Bankruptcy Relief for Families and Businesses in the Newton Area
Helping you find the path to financial recovery
When choosing a bankruptcy law firm, you have to be very careful. This area of practice is often saturated with “bankruptcy mills” and other services that make unrealistic promises about the results they can deliver and then devote only minimal attention to your case. Bankruptcy is a complex area of law for which competent and reliable representation is crucial. After nearly 50 years of serving the Sussex and Warren County communities from our offices on the square in Newton, Hollander, Strelzik, Pasculli, Hinkes, Wojcik, Gacquin, Vandenberg & Hontz, L.L.C. is well-suited to provide the personal service and thorough counsel you need to confront your financial issues through the bankruptcy process.
Understanding your bankruptcy options
There are several paths that individuals and businesses in north New Jersey can take through the bankruptcy process. Our lawyers can review your legal situation to determine if bankruptcy is right for you and, if so, the type of bankruptcy that will be most beneficial for you:
- Chapter 7 — Also called liquidation, this is the most common type of bankruptcy for both businesses and individuals. It allows you to wipe out your qualifying debt in exchange for turning over all your nonexempt assets for liquidation. Petitioners must pass the Chapter 7 means test to qualify.
- Chapter 13 — Participating in a payment plan under Chapter 13 is a good option for individuals and sole proprietors who still have a regular income and do not want to liquidate their assets. It is also an alternative for people struggling with secured or otherwise un-dischargeable debt.
- Chapter 11 — Most commonly used by businesses, Chapter 11 allows your company to continue doing business while negotiating with creditors under the protection of a bankruptcy court.
Whatever type you choose, bankruptcy is a big decision. That is why it is important to look at your non-bankruptcy alternatives before committing to the bankruptcy process. Many people in Morris, Sussex, Passaic and Warren Counties find that they can resolve their debt issues by negotiating with their creditors or re-consolidating debt.
However, these actions can have a negative effect if you eventually decide to file for bankruptcy, so it is important to consider them with the help of an experienced New Jersey attorney. Moreover, any individual petitioner must undergo U.S. trustee-approved consumer debt counseling before filing for bankruptcy. Lastly, because not every form of bankruptcy is available to every person or business, it is important to review your financial situation with a seasoned lawyer before filing to avoid the delay or expense of having your petition dismissed or converted.
Contact a respected bankruptcy firm in Newton
If you or your business is struggling with debt in Morris, Sussex, Passaic or Warren County, you do not need to face it alone. Our team at Hollander, Strelzik, Pasculli, Hinkes, Wojcik, Gacquin, Vandenberg & Hontz, L.L.C. can give you the counsel and perspective you need to confidently and effectively face your debt problems. Call our offices today at 862-273-3465 or contact us online to schedule a consultation to discuss your case and evaluate your situation.