A Turnersville bankruptcy lawyer is an attorney who specializes in helping people file for Chapter 7 or Chapter 13. He or she will help you understand your options and what they mean to you. If you’re thinking about filing for bankruptcy, it’s important to have the right information.
Chapter 7 Bankruptcy
The first thing that you’ll want to do is talk to a bankruptcy lawyer to see if you qualify for this type of bankruptcy. If you do, then you’ll want to learn more about it. This type of bankruptcy involves the liquidation of assets to pay off creditors. It allows you to keep some property, such as clothing, furniture, jewelry, and other items. However, you must sell all other properties, such as vehicles, homes, and businesses.
You also have to turn over all income, including wages, bonuses, interest, dividends, and retirement accounts. In addition, you cannot take out any loans or borrow money from anyone.
Chapter 13 Bankruptcy
If you can’t qualify for Chapter 7 bankruptcy, you may still be able to use Chapter 13. This type of bankruptcy allows you to keep certain assets, but it also gives you a chance to repay some of your debts over a period of three to five years. The process works like this: You make monthly payments to the court, and the court pays back some of your debts.
However, there are restrictions. You can only keep certain property, such as cars, boats, and other vehicles. You also can’t keep any real estate, such as your home, if you owe more than $125,000 on it.
How to Choose a Bankruptcy Lawyer in Turnersville
It’s important to choose an affordable bankruptcy lawyer in Turnersville who has experience with both Chapter 7 and Chapter 13 bankruptcy. This way, he or she will know how to guide you through the process. Make sure that the lawyer is experienced in dealing with debtors. It’s also important that he or she is a member of the National Association of Consumer Bankruptcy Attorneys (NACBA).
Once you’ve found a good lawyer in Turnersville, it’s time to get started. The process of filing for bankruptcy can take several months, so it’s important to start early.