a great solution for many individuals and families, businesses in Sayerville do not have that option.
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In New Jersey, Chapter 13 bankruptcy plans are only available to individuals. Businesses, large or small, must either give up nearly everything in a Chapter 7 bankruptcy or attempt a Chapter 11 bankruptcy filing.
Chapter 11 closely resembles Chapter 13 in that a payment plan is devised, and your future income serves to pay off many past debts. But unlike Chapter 13, Chapter 11 can take much, much longer, and very few debts, if any, can be discharged.
An experienced small business bankruptcy attorney can help you figure out if it makes sense to try to file under Chapter 11 and continue running your business or to throw in the towel and give up to obtain more drastic and immediate relief.
Paul Mirabelli will help you figure out which bankruptcy chapter, if any, is right for your situation in Sayreville.
Do not let debt loom over you like a dark cloud, poisoning your life and future. Reach out to a bankruptcy law firm that will take your case seriously and give you the personalized attention and guidance you need to get free.
Before your next creditor calls to harass you, call bankruptcy attorney Paul Mirabelli at (732) 733-2830 to get someone on your side.
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