Scott J. Goldstein
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At the Law Offices of Scott J. Goldstein we pride ourselves on providing excellent service to each and every client, no matter what their situation may be.
We focus our efforts on bankruptcy, guardianship, estates and probate matters. We also have extensive experience in residential real estate and small business matters. Our goal is always to exceed our client’s expectations and deliver results that place our clients in the best position possible.
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Income reduction, increasing costs of services and goods, as well as high medical care or raising children expenses can result in being unable to cover your monthly expenses. Finding yourself in such circumstances can feel terrifying. However, there is a way out – filing for bankruptcy.
In order to deal with the complexity of bankruptcy law, bankruptcy attorneys are necessary. Having legal representation in a personal bankruptcy case is not required by law, but getting professional assistance in complex cases is a good idea.
Bankruptcy attorneys help their clients file for bankruptcy, reduce or eliminate debts, or seek unpaid debts through the court system. They can work with individuals or with businesses, representing debtors, creditors, creditors' committees, or bankruptcy trustees.
What Is Bankruptcy?
What Is Bankruptcy?
Bankruptcy is a legal proceeding initiated if an individual or a business can’t repay their debts and meet their obligations. The process starts when a debtor files for bankruptcy; however, before doing that, you should know that not everyone can resolve their debts through bankruptcy. Also, not every debt can be discharged. You may need help from an attorney experienced with bankruptcy cases to determine whether bankruptcy is right for you.
Although it sounds scary, bankruptcy can help individuals or businesses facing financial pressure to repay their debts by creating a payment plan or liquidating their assets. Additionally, with the right legal guidance, bankruptcy can assist with foreclosure prevention, creditor harassment, and bank account levies.
Individuals are allowed to file for bankruptcy on their own, but doing so carries substantial risks. A judge may throw out your case if you unintentionally make one mistake, and if you forget to list your assets or income, you may face criminal fraud charges.
Bankruptcy laws are complex, and bankruptcy cases are handled in federal courts. These are just some reasons to hire an experienced New Jersey bankruptcy attorney if you are considering filing for bankruptcy.
How Does Bankruptcy Law Work?
How Does Bankruptcy Law Work?
After you have found your New Jersey bankruptcy lawyer and the lawyer has established that you are eligible to file for bankruptcy, you need to gather the necessary documents and determine which type of bankruptcy fits you.
Individuals can choose between these types of bankruptcy: Chapter 7, Chapter 12, and Chapter 13. New Jersey business owners that go through financial hardship can also consider Chapter 11 bankruptcy.
One of the required documents is a Certificate of Completion, which you will get after completing a credit counseling course. Every individual is required to take the course within 180 days before filing if they are considering Chapter 7 or Chapter 13 bankruptcy plan.
Preparing and filing a bankruptcy petition is considered the most challenging step in the whole process. The petition has to set forth a detailed list of your debts, assets, and income. In addition, if you are filing under Chapter 13, you must also file a repayment plan, which states how much you will pay monthly over the next 3 to 5 years.
About one month after filing for bankruptcy, the debtor must attend a meeting of creditors called a 341 meeting. It’s typically run by a bankruptcy trustee appointed by the court. The debtor must answer questions about their income and assets under oath.
Also, the debtor has to take a debtor education course and file a certificate stating they have finished it with the Bankruptcy court before they can get a discharge.
How Does Bankruptcy Law Work?
How Does Bankruptcy Law Work?
After you have found your New Jersey bankruptcy lawyer and the lawyer has established that you are eligible to file for bankruptcy, you need to gather the necessary documents and determine which type of bankruptcy fits you.
Individuals can choose between these types of bankruptcy: Chapter 7, Chapter 12, and Chapter 13. New Jersey business owners that go through financial hardship can also consider Chapter 11 bankruptcy.
One of the required documents is a Certificate of Completion, which you will get after completing a credit counseling course. Every individual is required to take the course within 180 days before filing if they are considering Chapter 7 or Chapter 13 bankruptcy plan. Preparing and filing a bankruptcy petition is considered the most challenging step in the whole process. The petition has to set forth a detailed list of your debts, assets, and income. In addition, if you are filing under Chapter 13, you must also file a repayment plan, which states how much you will pay monthly over the next 3 to 5 years.
About one month after filing for bankruptcy, the debtor must attend a meeting of creditors called a 341 meeting. It’s typically run by a bankruptcy trustee appointed by the court. The debtor must answer questions about their income and assets under oath.
Also, the debtor has to take a debtor education course and file a certificate stating they have finished it with the Bankruptcy court before they can get a discharge.
What Is Automatic Stay?
An automatic stay provides immediate protection when a bankruptcy petition is filed. Creditors cannot contact you directly if the automatic stay is in effect. It can stop phone calls, wage garnishments, and most collection activities. However, the automatic stay does not affect collection actions such as child support, spousal support, or tax proceedings.
Why Should You Hire a Bankruptcy Lawyer?
Why Should You Hire a Bankruptcy Lawyer?
First of all, you may not even be eligible for bankruptcy. So, an NJ bankruptcy lawyer can review your financial situation and let you know your options.
If you are eligible, they can advise you about the type of bankruptcy to file for, gather all the necessary documents, and determine which debts can be discharged. In addition, individuals filing for bankruptcy for themselves are typically less successful than attorneys.
Hiring an NJ bankruptcy attorney can be the best solution if you want to go through the bankruptcy process as quickly as possible.
How Can New Jersey Bankruptcy Attorneys Help?
How Can New Jersey Bankruptcy Attorneys Help?
We at the Law Office of Scott J Goldstein can help clients with a wide range of bankruptcy services, including:
- Business bankruptcies and insolvency
- Personal bankruptcy
- Fair debt collection practices
In other words, we have been representing individuals and small business owners struggling financially and struggling to pay off their debts. We can help you find the best solution, whether filing for Chapter 7, Chapter 11, or Chapter 13 bankruptcy protection.
Before doing that, we must ensure you have exhausted other debt-relief options, such as debt consolidation and settlement.
In addition, we are aware of how misleading debt collectors’ practices can be, and we are not afraid to hold them responsible and protect your rights.
Still Have Questions? Contact Our New Jersey Bankruptcy Lawyers
Still Have Questions? Contact Our New Jersey Bankruptcy Lawyers
Our bankruptcy attorneys are committed to providing our clients with personalized legal guidance and support. Our goal is to always exceed our clients’ expectations and deliver results that place them in the best possible position.
While our bankruptcy law practice focuses primarily on bankruptcy, we also handle guardianship, estate, and probate matters.
If you still have questions about bankruptcy, contact a New Jersey bankruptcy attorney at the Law Offices of Scott J. Goldstein today and schedule a consultation so we can discuss your case.
Frequently Asked Questions
When Will Your Debts Be Discharged?
That depends on your financial situation and your chosen bankruptcy type. For example, you must wait two months after the 341 meeting under Chapter 7 discharge to eliminate debt. However, under Chapter 13 bankruptcy, the eligible debts will be discharged at the end of your payment plan, provided you have made all payments. Bear in mind that the payment plan can last three to five years.
Can Bankruptcy Stop a Foreclosure in NJ?
Yes, in some cases filing bankruptcy can save a debtor’s home or delay a foreclosure. But acting quickly is crucial if you want to save your home. Filing bankruptcy initiates the Automatic stay, which requires a mortgage holder to cease foreclosure activities. A debtor can use that and, through Chapter 13, try to catch up on mortgage payments and property taxes.