Chapter 7 Bankruptcy is a complete discharge (forgiveness) of your debts. While your debts are forgiven, you can retain all of your assets such as your home, cars, money in the bank, and retirement accounts. At the time a Chapter 7 Bankruptcy is filed, all collection efforts, creditor calls and harassment, pending lawsuits, wage garnishments, and bank levies are stayed (stopped). Several weeks after your Chapter 7 case is filed, we appear together at a hearing called a 341 Meeting or Meeting of Your Creditors. By the way, don’t worry, your creditors are not showing up at the meeting. They have received electronic and regular mail notice of your bankruptcy and have noted their records accordingly. Due to the pandemic, these meetings are held telephonically. We all dial in. 341 Meetings only take several minutes. After the 341 Meeting, you’re good to go. There is a procedural waiting period until your Discharge of Bankruptcy is entered. Your Discharge of Bankruptcy is entered roughly 3 months after the 341 Meeting. You should know that the United States Bankruptcy Court for the District of New Jersey has been operating without interruption or delay, smoothly, since the beginning of the pandemic.
2 years after your Discharge of Bankruptcy, you will have excellent credit. While bankruptcy stays on your credit report for 7-10 years, the most critical metric for lenders is how far out of bankruptcy you are. 2 Years post-discharge, you’re golden. You can buy a home as a first-time home buyer taking advantage of what will continue to be historically low interest rates. If you are well into the property ladder, refinancing or a new mortgage will be a breeze. You will have no problem getting a mortgage with the best interest rates available. In addition, you can lease or purchase a vehicle with top tier financing. You can confidently apply for and receive lines of credit, credit cards, and business loans.
Let’s talk! My cell phone number is 732-737-7985. You can text me, call me, or email me anytime at email@example.com to set-up a time for a free, confidential video consultation.
During the pandemic, to comply thoroughly with CDC guidelines for business and workplace safety, I am offering consultations via Zoom or FaceTime. I look forward to hearing from you, answering all of your questions, and being of assistance.
Jonathan Goldsmith Cohen, Esq. – Bankruptcy Attorney
Oh, and a little about me. I am a life-long Monmouth County, New Jersey resident. I grew-up with a father who is a passionate attorney who comports himself with the upmost in ethical professionalism. Before law school, in the early 2000s, I was a bankruptcy paralegal at a boutique bankruptcy law firm and found the practice area fascinating and engaging. After law school and my judicial clerkship for the Honorable Patricia Del Bueno Cleary, Presiding Judge of the Chancery Division, Monmouth County, I started my own bankruptcy practice. Over 12 years later, I am proud to say that I have successfully represented thousands of individuals and businesses through the bankruptcy process. Some days, I cannot believe I am already entering my 40s. Most of my clients come from referrals. I am a Trustee of the Monmouth County Bar Association and am on over 10 bar association committees including running the Monmouth County High School mock trial program for the New Jersey State Bar Association. I serve as the Board Chair of Jewish Family and Children’s Services of Monmouth County and am the Past President. I am also the Vice President of the Boro of Interlaken School Board and a former Boro of Interlaken Councilman.
Outside of work and volunteering, I am an avid home chef, professionally trained barista (for home enjoyment only), foodie, road cyclist, kettlebell enthusiast, yogi, and world traveler. I can also tie a bowtie fast, with precision.