BANKRUPTCY

 

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If you are overwhelmed by credit cards, medical bills, or personal loans, federal law provides a legal mechanism to wipe the slate entirely clean. Chapter 7 Bankruptcy—often referred to as liquidation bankruptcy—is designed to permanently eliminate unsecured debt, allowing individuals to secure a genuine "Fresh Start."

At Desmond Law, P.A., we guide you through the rigid means-testing requirements and filing processes so you can emerge debt-free while maximizing your asset retention.

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Core Protections of Chapter 7

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• If you are struggling to stay afloat financially, New Jersey bankruptcy laws offer a legal mechanism to wipe the slate clean. Attorney Leo W. Desmond files exclusively in Chapter 7 bankruptcy, helping individuals eliminate unsecured debts and secure a true "Fresh Start".

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• Immediate Protection: Invokes the automatic stay to instantly halt vehicle repossessions, pending lawsuits, bank levies, and foreclosure actions.

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• Debt Elimination: Discharges qualifying credit card balances, medical bills, and personal loans permanently.

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• Asset Preservation: Uses state and federal bankruptcy exemptions to protect your personal belongings, vehicles, and home equity.

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• Stop Wage Garnishments: Ends court-ordered paycheck deductions to restore your immediate monthly cash flow.

There are numerous “Chapters” that  can be recommend for a bankruptcy filing. Those Chapters include:

Chapter 7 - Liquidation
Chapter 11 - Reorganization
Chapter 12 - Family Farmer or Fisherman
Chapter 13 - Consumer Wage Earner

To determine which Bankruptcy Chapter is right for you will require a discussion of your current situation. A recommendation will then be tailored to your individual needs. If bankruptcy is a viable option, a Bankruptcy Petition will be drafted and filed on your behalf .
 

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BENEFITS OF BANKRUPTCY

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Provides a “Fresh Start” for a person in financial distress.

Eliminates numerous, potentially overwhelming bills such as doctor bills, hospital bills, unsecured personal loans, business debts, and credit card debts.

May be able to eliminate old tax liabilities.

Eliminates judgments and garnishments.

Eliminates deficiencies owed to banks from short sales or mortgage deficiencies from foreclosure.

Eliminates deficiencies owed as a result of repossession of a car, boat or other item.

Stops a foreclosure of a house or a foreclosure sale.  Depending on the situation, this halt may not be permanent.

Stops creditor lawsuits filed against you.

Stops the repossession of items such as cars, boats, or other items from banks and creditors.​