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.
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Many people in northern New Jersey mistakenly believe that all mortgage debt is extinguished once a lender forecloses on the property. In fact, given the depressed real estate market, most lenders must often sell the foreclosed property for less than the mortgage amount or less than market value. This leaves the lender with one remedy: file suit against the debtor for the "deficiency". The deficiency is the amount the debtor still owes the bank because the sale of the house did not cover the mortgage on the house. This debt remains and does not go away as many people mistakenly believe. Fortunately, those New Jersey debtors who have walked away from a property on purpose or who have been foreclosed because they were unable to modify their mortgage may file bankruptcy to discharge the debt the bank will continue to pursue. In most of these cases the best option is to file a Chapter 7Bankruptcy since there is no longer any equity about which to be concerned.
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.
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.
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.
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.
