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bankruptcy law toms river nj

Take Back Your Financial Freedom in Forked River, NJ and Surrounding Areas

Get bankruptcy help in Forked River, NJ

Sometimes, your debt can get so bad that you need a fresh start. If you need bankruptcy help in Forked River, NJ or the surrounding areas, you should turn to The Law Office of Joseph Albanese. Whether you're overwhelmed by medical bills or credit card bills, you'll need a reliable attorney to guide you. In many cases, you can even resolve tax-related debt.

Attorney Joseph Albanese has practiced as a Chapter 13 and Chapter 7 bankruptcy attorney for more than three decades. He also served as a Chapter 7 bankruptcy trustee for years. That means that he was appointed to manage bankruptcy cases for the bankruptcy court. He examines every case carefully to make sure his clients have the best options. Call us to find out if Chapter 7 or Chapter 13 will work for you.

Speak with a Chapter 13 and Chapter 7 bankruptcy attorney about your situation now. You can reach us by calling 609-971-6200.

Learn about Chapter 7 and Chapter 13 bankruptcy

There are two main types of personal bankruptcy: Chapter 13 and Chapter 7. If Chapter 7 is the right solution for you, it allows you to eliminate certain kinds of debt completely. However, not everyone is eligible for Chapter 7. In those cases, Chapter 13 might be the right solution. In Chapter 13 bankruptcy, you can pay your debts off over time with an affordable monthly payment. Call to find out if Chapter 13 will work for you.

Do you need Chapter 7 bankruptcy or Chapter 13 bankruptcy help? Consult with the attorney at The Law Office of Joseph Albanese in Forked River, NJ today.

What is Chapter 7 Bankrutpcy?

What is Chapter 7 Bankrutpcy?

Chapter 7 bankruptcy is a legal process that allows individuals or small businesses to eliminate (or "discharge") most of their unsecured debts, such as credit card balances, medical bills, and personal loans. It is often referred to as "liquidation bankruptcy."

Who Typically Files Chapter 7?

  • Individuals overwhelmed with unsecured debt and few valuable assets.
  • Small business owners who want to close down and clear their business debts.
  • People seeking a "fresh start" financially.

Here's a breakdown of Key Features of Chapter 7 Bankruptcy:

1. Liquidation of Assets:

• A court-appointed trustee reviews your assets and may sell non-exempt property (property with significant equity) to repay creditors.
• Many types of property can be protected through exemptions, which vary by state (e.g., your home (depending upon the equity), a car up to a certain value, clothing, and most household items).

2. Discharge of Debt:

• Most unsecured debts are wiped out, meaning you are no longer legally required to pay them.
• Some debts are not dischargeable, including student loans (in most cases), child support, alimony, recent taxes, and court fines.

3. Eligibility:

• You must pass a means test to qualify, which compares your income to the median income in your state.
• If your income is too high, you may need to file under Chapter 13 instead (a repayment plan bankruptcy).

4. Impact on Credit:

• Chapter 7 stays on your credit report for 10 years.
• It can severely affect your credit score initially, but many people begin rebuilding credit within a year or two. If you are considering bankruptcy, your credit may already be impacted.

5. Timeline:

• The entire process usually takes about 3 to 6 months from filing to discharge.

6. Automatic Stay:

• As soon as you file, an automatic stay goes into effect, this stops most collection actions-like wage garnishments, lawsuits, and harassing phone calls.

What is Chapter 13 Bankrutpcy?

What is Chapter 13 Bankrutpcy?

Chapter 13 bankruptcy is a legal process that allows individuals (not businesses) to reorganize their debts and repay them over a period of time-usually 3 to 5 years-under the supervision of a bankruptcy court. It is often called a "wage earner's plan" because it requires the filer to have a regular income.

Who Typically Files Chapter 13?

  • Individuals with steady income who:
  • Want to keep their home or car despite being behind on payments.
  • Don't qualify for Chapter 7 because of income or asset reasons.
  • Want to repay non-dischargeable debts in an affordable, structured way.

Click to view Chapter 13 Trustee's Website

Key Features of Chapter 13 Bankruptcy:

1. Debt Repayment Plan:

• You propose a repayment plan based on your income, expenses, and types of debt.
• The plan may require you to pay all, part, or sometimes just a small portion of your debts.
• Priority debts (like taxes or child support) usually must be paid in full.

2. No Liquidation of Assets:

• Unlike Chapter 7, you don't have to sell your property. You will need to keep making payments on any secured assets you want to keep.
• Chapter 13 is a good option if you have valuable assets you want to keep (like a home or car) but need time to catch up on missed payments.

3. Automatic Stay Protection:

• Filing stops foreclosure, repossession, lawsuits, and wage garnishment.
• If you're behind on your mortgage, Chapter 13 can help you save your home by spreading out the missed payments.

4. Eligibility:

• You must have a regular source of income.
• Your debts must be below certain limits (as of 2025: around $2.75 million combined for secured and unsecured debts).
• Only individuals can file-businesses cannot use Chapter 13.

5. Discharge of Debt:

• At the end of the plan (if you've made all required payments), remaining eligible debts are discharged.
• Some debts like student loans, recent taxes, and child support still survive.

6. Credit Impact:

• Chapter 13 stays on your credit report for 7 years from the filing date.
• It may have less impact than Chapter 7 because you're repaying some debt.