FILING JOINTLY
Married couples have special issues that they should take into account when filing for bankruptcy. Although not a requirement in New Jersey bankruptcy cases, spouses have the option to file a chapter 7 or chapter 13 bankruptcy petition jointly. This is a special type of bankruptcy filing that allows spouses to file together. Essentially, a joint filing involves two separate bankruptcy cases that are administered as a single case in the interest of judicial economy. Only one filing fee is paid for a joint filing.
Is an Individual or Joint Filing Right For Me?
Determining whether you should file individually or jointly with your spouse is an important issue to consider when determining whether to file for bankruptcy in New Jersey. If you and your spouse share much of your debt, it may be in your best interests to file your petition jointly, as your spouse may be held liable by creditors for the debt that you share. When you consider that many married couples have joint credit cards, mortgage loans and car loans, filing a bankruptcy case jointly in Bergen/Hudson or Passaic County may be the only way to avoid having one spouse held liable for these debts by creditors who may enter a wage garnishment order or bank levy against the assets you want to protect.
Joint and individual bankruptcy in New Jersey will have different impacts on a debtor depending on whether they file a Chapter 7 or Chapter 13 case. For example, filing a Chapter 13 bankruptcy means that the non-filing spouse may be offered more protection from liability for shared debts. Chapter 7, however, may offer no protection to the non-filing spouse.
Discussing the advantages and impacts that a joint bankruptcy filing by husband and wife in New Jersey will have on you and your spouse is important - and a free consultation with Bergen/Hudson County bankruptcy lawyer, Rafael Gomez will help you get started.
Mr. Gomez has helped many married couples who filed jointly and have lived in, for example, Hackensack, Bogota, Maywood, Little Ferry, Paramus, Rochelle Park, Moonachie, Wood Ridge, Hasbrouck Heights, Lodi, Garfield, Oradell, Closter, Englewood, Bergenfield, Teaneck, Ridgefield Park, Cliffside Park, Palisades Park, Leonia, Fort Lee, Tenafly, Fairview and other Bergen County communities. He has also filed joint bankruptcy cases for married couples living in the Hudson County communities of Union City, West New York, North Bergen, Jersey City, Guttenberg, Secaucus, Bayonne, Kearny, Harrison, East Newark and other nearby communities. In Passaic County, Mr. Gomez has filed joint bankruptcy case/petitions for married couples with marital debt who lived in Paterson, Passaic, Clifton, Hawthorne, Haledon, West Milford, West Paterson/Woodland Park, Prospect Park, Ringwood, Totowa and Wayne.
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There are many misconceptions regarding bankruptcy that affect a person's decisions on whether they should file for bankruptcy protection or not. When considering bankruptcy, it is best to obtain advice from a professional New Jersey bankruptcy lawyer like Rafael Gomez who has the legal expertise to answer all your questions.
At the Law Office of Rafael Gomez, we have the knowledge you will need to fully discuss your options when it comes to dealing with your debt and finding out if bankruptcy is right for you. There are common myths abounding, which we will answer for you briefly.
All my debts can be eliminated with bankruptcy.
Although you can discharge quite a few types of debt, certain ones such as child support, alimony, taxes and student loans are still owed and cannot be discharged through any type of bankruptcy.
My credit will be ruined for 10 years.
Although a bankruptcy will appear on your credit history for 10 years, your credit rating will begin to improve as time goes by and you re-establish your credit. Your credit was probably already affected considerably if you had late payments or any wage garnishments or lawsuits.
Bankruptcy is hard to get through and qualify for.
When you have an experienced bankruptcy lawyer like Rafael Gomez working with you, the most difficult part of it will be in making your own personal decision as to whether to file or not. Your attorney will help you with determining which filing is right for you and will take care of all the legal paperwork.
I will lose everything I own.
Most bankruptcies do not affect your being able to keep all of your assets. Many assets are protected by bankruptcy exemption laws. In fact, the majority of people who file for bankruptcy give up none of their assets.
I will not be able to get credit again.
Not so. Although you will pay higher interest rates for a time, you will begin getting credit offers shortly after your filing.
My employer will be notified when I file for bankruptcy.
When a person files for bankruptcy, he or she does not need to send a notification to his or her employer. Although bankruptcy cases are public records, it is unlikely that anyone will find out unless you tell them, or unless you are a celebrity or prominent businessperson of some kind (in which case the press may publish information about a bankruptcy case.)
If I file for bankruptcy I will never be able to buy a home or a car.
Most debtors are definitely able to purchase a home or a vehicle even after filing for bankruptcy. It usually takes approximately 2 years until you may purchase a home, and less time for an automobile purchase or for credit card offers.
I will lose my house and my car if I file for bankruptcy.
Although Chapter 7 is associated with a “liquidation” of assets, this does not necessarily mean that you will lose everything, including your house and your car. These are protected to a certain degree in the bankruptcy process, and an attorney can help explain this in more detail as it may apply to your particular case. Chapter 13 bankruptcy provides even more protection to assets, as it is a reorganization of debt.
Don't fall for bankruptcy myths. Get the truth by contacting New Jersey Bankruptcy lawyer Rafael Gomez. He has helped debtors living in Bergen, Hudson and Passaic Counties in Northern New Jersey for many years.
Credit Counseling Classes
Credit counseling is a crucial part of any bankruptcy case. In fact, it is required that you complete a briefing with a certified credit counseling agency that has been approved by the U.S. Trustee’s Office. Since October of 2005 this requirement has been in place, and a failure to complete credit counseling within 180 days prior to filing may result in the rejection or dismissal of your Chapter 7 or Chapter 13 bankruptcy case. After you complete your credit counseling course, you will receive a certificate of completion that must be filed with your bankruptcy petition.
The average cost for a credit counseling course is approximately $50, but the exact cost may vary depending upon what type of session you undergo and where you live. This briefing may be completed in person, over the phone or online. The basic steps of the briefing will usually include an evaluation of your finances, a personal budget plan and the discussion of alternatives to bankruptcy, if any.
Generally speaking, there are very few exceptions to the requirement that a debtor complete a credit counseling course prior to filing for bankruptcy. Bankruptcy court judges have little to no authority to waive this requirement, so it is important that you discuss this with your attorney prior to filing. A dismissed bankruptcy case may result in your being unable to file for a certain period of time.
