• Experienced New Jersey Bankruptcy Attorneys
    Experienced New Jersey Bankruptcy Attorneys

NEW JERSEY BANKRUPTCY

Unfortunately, life doesn’t always unfold as expected, regardless of our efforts or planning. Sometimes people lose their jobs, divorce from their spouse, incur extraordinary medical expenses, or fall behind on bills. Understanding your options and developing a plan to deal with your debt is the first step to getting your life back. Bankruptcy may be the solution to help you get your life back. The purpose and goal behind bankruptcy laws are to give you a fresh start.

Bankruptcy provides the honest but unfortunate person a new opportunity in life and a clear slate for future effort without the pressure and discouragement of preexisting debt. This process of wiping the slate clean is called a discharge of debts. Whether it is through straight bankruptcy (Chapter 7 Bankruptcy) or through reorganization bankruptcy (Chapter 13 Bankruptcy), most or all of your debts can be cleared.

However, bankruptcy is a very serious business and not something to be taken lightly. If you are considering filing for bankruptcy, there are a few things you should think about:

Not all debts are eligible for bankruptcy relief. Some debts are not always subject to discharge under the bankruptcy code; these may include taxes, child or spousal support obligations, and student loan obligations. These debts, as well as others, could remain even after a bankruptcy occurs.
Bankruptcy relief for individuals, businesses, farmers, and even fisherman are found in different sections of the bankruptcy code. Each section pertains to a different aspect of the law and may or may not apply to your particular instance. Becoming educated on the advantages and disadvantages of each section and arriving at an informed decision can make all the difference in the world.
It may surprise you that not everyone is eligible for bankruptcy. Depending upon your particular situation, bankruptcy can eliminate a portion or all of your debt obligations. Bankruptcy guidelines can be strict, but persons in sincere need can generally qualify for protection.
Filing for bankruptcy can have a negative impact upon your credit rating, which can last for years. Before filing for bankruptcy, entertain all possible alternatives; debt consolidation could be a way to stabilize your finances, help you get back on your feet, and avoid bankruptcy altogether. If debt consolidation is more appropriate, be sure to use a licensed debt consolidation company with a reputable track record.

Our experienced attorneys are trained to help guide you through the process of debt consolidation or bankruptcy. Bankruptcy isn’t something you should go through alone. Often, there are strict guidelines and restrictions you should be aware of and your attorney will help ensure that everything is done correctly.

Bankruptcy Laws & Eliminating Debts

Top Ten Reasons People File for Bankruptcy

Chapter 13 Bankruptcy Vs. Debt Consolidation

Q&A – Get To Know About Your Credit Score

In today’s society, the importance of knowing, managing and protecting your credit score is immense. Properly managed, your credit rating will provide you access to loans and credit at a much lower interest rate. In some cases, it is also required while getting a job. Clearly you need to know what your rating is and how to properly maintain it.

What is a Credit Report?

A credit report is essentially a legal document, which contains detailed information such as your name, address, marital status, social security number, and the like. Along with these the report contains information related to your various financial activities and dealing, any outstanding debts, available credit remaining, and the timeliness of payment. It is on the basis of these details that a credit score is assigned. If your credit score is good, then you can get access to additional benefits while availing loans or credit cards. But if your rating is not up to par, you may find it tough to get credit. By cleaning erroneous information and repaying your debts, you have a chance to elevate the credit score.

Where can I get a copy?

Your credit score is a testimonial that you are trust-worthy and have repaid your previous debts. Since it helps you secure new loans at better interest rates, proper maintenance is essential. You can check out your credit scores by obtaining your credit reports from the three accredited credit bureaus: TransUnion, Equifax and Experian. You should obtain all three to make sure that they are all accurate and factual.

What do I do if there is a problem on the credit report?

Let’s suppose that you have all three reports and after checking them you find a discrepancy. First thing to do is to contact the credit bureau to inform them of the issue. In some cases they may point you towards to original lender and ask that you work with them directly to clear up the issue. In other cases they may simply mark the complaint and take steps to remove it from the record. Either way, the ball is in your court to start the process.

What do you do if you have already contacted the creditor and the bureaus but the problem report remains?

If you have tried to make properly address the issues holding back your credit report but feel like you are getting nowhere, it may be time to contact an attorney. Attorneys can help clear the way of unnecessary red tape and expedite the cleaning process. A knowledgeable, experienced attorney is a valuable resource to help you attain your dreams.

Disclaimer: The information you obtain at this site is not, nor is it intended to be, legal advice. This web site is designed for general information only. You should consult an attorney for advice regarding your specific situation. We invite you to contact us and welcome your calls, letters and emails. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.

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Drake Law Firm, P.C. | 29 North Shore Rd. Absecon, N.J. 08201 | Phone: (609) 645-7406 | Fax: (609) 645-0129
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