Bankruptcy lawyer (https://www.straffilaw.com/) Daniel Straffi of Straffi & Straffi Attorneys At Law has recently published an enlightening article that provides a comprehensive insight into the different types of bankruptcy available to consumers and businesses in New Jersey. This detailed exploration into the nuances of bankruptcy law aims to inform individuals considering bankruptcy about their options and the processes involved.

Bankruptcy can often be perceived as a daunting and complex legal procedure. The article by the bankruptcy lawyer demystifies the different chapters of bankruptcy, offering a lifeline to those overwhelmed by debt. "Bankruptcy is not a one-size-fits-all solution; it is a legal tool that, when used correctly, can offer an essential fresh start," Straffi explains.

In the article, the bankruptcy lawyer outlines the primary forms of bankruptcy: Chapter 7, Chapter 11, and Chapter 13. He discusses the mechanics of each and provides valuable context that could aid debtors in making informed decisions. Chapter 7 bankruptcy, also known as liquidation bankruptcy, is highlighted as a way to eliminate unsecured debts like medical bills and credit card debts without a repayment plan. Straffi clarifies the role of a trustee in this process, who is tasked with liquidating non-exempt assets to pay creditors.

Chapter 11 bankruptcy, often associated with businesses, is presented as a mechanism for reorganizing debts, allowing businesses to remain operational while repaying creditors. Straffi also touches on the option for individuals with significant debts to consider this form of bankruptcy.

Furthermore, the article discusses Chapter 13 bankruptcy, which is described as reorganization bankruptcy designed for individuals with regular income. It stands out as a tool for avoiding foreclosures and allows debtors to catch up on secured debts over a 3-5 year period. "Chapter 13 bankruptcy can be a very powerful tool because it can help individuals avoid foreclosures, sheriff sales, repossessions, and other fees on their existing debts," Straffi advises.

Straffi’s article also provides clear guidance on the limitations of bankruptcy, emphasizing that it does not protect those engaging in fraudulent behaviors and is only available to honest individuals facing unfortunate circumstances.

Understanding the cost implications of filing for bankruptcy in New Jersey is another critical aspect addressed by Straffi. He breaks down the filing fees for different bankruptcy chapters and the additional costs, including mandatory online courses and professional fees. The article also discusses the cost variations in legal fees based on case complexity and offers practical advice for those seeking a bankruptcy attorney.

The distinction between priority debts and non-priority debts is also explored, clarifying that certain obligations, such as child support and taxes, are not dischargeable through bankruptcy.

For further guidance and a detailed understanding of bankruptcy options, individuals are encouraged to read the full article and consider the implications for their unique financial situations.

About Straffi & Straffi Attorneys At Law:

Straffi & Straffi Attorneys At Law is a family-run law firm located in the heart of New Jersey. With a focus on providing personalized legal services, the firm has been assisting clients with a range of legal issues including debt relief, bankruptcy, and divorce. The firm's approachable and understanding team prides itself on offering a personal touch to legal representation, ensuring that every client feels heard and supported throughout their legal journey.

Media Contact

Name
Straffi & Straffi Attorneys at Law
Contact name
Daniel Straffi
Contact phone
(732) 341-3800
Contact address
670 Commons Way
City
Toms River
State
New Jersey
Zip
08755
Country
United States
Url
https://www.straffilaw.com/