Can anyone file bankruptcy?

Anyone can file bankruptcy, but there are limitations regarding which form of bankruptcy is permissible. Qualifying for Chapter 7 requires a means test that evaluates income, debt levels, and income left over each month after paying basic obligations. Income over the median set by the court and monthly income that allows meaningful payments toward unsecured debt can disqualify filers from Chapter 7, which is generally the preferred form of bankruptcy due to the possibility of a full discharge. Anyone can file Chapter 13 bankruptcy, but the terms are less favorable. In most cases, some debts must be repaid following a successful filing. Chapter 13 is also more likely to result in asset forfeiture.

How bad is it to file bankruptcy twice?

<p dir="ltr" style="line-height:1.2;margin-top:9pt;margin-bottom:9pt;">Although possible, due to the damaging nature of bankruptcy, filing bankruptcy more than once isn't recommended. Filing multiple times puts a serious burden on one's credit report, making it harder to get a loan, buy a house, buy a car, or even open credit cards.</p><p dir="ltr" style="line-height:1.2;margin-top:9pt;margin-bottom:9pt;">Note that filing for bankruptcy isn't something that can be done at a filer's leisure. There are time limits following bankruptcy cases that dictate when it's permissible to file again. For example, after Chapter 7 bankruptcy, filers must wait at least eight years before filing Chapter 7 again or four years before filing Chapter 13.</p>

Can they take my car in Chapter 7 bankruptcy?

In many cases, it's possible to keep a vehicle following Chapter 7 bankruptcy. The Chapter 7 Motor Vehicle Exemption allows filers who own their vehicles outright or who are up to date with payments to keep their cars. However, those behind on making car payments are required to arrange a repayment plan. Otherwise, the vehicle may be repossessed as a part of the proceedings.

5 Best Elizabeth Bankruptcy Attorneys

Ashford — Schael LLC

100 Quimby Street, Westfield, NJ 07090

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Chapter 7 Bankruptcy
Debt Settlement
Chapter 11 Bankruptcy

Ashford — Schael LLC is a bankruptcy law firm operating in the Elizabeth area. It represents creditors, debtors, committees, principals, and shareholders in cases under Chapters 7, 11, and 13. The firm handles all types of litigation on behalf of plaintiffs and defendants, including obtaining relief from automatic stays, consensual and litigated adequate protection and cash collateral orders, and non-dischargeability. Founding attorney Courtney A. Schael is a member of the American Bankruptcy Institute and International Women's Insolvency & Restructuring Confederation.

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Dublin Packard Attorneys at Law

625 Broad St, Newark, NJ 07102

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Chapter 11 Bankruptcy

Dublin Packard, Attorneys at Law, provides legal assistance to financially troubled individuals, families, and small businesses in Elizabeth and the surrounding areas. The firm provides assistance with filing for relief under Chapters 7, 13, and 11 bankruptcy. It also offers foreclosure and collection defense as well as loan modification services. The attorney, Mr. Murphy, has over two decades of legal experience and is a member of The American Bankruptcy Institute.

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Herman L. Alarcon Attorney at Law

230 W Jersey St 105, Elizabeth, NJ 07202

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Debt Settlement

Herman L. Alarcon Attorney at Law serves the Elizabeth metro area. Sole practitioner Mr. Alarcon helps clients eliminate bills, including credit card, hospital, and laboratory bills, and stop car repossessions. He also provides free consultations. Mr. Alarcon stops threatening letters, harassing calls, and wage garnishments. His other practice areas include traffic law and criminal offenses. He has more than 28 years' experience and is a member of the New Jersey State Bar Association.

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Michelle Labayen

24 Commerce Street, Newark, NJ 07102

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

Michelle Labayen helps residents of Elizabeth and nearby areas who are struggling with their finances. Her firm handles bankruptcy cases under Chapters 7 and 13, providing clients with counsel and representation during every step of legal proceedings. It offers assistance to people who have problems repaying student loan debts as well. Additionally, the firm handles adversary proceedings and litigation under the Fair Credit Reporting Act and the Fair Debt Collection Practice Act. The first consultation is offered free of charge.

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Raymond and Raymond

7 Glenwood Ave 408, East Orange, NJ 07017

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

Raymond and Raymond is a law firm with attorneys who have more than four decades of legal experience practicing bankruptcy law. They help clients to eliminate or reorganize their debts by filing for bankruptcy under Chapters 7 and 13. If filing for bankruptcy isn't a possible option, they provide help with loan modifications. The initial consultation is available free of charge, and clients can set up evening and weekend appointments.

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Best Bankruptcy Attorneys in Elizabeth

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Bankruptcy Attorneys FAQs

Ashford — Schael LLC

Dublin Packard Attorneys at Law

Herman L. Alarcon Attorney at Law

Michelle Labayen

Raymond and Raymond

Frequently Asked Questions

Q: Can anyone file bankruptcy?

Q: How bad is it to file bankruptcy twice?

Q: Can they take my car in Chapter 7 bankruptcy?

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