Even though Chapter 7 bankruptcy is the most common method used by individuals to clear debt from their names, it’s not for everyone. As with any major financial decision you make, it should be done prudently after consulting with an experienced New Jersey bankruptcy attorney.
Should I File for Chapter 7 Bankruptcy Right Now?
Below, you will find common signs that might lead you to file for Chapter 7 bankruptcy in New Jersey right now:
- Your credit score is below 600
- You have more than $10,000 in dischargeable debt to your name (credit cards, medical bills, etc)
- You are concerned about being sued
- You are concerned about having your wages garnished
- You cannot find a way to repay the debt over the next five years
- You struggle to make ends meet each month while keeping up with payments
Should I Wait to File Chapter 7 Bankruptcy?
There are circumstances that force people to wait to file for bankruptcy in New Jersey. These circumstances include the following:
- You made large luxurious purchases in the past six months
- You repaid a family member or friend in the past year
- You transferred the property to a friend or family member in the past year
- If you have recently sued someone
- If you plan to sue someone
- If you expect to see your financial situation worsen in the near future
Filing for Chapter 7 Bankruptcy in New Jersey
If you decide that filing for bankruptcy is right for you, it’s time to consult a bankruptcy attorney before taking the necessary steps, which are as follows:
- Collect all of your financial documents
- Complete the required bankruptcy forms
- Enroll in and complete a credit counseling course
- File the completed bankruptcy forms with the local bankruptcy court
- Mail all of the required documents to your trustee
- Enroll in and complete a financial management course
- Attend the 341 meeting with your trustee
- Obtain a discharge letter
Call Robert H. Johnson Today to Schedule a Consultation
Have you decided that filing for Chapter 7 bankruptcy in New Jersey is best for you? If so, it’s time to schedule a consultation with Robert H. Johnson in Cherry Hill. Call our office at 856-298-9328 to schedule an appointment. We are following all COVID-19 CDC health and safety guidelines and can meet with our clients virtually.