We have represented creditors in all aspects of bankruptcy, from negotiating and implementing cash collateral agreements, reviewing disclosure statements and plans or reorganization, submitting competing plans, negotiating reaffirmation agreements, representation in nondischargeability actions, and defense of preference and fraudulent conveyance matters. Owing to this, we are able to in many instances counsel our clients in the bankruptcy arena and often times educate them to the fact that merely because a bankruptcy petition is filed that does not mean that no payment will be forthcoming.
Our experience in representation of creditors allows us to counsel debtors too. We know that bankruptcy isn't required for everyone. Before a person files bankruptcy they should consider alternatives. We look to see if other options are preferable, such as loan consolidation, creditor agreements or other avenues. If bankruptcy is the only viable option then we consider the three alternatives available to most individuals or businesses.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy allows an individual to repay creditors as best as they can, while retaining their property.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy gives a fresh start, while permitting payment of only those bills you are able to pay. Chapter 7 eliminates most debts you are not able to pay. Valid liens, security agreements and mortgages survive Chapter 7 bankruptcy, even though the underlying debt is discharged. Keeping property is achieved through a reaffirmation agreement.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is used mostly by businesses. In Chapter 11 bankruptcy, you may continue to operate your business, but your creditors and the Court must approve a plan to repay your debts. There is no trustee unless the Judge decides that one is necessary; if a trustee is appointed, the trustee takes control of your business and property.
Contact an Experienced New Jersey Bankruptcy Attorney
Unfortunately, most people do not contact us early enough to avoid having to file for bankruptcy. Please don't wait to contact us. If you are becoming overwhelmed with your debts, or if creditors are harassing you, you deserve the representation of an experienced bankruptcy lawyer. You can contact us from anywhere in New York or New Jersey. We can help.