Navigating New Jersey Bankruptcy Laws to Keep Your Home and Assets
MOUNT LAUREL, NJ - During these troubling times, many hardworking citizens are faced with unpleasant choices regarding their debts, credit score, mortgage arrears and other debt related problems. Affordable Bankruptcy Solutions specializes in providing high quality legal help for those seeking to get out of debt and rebuild their financial future. Affordable Bankruptcy Solutions has filed thousands of bankruptcy cases in New Jersey over the past 29 years.
There are many advantages to filing bankruptcy, including the removal of debt and the chance to begin the path to a better financial future. Filing for bankruptcy can preserve a debtor’s hard earned money, equity in their home, cars, personal belongings and retirement funds. The great news is that after a bankruptcy discharge, it is easy to increase a credit score and many clients go on to purchase homes, cars, and even get many new credit card offers in the mail. Affordable Bankruptcy Solutions’ attorney, Lee Abt, has over 29 years of experience in filing Chapter 7s and 13s, and for a good part of his career, filed many Chapter 11s. Not only is Affordable Bankruptcy Solutions an experienced bankruptcy law firm, but they provide compassionate, old fashioned service to make all clients comfortable in their decisions to file bankruptcy.
Bankruptcy stops creditor harassment, collections, bank levies and garnishments. This means all lawsuits, wage garnishment, bank levies and phone calls must cease due to the Federal laws that protect those who file for bankruptcy. Secured creditors such as mortgage and vehicle lenders have to be listed when filing bankruptcy, but homes and cars are fully protected as long as the debtor continues to make timely payments to those lenders.
Filing for bankruptcy has many advantages over turning to there so called “debt consolidation” and “counseling firms.” Consolidation strategies from the companies that advertise on TV and radio basically offer repayment plans that are doomed to fail because they keep the individual in a large amount of debt and only pay a portion of that debt. Often people in consolidation plans are unaware of how much of their debt is actually being paid back through these companies. Many victims in these programs actually end up paying more in the end than what they originally owed due to the fact that some creditors are not being paid at all and the interest builds up. Often a person’s credit is completely destroyed by these “consolidation” companies which are no more than legalized scam shops. Since they have the money to advertise, they convince the public that they have a good system but do not tell the truth. There advertisements scare people and give incorrect information about bankruptcy. Of course, this benefits them since they are preying on the vulnerable and make money by their luring advertisements that sound so wholesome and legit. Most people get trapped in these plans and at some point, find out they have been ripped off. They begin to get lawsuits from some of their creditors and then they look into their bankruptcy options, after losing a lot of money to scammers.
Caution is also suggested to those considering using credit counselors. There are many unscrupulous companies in the credit counseling industry and the IRS has taken action against several counseling firms and consolidation companies after numerous consumer complaints.
Unfortunately, for the people in desperate need of financial help, bankruptcy is given a bad rap by the credit card industry as well for selfish reasons of course. They want people to think that filing for bankruptcy will ruin a credit score. Nothing could be further from the truth. It is very simple to develop credit after a bankruptcy discharge. Many go on to purchase homes, cars and whatever they need after discharge.
Affordable Bankruptcy Solutions has helped thousands of New Jersey citizens to get back on their financial feet. They are experienced in bankruptcy law and are up to date on all of the latest procedures, regulations and practices with regards to bankruptcy as well as all other alternative solutions and strategies that are available to those seeking to restore their lives.
Affordable Bankruptcy Solutions is a New Jersey based attorney bankruptcy specialist. They can be reached at (856) 914-5100.
(856) 914-5100
www.affordablebankruptcysolutions.com
Affordable Bankruptcy Solutions