Is Bankruptcy The Answer For Your Debt Problems?
At Simon, Monahan & Simon L.L.C., in East Brunswick, New Jersey, we understand that your life goals did not include filing for bankruptcy. But factors outside your control can push you to the financial brink:
- Unemployment: When you lose your job, your expenses can pile up quickly and become unmanageable
- Divorce: When a couple obtains a divorce, life becomes more expensive and can lead to financial difficulties
- Medical bills: Health problems can trigger massive medical bills that are impossible to pay
If you need debt relief, it is important to speak with an experienced attorney who knows how the bankruptcy laws work.
Forms Of Bankruptcy
Chapter 7 or Chapter 13 bankruptcy might be the answer to your problems. The decision to file for Chapter 7 or Chapter 13 bankruptcy relief gives you the gift of time: filing for bankruptcy forces creditors to immediately stop trying to collect from you.
Chapter 7 bankruptcy allows you to obtain a discharge of unsecured debts. These can include credit card bills, medical bills and lawsuit judgments. Chapter 7 does not eliminate child support payments, college loans, taxes or secured debts like your home and car.
Chapter 13 basically is a repayment plan that gives the filer three to five years to pay off debts. To successfully file for Chapter 13, filers must have a steady source of income.
Chapter 11 bankruptcy is generally for the reorganization of businesses that have heavy debt burdens and in some cases for individuals to restructure their finances.
Restoring Your Credit Rating
When individuals are drowning in debt, filing for bankruptcy can be a wise decision. While it is true that bankruptcy has a short-term negative effect on your credit rating, most people who file for bankruptcy already have poor credit. When that is the situation, bankruptcy can be the first step toward rebuilding solid credit.
How To Contact Us
At Simon, Monahan & Simon L.L.C., we know how to make the bankruptcy law work for you and your situation. If you are ready to explore your bankruptcy options with an experienced bankruptcy lawyer, call our office in East Brunswick, NJ, today at 732-374-3309, or contact us online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.