Bankruptcy

Managing personal and family finances, mortgages, credit card loans and other debts can be stressful.  Receiving harassing telephone calls and letters from creditors is traumatic.

At LaRocca Hornik Rosen Greenberg & Patti, we understand the fiscal and emotional complexities of bankruptcy and can provide options for relief from your financial obligations.

Please call our toll free number: (844) 4NJ-Bank today to obtain a free consultation and learn about our payment plans.  We have a history of assisting those that are having trouble with their financial obligations and able to assist in determining whether bankruptcy is right for you.

Feel free to visit our Bankruptcy Facts page HERE.

The Process

Upon contacting our office, you will be scheduled for a free consultation to reveiw your finanical stability.  Together with our office, you will answer a detailed questionaire as to your assets and liabilties, undergo a review of your debts, and we will create a game plan tailored to your needs.  We will also provide you a list of items that you will require to proceed with your plan of action.

Should you be eligible for bankruptcy, you will be required to attend a quick credit counseling course and our office will begin the drafting of your bankruptcy petition.  At the time of the filing of your petition, a notice will be sent to all your creditors to immediately stop any collection procedures including any harrasing telephone calls and letters. 

After a period permitting your creditors to make any objections, you will be required to appear for a short hearing to assess whether the bankruptcy petition should be granted.  If it is established that you meet the requirements for bankruptcy, an Order will be issued addressing the terms of the petitions acceptance.

Types of Bankruptcy

Chapter 7 - This is the most common of the Bankruptcy proceedings for individuals.  Under Chapter 7 all applicable debts will be discharged.  Debts that are generally discharged in Chapter 7 include credit card debts, medical bills and other unsecured loans.  In other words, your debt will be wiped out.  However, in order to proceed with a Chapter 7 Bankrutptcy you will be required to pass a "means test".  The means test applies a financial limit and permits only those applications that fall below those standards.  Our office will work with you to determine if you qualify for Chapter 7 bankruptcy. 

Chapter 13 - If an individual or small corporation does not qualify for Chapter 7 bankruptcy, they may be eligible under Chapter 13.   Under Chapter 13, debts are not discharged, but payment plans are arranged for you to pay back the debt that is owed. 

Chapter 11 - Designed for larger corporations, Chapter 11 is a manner for corporations to reorginze and pay back their debt. 

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