Bankruptcy Qualifications in New Jersey

One of the most common questions asked by people who are considering bankruptcy is whether they qualify. Bankruptcy qualifications are complex matters that need to be discussed on a case-by-case basis. However, there are some general guidelines to consider, which are discussed below.

For more information regarding your bankruptcy qualifications and how they apply to your specific case, contact the Law Office of Joel R. Spivack and schedule your free initial consultation. As an experienced Cherry Hill bankruptcy attorney, I have been helping bankruptcy clients since 1995.

What Are the Qualifications for Filing Bankruptcy?

The decision to file bankruptcy is a difficult one and should not be taken lightly. I never push my clients to file for bankruptcy. Instead, my goal is to keep clients fully informed on all of their options and advise them as to the best ones. Bankruptcy might not always be the best option, but the first step is to verify eligibility. I can do that for you. However, here are some general guidelines for Chapter 7 and Chapter 13 bankruptcy qualifications:

Chapter 7 bankruptcy — At the time of filing, your current income must be below the median income for your family size. The median is in accordance with the United States Census Bureau. You must show an income that is less than your current living expenses and that you do not have excess equity in assets. Debts must be primarily unsecured debts.

Chapter 13 bankruptcy — When your current income is above the median income for your family size, you are more likely to qualify for Chapter 13 bankruptcy. However, there are still unsecured and secured debt limitations that must be met. People who file for Chapter 13 are usually seeking to save a home that is in foreclosure or are delinquent on car payments. You are given the ability to modify, cram down or strip off a second mortgage or home equity line of credit.

In both Chapter 7 and Chapter 13 bankruptcy, you must receive approved financial management counseling within 180 days before your bankruptcy filing. Learn more about the bankruptcy process.

Contact NJ Lawyer Joel Spivack to Discuss Your Bankruptcy Options

My office is open weekdays from 8 a.m. to 5 p.m. and offers free parking. Call today at 856-488-1200 for a free initial consultation with a Cherry Hill, New Jersey, bankruptcy lawyer. You can also contact me by e-mail.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

We are here to help you.

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We are licensed to practice in New Jersey and Pennsylvania.

Attorney Joel R. Spivack is an experienced bankruptcy and residential real estate transactions lawyer in Cherry Hill, New Jersey. Clients come to us for legal services, but what we really provide is peace of mind. For more than 30 years, Attorney Spivack has helped people make wise, informed decisions about bankruptcy filings, debt relief options and residential real estate transactions.
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