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Personal Bankruptcy

There are few things more overwhelming in life than facing large amounts of debt. If you are drowning in debt and aren’t sure when you’ll be able to breathe again, our experienced New Jersey bankruptcy attorney at the law office of Wenarsky & Goldstein can help.

Our attorney will guide you through your options, explain how bankruptcy works and the different types of bankruptcy filings, and represent your best interests every step of the way. To learn more about New Jersey bankruptcy rules and whether filing for bankruptcy may be a good option for you, call Attorney Wenarsky & Goldstein today.

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Bankruptcy is a legal, court-facilitated process wherein a debtor repays some or all of their debts or/and seeks relief from some or all of their debts. Because it is a legal process that is facilitated by the court, there are many rules and requirements associated with filing for bankruptcy. What’s more, the outcome of a bankruptcy case is legally binding. You may be required to repay some or all of your debts as ordered by the bankruptcy court; creditors are also obligated to forgive debts as ordered by a bankruptcy court.

If you are an individual who is thinking about filing for bankruptcy, it’s important that you know that there are two different common types of bankruptcy for individuals: Chapter 7 bankruptcy and Chapter 13 bankruptcy.

In a Chapter 7 bankruptcy, your non-exempt assets will be liquidated, and the proceeds will be used to pay back your creditors to the extent possible. A Chapter 7 bankruptcy filing will remain on your credit report for 10 years.

If you have the income to do so, filing for a Chapter 13 bankruptcy has some advantages over a Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, also known as a wage-earner’s plan, you will enter into a repayment plan with your creditors that lasts for 3-5 years. At the conclusion of the repayment plan, your remaining debts will be forgiven. One of the biggest advantages of a Chapter 13 filing is that you typically get to keep more assets, including a home, you might not be able to keep in a Chapter 7 filing. In addition, a Chapter 13 bankruptcy can allow you to fix problems that are not solvable in a Chapter 7 case, such as support arrears, tax arrears or arrears on a mortgage or a car. A Chapter 13 bankruptcy will stay on your credit report for seven years.

Wenarsky & Goldstein is the founder and principal attorney at the Law Offices of Wenarsky & Goldstein, LLC. He is admitted to practice before the courts of the States of New Jersey and New York, the United States District Courts and Bankruptcy Courts for the District of New Jersey and the Southern and Eastern Districts of New York. He is an honours graduate of Haverford College (B.A. 2001) and obtained his Juris Doctor, cum laude, from Duke University School of Law in 2004.

Scott is a proud member of the National Association of Consumer Bankruptcy Attorneys, the American Bar Association, the American Inns of Court and the Bankruptcy Inn of Court. He has lectured other attorneys on bankruptcy law and also donates his time assisting indigent debtors as a volunteer attorney with Legal Services of Northwest Jersey.


Do I Need to File for Bankruptcy?

If you are unsure about whether bankruptcy is right for you, it’s important to talk to a professional. Filing for bankruptcy is a huge decision that can have a big impact on your life. You should think about filing for bankruptcy if you have already exhausted other debt-relief options, including:

Debt settlement. This process involves negotiating a settlement with your creditors in which you will pay them a single lump-sum payment in exchange for forgiveness of the remaining debt.

Debt negotiation. This process is similar to debt settlement. In some cases, you may be able to negotiate your debt and enter into a repayment plan at a lower interest rate, or a repayment plan that ultimately leads to you repaying a portion of the debt.

Debt consolidation. This process involves combining all of your debts into a single payment. This can improve debt management and may be available at a lower interest rate.

Mortgage refinancing. If you are at risk of losing your home, you should talk to your mortgage lender about various options.

How Do I Know if I Can File for Bankruptcy?

Bankruptcy, like ice cream, comes in several different “flavors”. For individuals, there are considerations such as your income, your interests in real estate, insurance policies, and other assets that may affect what kind of bankruptcy you need, Chapter 7, Chapter 13, Chapter 11 or Chapter 12. Businesses have different issues, most importantly – whether they intend to stay in business or shut down. The first task of any lawyer in bankruptcy cases is to have a detailed and careful discussion with a client to determine what will be in the client’s best interest and provide the most effective debt relief possible.

Why Work with a Bankruptcy Attorney?

Bankruptcy can be an overwhelming legal process. Your attorney can help by explaining the bankruptcy types, determining your eligibility for bankruptcy, managing your bankruptcy filing, representing you at the bankruptcy hearing, and more. An experienced bankruptcy lawyer can streamline the process and greatly improve its outcome.


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280 West Main Street Denville
New Jersey 07834

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