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When it comes to bankruptcies in the state of New Jersey, the court offers various approaches to bankruptcy to use depending on your specific needs. The different approaches to bankruptcy are called chapters. Different bankruptcy chapters are used by individuals, small businesses, or large corporations. A Chapter 13 Bankruptcy is the most common form of bankruptcy for small businesses. However, it is best to consult an attorney to be fully informed of your options and receive support efficiently navigating the process.
For small business owners, bankruptcy may bring up many questions or concerns about handling an unsustainable debt situation. Bankruptcy lawyer Paul Mirabelli is always happy to consult new clients and gives every client a VIP experience. Paul N. Mirabelli, Esq. will work hard to become a reliable reference point for advice and support throughout the whole legal process. In addition, our firm serves clients located anywhere in Monmouth County and Middlesex County. No matter where in the state you reside, Paul's 36 years of experience will greatly benefit your case.
For small businesses in financial distress, filing a Chapter 13 is often the best choice. The Chapter 13 process for small businesses works very similarly to other common bankruptcies. However, Chapter 13 is unique and beneficial in one specific way. While other legal methods can wipe away any qualifying debt, usually, not all debt will be able to be wiped away. Often, debt will only be reduced, and sometimes it will not budge. Chapter 13 bankruptcy allows you to pay back creditors gradually over up to five years. A repayment plan can provide an option to resolve unsettled debt that other bankruptcy options do not cover. Paul N. Mirabelli, Esq., our skilled bankruptcy lawyer, will help you choose the right choice for filing.
There are six options for filing bankruptcy in New Jersey. The most popular choices among them are Chapter 13 and 7. There are various reasons someone may want to file for a Chapter 7 bankruptcy rather than a Chapter 13.
One of the biggest reasons is if there are significant medical expenses or credit card debt involved. Since a Chapter 7 bankruptcy will most likely relieve you of most medical bills and credit card expenses, this is an excellent choice in some instances.
Further, unlike Chapter 13, a Chapter 7 bankruptcy cannot limit the amount of debt you can owe. In some cases, you may not qualify to file a Chapter 13 due to limitations on the amount of debt you can owe while filing. That would make filing a Chapter 7 the next best option in many cases.
Our law firm in Colts Neck, NJ, is also prepared to assist clients filing for bankruptcy as consumers in need of debt relief. A bankruptcy lawyer can establish the facts of your case and help you decide what Chapter to file. We will also represent you during court hearings and file any necessary motions. In addition, our bankruptcy lawyer will provide sound legal advice, document and organize everything, and complete essential forms on your behalf.
Paul N. Mirabelli, Esq. is experienced, reputable, and client-driven. If you experience a drastic financial compromise and even suspect bankruptcy, we advise you to start planning a debt relief strategy. Planning a debt relief strategy with a professional bankruptcy lawyer as early on in your case will save you peace of mind and money in the long run. Not to mention, it could potentially save your business or protect your financial security.
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