Bankruptcy Attorneys for Toms River and the Surrounding Areas in Monmouth and Ocean Counties
Toms River, New Jersey Bankruptcy Lawyers Help Clients Gain Control of Their Financial Future
If you find yourself drowning in debt, filing for bankruptcy can be a viable solution. To find out if a bankruptcy is appropriate for you, you should consult with experienced bankruptcy attorneys, like us at Jenkins Law Group. We will examine your unique financial situation, provide valuable insight, and help guide you through this complex process.
Types of Bankruptcy
There are two main types of consumer bankruptcy:
- Chapter 7, also known as a liquidation. In a Chapter 7 bankruptcy, the debtor will be allowed to keep exempt property, but the bankruptcy Trustee can sell non-exempt property and use the proceeds to pay creditors.
- Chapter 13, also known as a personal reorganization. In a Chapter 13 bankruptcy, debtors are able to repay their debts over time, usually three to five years. Chapter 13 bankruptcies offer individuals several advantages over liquidation, mainly by giving debtors an opportunity to keep their property and save their homes from foreclosure.
Credit Counseling
Before individuals are allowed to file for bankruptcy, they must receive either individual or group credit counseling from a nonprofit budget and credit counseling agency approved by the U.S. Bankruptcy Trustee’s Office. A bankruptcy case may be dismissed if the debtor has not obtained the required credit counseling before the filing of the case.
Contact our New Jersey Bankruptcy Attorneys Today
If you would like to make a financial fresh start by filing for bankruptcy in Toms River, New Jersey, Jenkins Law Group will help determine whether bankruptcy is the right choice for you and, if it is, guide you through the entire process. Contact our firm online or call 877-401-9001 to set up your free initial consultation today.