Helping People Escape Serious Debt Problems
Financial problems can happen to anyone. Unexpected events like a serious health problem, the loss of your job, or a divorce can make it very hard to pay your bills. If you are facing the loss of your home or your car, or if your wages are being garnished, it is time to look at all of your options. Bankruptcy may be the best way to help you get your life back on track.
It is important to work with a lawyer who understands the bankruptcy laws and how they apply to your unique situation. I am attorney Peter J. Morales. Over my career I have helped many people get financial relief through bankruptcy. With my experience and knowledge of the process, I can help you move toward a brighter future free of debt. While based in Elizabeth, I serve clients across Union County and North New Jersey.
Choosing The Type Of Bankruptcy That Is Best For You
There are two main types of bankruptcy for individuals. With Chapter 7 bankruptcy, any property you own that is not exempt is sold, and the proceeds are distributed to your creditors. Your remaining unsecured debts, such as credit card debt and unpaid medical bills, are discharged, or wiped out. In most cases, people who file Chapter 7 lose few, if any, of their assets. Chapter 7 bankruptcy is relatively quick, and can often be completed within three or four months.
Chapter 7 bankruptcy is only available to individuals whose income is below a certain level. If you earn too much money to file Chapter 7, or if you have a home or other assets you could lose in Chapter 7, Chapter 13 bankruptcy is likely your best option. In Chapter 13, you repay your secured debts (such as a mortgage) over three to five years, while paying a part of your other debts.
Whether you file Chapter 7 or Chapter 13 bankruptcy, when you file your bankruptcy petition, the automatic stay begins. With the automatic stay in place, your creditors cannot take further action to recover their debts while the bankruptcy is pending. This offers significant relief and peace of mind for people in financial distress.
Filing for bankruptcy is never an easy decision. When you work with my law firm, I will carefully explain the advantages and disadvantages of each course of action, helping you decide on a path that is right for you.
Contact The Law Offices of Peter J. Morales, LLC, Today
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The Law Offices of Peter J. Morales, LLC, is a debt relief agency that helps people file for bankruptcy relief under the Bankruptcy Code.