one of new jersey's most experienced bankruptcy attorneys
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Frank Fischer has been a member of the NJ Bar and the U.S. District Court since 1982. A graduate of Georgetown University and the Seton Hall University School of Law, he continues to be active in numerous New Jersey legal and charitable organizations.
Personal Bankruptcies
Medical Bills, Debt and other factors sometimes force hard decisions. Make sure that you have all the facts before your file, or mistakes can cost you. Call Frank Fischer now at 732-223-8484 x208 or email him at rugger52@aol.com to discuss your options.
Commercial Bankruptcies
New Jersey's Commercial Bankruptcy laws are very complicated, make sure you have a Bankruptcy Attorney with excellent references. Frank Fischer has handled hundreds of New Jersey Commercial Bankruptcy cases, call him now at 732-223-8484 x208 and get the answers you're looking for when considering bankruptcy
How does bankruptcy work?
Chapter 7 Bankruptcy
Generally a person would file for chapter 7 bankruptcy protection because he/she is unable to pay their unsecured debt (credit card, personal loans, doctors’ bills, etc.). If an individual meets the chapter 7 requirements (explained below) at the time of the filing, you will be entitled to a discharge.
Generally, debtors’ are permitted to keep their house, if desired. However, if the fair market value of a house is substantially more than the liens, including the mortgage, the trustee may have a right to sell the house. Under this scenario, a debtor would not file a chapter 7, or in the alternative may wish to file a Chapter 13.
Chapter 13 Bankruptcy
In New Jersey, a Chapter 13 may permit various benefits, even though the debtor may be concerned about one specific matter. Generally, an individual files for chapter 13 protection for 3 reasons. The first is that the debtor does not meet the requirements for a chapter 7. Second, the debtor wishes to stop an auto repossession or a foreclosure on a house. Third, one wishes to payoff a debt that is not dischargeable in a chapter 7. Under all scenarios, a chapter 13 requires an individual to make monthly payments to a trustee, which is referred to as a trustee or plan payment.
Generally, a chapter 13 requires a debtor to make one monthly payment to a trustee for a period of 36 to 60 months. The amount of the monthly trustee payment and the number of months of the payment plan is based on the debtor’s income, expenses, assets, liabilities and mortgage or auto payment arrears. The trustee disburses the monthly payment to certain creditors, in compliance with the bankruptcy plan. In the majority of cases, a bankruptcy plan is 60 months. Please note that a chapter 7 does not require a trustee payment.
Call or Email Frank now for more information
We know you have many more questions regarding bankruptcy in New Jersey, so call Frank Fischer now at 732-223-8484 x208 or email at rugger52@aol.com for a confidential consultation.