{"id":56,"date":"2018-10-13T23:18:03","date_gmt":"2018-10-14T03:18:03","guid":{"rendered":"https:\/\/www.friedlawyer.com\/new\/?page_id=56"},"modified":"2020-12-20T18:20:07","modified_gmt":"2020-12-20T23:20:07","slug":"bankruptcy","status":"publish","type":"page","link":"https:\/\/www.friedlawyer.com\/new\/bankruptcy\/","title":{"rendered":"Bankruptcy"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.friedlawyer.com\/new\/wp-content\/uploads\/2020\/12\/BANKRUPTCY.png\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/www.friedlawyer.com\/new\/wp-content\/uploads\/2020\/12\/BANKRUPTCY.png\" alt=\"\" class=\"wp-image-321\" srcset=\"https:\/\/www.friedlawyer.com\/new\/wp-content\/uploads\/2020\/12\/BANKRUPTCY.png 1024w, https:\/\/www.friedlawyer.com\/new\/wp-content\/uploads\/2020\/12\/BANKRUPTCY-300x150.png 300w, https:\/\/www.friedlawyer.com\/new\/wp-content\/uploads\/2020\/12\/BANKRUPTCY-768x384.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n<p>If you\u2019re contemplating filing consumer <strong>bankruptcy<\/strong> you\u2019ll usually have to choose between Chapter 7 and Chapter 13. &nbsp;Bankruptcy is based on the federal law under the US Constitution Article I Section 8 and laws enacted by our legislative branch and signed by the president. &nbsp;<a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/11\">Title 11<\/a> of the US Code is entitled <strong>Bankruptcy<\/strong> and it consists of chapters\u2013that\u2019s why we call bankruptcy Chapter 7 and\/or Chapter 13. &nbsp;The United States District Court for the District of New Jersey has three different court houses. &nbsp;The current fees for filing bankruptcy in New Jersey are listed <a href=\"http:\/\/www.njb.uscourts.gov\/court-info\/court-fees\">here<\/a>.<\/p>\n<p><strong>Chapter 7<\/strong><\/p>\n<p>Sometimes referred to as a \u201cfresh start\u201d bankruptcy this is the legal process that enables you to wipe out credit card debt and medical bills in one fell swoop. &nbsp;Notice I didn\u2019t mention auto loans or mortgages\u2013secured loans can only be wiped out if you\u2019re willing to part with the \u201ccollateral\u201d\u2013your car and\/or your home &nbsp;(but see below). &nbsp;Student loans and various types of income taxes usually can\u2019t be eliminated either. &nbsp;Many clients have been able to secure an auto loan and\/or mortgage a few years after they are discharged in bankruptcy.<\/p>\n<p><strong>Chapter 13<\/strong><\/p>\n<p>This is the four to five year (<a href=\"https:\/\/www.friedlawyer.com\/new\/cares-act\/\">but see this recent change in the law<\/a>) repayment process that may enable you to save your home from foreclosure. &nbsp;We pool all your debts into a \u201cplan\u201d which you pay back monthly\u2013so you need to be earning money to file. &nbsp;The difficult part is that you still need to make your current mortgage and car payments on time or the creditor can eventually proceed to foreclose\/repo by legally maneuvering around your \u201cstay\u201d in bankruptcy. &nbsp;This type of bankruptcy can work if you can discipline yourself to make payments every month.<\/p>\n<p><strong>More Information<\/strong><\/p>\n<p><!--In order to prepare to meet with our attorney please gather the following\u00a0materials.--><\/p>\n<p>It\u2019s always a good idea to get a&nbsp;<a href=\"https:\/\/www.annualcreditreport.com\/index.action\">free credit report<\/a> to double check your creditors. &nbsp;You are entitled to one every year.<\/p>\n<p>Here is a list of <a href=\"https:\/\/www.friedlawyer.com\/new\/materials\/\">materials<\/a> to gather when you come to see us.<\/p>\n<p>The law now requires you to take an online debtor education course <em>before you can file<\/em> bankruptcy, and a second program while you are \u201cin\u201d bankruptcy. &nbsp;You\u2019ll need to set aside a few hours. &nbsp;Remember to take the classes in the proper order\u2013you can\u2019t take the second class first or <em>visa versa<\/em>. &nbsp;There are many companies that offer these courses and the prices vary. &nbsp;You can easily google \u201ccredit counseling bankruptcy\u201d or you can go to the <a href=\"https:\/\/www.justice.gov\/ust\/eo\/bapcpa\/ccde\/CC_Files\/CC_Approved_Agencies_HTML\/cc_new_jersey\/cc_new_jersey.htm\">approved list<\/a> from the US Bankruptcy Court.<\/p>","protected":false},"excerpt":{"rendered":"<p>If you\u2019re contemplating filing consumer bankruptcy you\u2019ll usually have to choose between Chapter 7 and Chapter 13. &nbsp;Bankruptcy is based on the federal law under the US Constitution Article I Section 8 and laws enacted by our legislative branch and signed by the president. &nbsp;Title 11 of the US Code is entitled Bankruptcy and it&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"full-width-page-with-widgets.php","meta":[],"_links":{"self":[{"href":"https:\/\/www.friedlawyer.com\/new\/wp-json\/wp\/v2\/pages\/56"}],"collection":[{"href":"https:\/\/www.friedlawyer.com\/new\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.friedlawyer.com\/new\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.friedlawyer.com\/new\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.friedlawyer.com\/new\/wp-json\/wp\/v2\/comments?post=56"}],"version-history":[{"count":5,"href":"https:\/\/www.friedlawyer.com\/new\/wp-json\/wp\/v2\/pages\/56\/revisions"}],"predecessor-version":[{"id":331,"href":"https:\/\/www.friedlawyer.com\/new\/wp-json\/wp\/v2\/pages\/56\/revisions\/331"}],"wp:attachment":[{"href":"https:\/\/www.friedlawyer.com\/new\/wp-json\/wp\/v2\/media?parent=56"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}