Exploring the Pros and Cons of Filing for Bankruptcy
Bankruptcy was established by the federal government as a safety net for honest debtors who would otherwise be burdened for years or a lifetime by debts they cannot repay. Bankruptcy offers true relief from creditor actions and crushing debts, but it is a big step. You must meet certain criteria, and there are downsides.
The New Jersey bankruptcy attorneys of Scura, Mealey, Wigfield & Heyer, LLP, can help you make this important decision. The vast majority of people we counsel find that the advantages outweigh any disadvantages, or realize that they are out of other options. However, there may be alternatives to bankruptcy for your particular situation. We will give you our analysis in a free, no-obligation consultation so you can make an informed choice.
Should I File for Bankruptcy?
Below are some of the key questions we will help you consider in deciding whether or not to file for bankruptcy:
- Do you qualify under the income guidelines for Chapter 7 bankruptcy?
- Do you have the discipline to keep up with a Chapter 13 debt repayment plan?
- What kind of debts do you have? Unsecured debts such as credit cards and medical bills can be discharged, as well as some back taxes, while student loans, child support and recent taxes are not dischargeable.
- Do you have too much home equity or nonexempt assets you might forfeit?
- Are you facing home foreclosure, vehicle repossession or wage garnishment?
- Do you plan to keep your house, sell it or walk away from it?
- Are you being sued over debts and constantly harassed by creditors?
- If you are unemployed, do you anticipate your income will bounce back soon?
What's Holding You Back From a Fresh Start and Peace of Mind?
Some people delay filing because of myths about bankruptcy, such as the fear that they will lose everything. Some people are concerned about their credit after bankruptcy. Some people are morally opposed to bankruptcy or worry that everyone will know.
Our experienced bankruptcy lawyers can address each of your concerns and examine your specific financial situation to help you determine if bankruptcy makes sense. In your initial consultation, we can give you concrete advice about which direction you should go and, if you file for bankruptcy, what debts would be discharged and what assets you would keep.
Scura, Mealey, Wigfield & Heyer, LLP, serves all counties in New Jersey, with offices in Wayne (Passaic County), Hoboken (Hudson County) and Elizabeth (Union County). Call us today at 866-930-2075 or contact us online to arrange your free initial consultation.
