Best Bankruptcy Lawyers Elizabeth, NJ

Elizabeth, NJ Bankruptcy FAQs

• Where do I file for bankruptcy in Elizabeth, New Jersey?

  Elizabeth residents may file for bankruptcy in the United States Bankruptcy Court for the District of New Jersey, whose nearest location is at 50 Walnut Street, 3rd fl., Newark, NJ 07102.

• Where can I get bankruptcy forms in Elizabeth, New Jersey?

  Elizabeth residents may get bankruptcy forms at the official website of the United States Bankruptcy Court for the District of New Jersey, which can be accessed here: https://www.njb.uscourts.gov/forms.

• How often do Elizabeth residents file for bankruptcy?

  According to data published by the United States Bankruptcy Court for the District of New Jersey, residents of Elizabeth and the rest of Union County filed 668 bankruptcies within a 12-month period ending on January 2023. Out of all the state’s counties, Union County ranks seventh in the highest number of bankruptcy filings for the same time period.

• What are the most common forms of bankruptcies in Elizabeth?

  With 376 filings within a 12-month period ending on January 2023, Chapter 7 is the most common form of bankruptcy in Union County, where Elizabeth is located. Chapter 13 bankruptcy is the second most common, with 272 filings in the same time period. Finally, the figure for Chapter 11 bankruptcy is 20 filings and zero for Chapter 12.

• Does income affect an Elizabeth Chapter 7 bankruptcy filing?

  Debtors in Elizabeth planning to file for Chapter 7 bankruptcy must not have an income that surpasses that of the median household income in New Jersey, which is $89,703 as of 2021. Those who do not meet this qualification must complete the means test, in which their disposable income is calculated to determine whether or not they are abusing the bankruptcy system.

• Does filing for an Elizabeth bankruptcy impact credit scores?

  Those in Elizabeth who have filed for bankruptcy will see a 150-point negative hit on their credit scores. However, this can be turned around within as little as four months from the date the bankruptcy was filed. In order to rehabilitate credit scores, it is advised to make one’s mortgage, rent, and car payments on time.

• Can an Elizabeth bankruptcy filing be dismissed by the court?

  The court may dismiss a bankruptcy filing from Elizabeth on three separate grounds: the first is if the petitioner chooses not to proceed while the second is if he or she has been found guilty of bankruptcy fraud. Meanwhile, the third involves errors such as the failure to submit the proper forms and documents, pay filing fees, complete the required credit counseling and debt management courses, and attend the 341 meeting.