Federal law grants individuals and companies the right to file for bankruptcy protection. When you do this, the court negotiates with your creditors to discharge some of your debts and to develop a plan to repay others. No one can stop you from filing for bankruptcy protection, not your creditors, business partners, ex-spouse, or even the IRS. One of the most common types of bankruptcy filing for individual consumers is chapter 7 bankruptcy. In this type of bankruptcy case, the court assesses your financial situation, including your income, assets, and debts, before deciding which debts to discharge. The good news is that chapter 7 bankruptcy discharges your eligible debts quickly, but the bad news is that the bankruptcy court has the right to sell some of your assets to pay creditors. Many applicants for chapter 7 bankruptcy do not get any of their assets liquidated during the bankruptcy process. Even better, the courts accept almost all the chapter 7 bankruptcy protection applications they receive, except in the case of errors or bad faith. If you are considering filing for chapter 7 bankruptcy, a New Jersey chapter 7 bankruptcy lawyer can help maximize your chances of success.
Errors With the Bankruptcy Filing Process
Denials of chapter 7 bankruptcy filings are rare, but when the bankruptcy court does deny a chapter 7 filing, it is often because of an error on the part of the applicant. For example, based on your income, assets, and debts, you might be eligible for chapter 13 bankruptcy protection, so the court might deny your filing if you file for chapter 7 instead. Likewise, credit counseling is a prerequisite in New Jersey bankruptcy cases, so if you fail to attend credit counseling, the court might deny your filing.
Attempts to Defraud the Bankruptcy Court
Errors in your statements about your income, assets, and debts may not be a dealbreaker in your bankruptcy case; if you discover an error after you have submitted your financial disclosures, the court may give you a chance to correct it. If you knowingly make false statements to the bankruptcy court, however, this will lead to the denial of your case.
Complications Related to the Applicant’s History of Bankruptcy Filings
It is possible to file for bankruptcy protection multiple times in your life; the court will not automatically reject your bankruptcy filing simply because it is not your first encounter with the bankruptcy court. There are minimum waiting periods between bankruptcy filings, however. The court will not accept your new chapter 7 bankruptcy filing if you have filed for chapter 7 bankruptcy within the past eight years or if you have filed for chapter 13 bankruptcy within the past six years.
Contact a Monmouth County Bankruptcy Lawyer
Jonathan Goldsmith Cohen has helped thousands of clients successfully discharge their debts through chapter 7 and chapter 13 bankruptcy filings. Contact Jonathan Goldsmith Cohen for a confidential consultation to discuss your case.
Federal law grants individuals and companies the right to file for bankruptcy protection. When you do this, the court negotiates with your creditors to discharge some of your debts and to develop a plan to repay others. No one can stop you from filing for bankruptcy protection, not your creditors, business partners, ex-spouse, or even the IRS. One of the most common types of bankruptcy filing for individual consumers is chapter 7 bankruptcy. In this type of bankruptcy case, the court assesses your financial situation, including your income, assets, and debts, before deciding which debts to discharge. The good news is that chapter 7 bankruptcy discharges your eligible debts quickly, but the bad news is that the bankruptcy court has the right to sell some of your assets to pay creditors. Many applicants for chapter 7 bankruptcy do not get any of their assets liquidated during the bankruptcy process. Even better, the courts accept almost all the chapter 7 bankruptcy protection applications they receive, except in the case of errors or bad faith. If you are considering filing for chapter 7 bankruptcy, a New Jersey chapter 7 bankruptcy lawyer can help maximize your chances of success.
Errors With the Bankruptcy Filing Process
Denials of chapter 7 bankruptcy filings are rare, but when the bankruptcy court does deny a chapter 7 filing, it is often because of an error on the part of the applicant. For example, based on your income, assets, and debts, you might be eligible for chapter 13 bankruptcy protection, so the court might deny your filing if you file for chapter 7 instead. Likewise, credit counseling is a prerequisite in New Jersey bankruptcy cases, so if you fail to attend credit counseling, the court might deny your filing.
Attempts to Defraud the Bankruptcy Court
Errors in your statements about your income, assets, and debts may not be a dealbreaker in your bankruptcy case; if you discover an error after you have submitted your financial disclosures, the court may give you a chance to correct it. If you knowingly make false statements to the bankruptcy court, however, this will lead to the denial of your case.
Complications Related to the Applicant’s History of Bankruptcy Filings
It is possible to file for bankruptcy protection multiple times in your life; the court will not automatically reject your bankruptcy filing simply because it is not your first encounter with the bankruptcy court. There are minimum waiting periods between bankruptcy filings, however. The court will not accept your new chapter 7 bankruptcy filing if you have filed for chapter 7 bankruptcy within the past eight years or if you have filed for chapter 13 bankruptcy within the past six years.
Contact a Monmouth County Bankruptcy Lawyer
Jonathan Goldsmith Cohen has helped thousands of clients successfully discharge their debts through chapter 7 and chapter 13 bankruptcy filings. Contact Jonathan Goldsmith Cohen for a confidential consultation to discuss your case.
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