Seasoned Chapter 7 Bankruptcy Attorneys Assist Consumers in Newark, NJ
Dependable law firm helps you get a fresh start
When the weight of debt seems to be crushing you, you want reliable assistance in getting real relief. Since 1978, Rothbard, Rothbard, Kohn & Kellar in Newark has helped Essex County residents get a fresh start in life through Chapter 7 bankruptcy. This compassionate law allows distressed consumers to get immediate relief from harassing collectors and discharge qualifying debt in as little as a few months. Bankruptcy is not for everyone, and not every consumer is eligible to file for Chapter 7, so we help you explore the full range of options that can place you on a more secure financial footing. However, if bankruptcy is your best option, we provide detailed and dependable guidance, along with highly professional representation throughout the process.
What debts are dischargeable in Chapter 7 bankruptcy?
Chapter 7 is personal bankruptcy that allows eligible consumers to petition the bankruptcy court to discharge certain debts. Dischargeable debts include:
- Attorney fees
- Civil court judgments (unless based on fraud)
- Collection agency accounts
- Credit card debt
- Medical bills
- Old tax penalties and certain past due taxes
- Personal loans
- Utility bills
Non-dischargeable debts include:
- Alimony
- Child support
- Fraudulent debts
- Most tax debt
- Most student loans
However, before the court discharges anything, the debtor must first return assets used as collateral in secured loans and sell non-exempt assets to partially repay creditors. The timing of your bankruptcy filing is also important. If you’ve run up a great deal of debt right before filing, a court could refuse to discharge those obligations even if the debt would normally qualify as dischargeable.
Qualifying for Chapter 7 through the means test
To qualify for Chapter 7 relief, your monthly income must be less than the New Jersey median income for a household your size. As of May 1, 2017, an individual would have to have a monthly income less than $5,244, while a head of household for a family of four would have to earn less than $9,574 a month. Because New Jersey has one of the highest median incomes in the country, a person can still make good money and file for Chapter 7. And, if you do not qualify via the means test, you can still consider bankruptcy under Chapter 13.
Preparing for your first appointment with a bankruptcy attorney
There are many ways a bankruptcy attorney helps you get a favorable result:
- Making sure your financial disclosure is complete and accurate
- Maximizing your exemptions
- Identifying your dischargeable debt
- Removing any doubt as to the veracity of your filings
- Protecting you from allegations of bad faith borrowing
But even the best bankruptcy attorney is limited by the information you provide. This means you’ve got to get your documentation together. When you come for your first consultation, make sure you bring:
- Your state-issued ID
- Proof of your income from all sources
- Bank records for checking and savings accounts
- Recent 1040s
- Credit card bills
- Household bills and a budget of household expenses
- Miscellaneous financial documents, such as mutual fund, IRA, and 401(k) statements
Thorough documentation allows us to conduct a detailed analysis of your circumstances to determine whether bankruptcy is your best option.
Contact our reputable lawyers for Chapter 7 bankruptcy filings in Newark, New Jersey
Rothbard, Rothbard, Kohn & Kellar provides reliable bankruptcy representation for distressed consumers. Our Newark office is conveniently located at 50 Park Place on the 12th Floor, right across the street from Military Park and just one block southwest of the New Jersey Performing Arts Center. Call us at 862-227-8068 or contact us online to schedule a consultation.
