Bankruptcy Attorney In Livingston, New Jersey

What Are The Differences Between Chapter 7 And Chapter 13 Bankruptcy?

At Law Office of Stuart M. Nachbar, P.C. in New Jersey, we focus in helping you navigate the often overwhelming complexities of Chapter 7 bankruptcy. Our dedicated team is committed to assisting you in significantly reducing most of your debts, whether they come from medical bills, credit card balances, overdue tax obligations, vehicle repossessions, or other financial challenges you may be facing. By choosing to file a Chapter 7 with Stuart Nachbar, you can promptly put an end to the ongoing stress concerning frozen bank accounts, wage garnishments, and the threat of impending lawsuits. Moreover, there's a strong possibility that you'll be able to retain some of your crucial assets, including your car and house, as long as you adhere to timely payments and meet the necessary requirements.

Alternatively, if Chapter 13 bankruptcy suits your situation better, Stuart Nachbar can provide you with guidance through this process as well. Chapter 13 allows you to consolidate all your debts into one manageable monthly payment, spreading the payments over a designated period until debts are paid in full. Much like Chapter 7, this approach will swiftly put a halt to the harassment associated with lawsuits, frozen bank accounts, and wage garnishments.

Additionally, it can effectively stop car repossessions and foreclosures, giving you a chance to get back on track with your payments, provided that your financial situation allows for it. Don't endure the harrowing stress and harassment from relentless debt collectors for another minute. Reach out to Stuart Nachbar in New Jersey today, and let us aid you in alleviating your financial woes and regaining control of your life.

Bankruptcy Medium Income Test

In New Jersey, the Bankruptcy Medium Income Test is a key factor in determining eligibility for Chapter 7 bankruptcy. This test compares your household’s average income over the past six months to the median income for a household of your size in New Jersey. If your income is below the state median, you typically qualify for Chapter 7, which can lead to the discharge of most unsecured debts. However, if your income is above the median, you may need to file for Chapter 13 bankruptcy instead, where you’ll work out a repayment plan, some of the debts and possibly all of the debts depending on the individual situation. Stuart Nachbar can help you understand how the Medium Income Test applies to your situation and guide you through the bankruptcy process with confidence.