New Jersey
Professional Representation with a Personal Touch
Since 1987

Experienced. Personalized. Effective.

  1. Home
  2.  | 
  3. Bankruptcy
  4.  | Chapter 7 bankruptcy truly merits its “fresh start” tag

Chapter 7 bankruptcy truly merits its “fresh start” tag

On Behalf of | Apr 13, 2021 | Bankruptcy |

Times are tough for legions of Americans spanning the country, including many individuals and families residing in Central New Jersey and elsewhere across the state.

That’s hardly a surprising observation, is it? The current health crisis — hopefully soon controlled — has turned life upside down for people of virtually every demographic.

Job losses have spiraled. A predictable wage stream has dried up for high numbers of consumers who have never before had trouble managing their debt. Foreclosures and home evictions challenge struggling homeowners. The future flashes some positive signs, but many people understandably still have material concerns about financial stability.

Is there a feasible way for New Jersey residents facing stiff challenges to knock down troublingly high debt without losing hard-earned assets while doing so?

Indeed, there is, and it proceeds from the protections outlined in federal bankruptcy law. Today’s post looks at one specific form of debt relief that has enabled millions of people to regain economic traction and pursue a fresh financial start.

Key preliminary points concerning Chapter 7 bankruptcy

Many Chapter 7 discussions necessarily lead off with a disclaimer of what it is not, which is a legal tool that ultimately harms more than helps debtors. We note at the proven New Jersey bankruptcy law firm of Mariano & Coiro, for example, that many people “think that they will lose everything they have and that their credit will be ruined for life.”

In fact, that is not remotely true. Filing for Chapter 7 protection often enables eligible individuals to keep most — if not all — of their important assets, while at the same time shedding otherwise unmanageable debt.

Moreover, that above-cited fresh start means this: Filers who obtain relief can steadily and fairly quickly reestablish a solid credit history. Here are a few core points to note about Chapter 7, which often pleasantly surprise filers. We note on our firm’s website that Chapter 7 can provide these benefits.

  • Elimination of “most or all of your unsecured debts, such as credit card, medical bills and personal loans”
  • Broad federal and New Jersey safeguards relevant to “exempt” property that can additionally shield assets like a vehicle, money held in retirement accounts, household goods, professional tools and more
  • Freedom from creditor harassment (legal counsel will ensure that, and immediately)
  • Automatic stay concerning repossession, garnishment and lawsuits

A Chapter 7 bankruptcy filing can be a powerful and life-changing debt-relief strategy to pursue. Experienced and empathetic bankruptcy attorneys are proud to play a role in promoting financial betterment for valued and diverse clients.

Mariano & Coiro’s deep legal team welcomes the opportunity to provide a FREE & CONFIDENTIAL consultation to clients seeking guidance on a debt-relief matter. We can be reached by phone at 732-860-7620 or through our firm’s contact page.

Categories

Archives

""