WHAT IS THE PROCESS?

HACKENSACK BANKRUPTCY LAWYER

201-646-3333

Understanding the bankruptcy process is an important part in determining whether to file for bankruptcy and getting a clear picture of what you are up against over the next several months. The timeline and process associated with filing for bankruptcy in New Jersey will vary depending upon whether you file a Chapter 7 or Chapter 13 case, but the basic process has been laid out below:

• The bankruptcy process will begin with determining whether you qualify. You must have completed a certified credit counseling briefing within the past 180 days. If you have previously filed or attempted to file for bankruptcy in the past, you must wait a certain amount of time before filing another petition.

• Your bankruptcy case will formally begin when you file your petition with the bankruptcy court. At this time, the court will place an automatic stay on all collection efforts, including foreclosure. A bankruptcy trustee will also be assigned to oversee your case.

• Within 15 days of filing, you must file particular information with the court, declaring assets, liabilities, income, expenses, and the like. If you filed a Chapter 13 case, you will need to provide a payment schedule as well.

• You will need to file a statement of intention regarding your debts, including which debts you would like to reaffirm in order to keep particular property and continue making payments on it.

• Within 45 days of filing for bankruptcy, the bankruptcy trustee will schedule a meeting of creditors. Your presence will be required at this meeting, and you will need to testify under oath about the accuracy of all the statements and information in your bankruptcy petition.

• The bankruptcy process will conclude with the discharge of all eligible debt. For a Chapter 7 case, this may occur within 6 months of filing. For a Chapter 13 case, this discharge will occur within 3 to 5 years of filing (after the completion of the payment plan.)

You can help ensure that the bankruptcy process goes as smoothly as possible and that your debt is successfully discharged by working with an experienced New Jersey Bankruptcy attorney.