Chapter 7 & 13 Consumer Bankruptcy

Consumer Bankruptcy - Understanding Your Options

Exploring Chapter 7 Bankruptcy and Chapter 13 Bankruptcy

Toll-Free: 877-833-5489

Do you feel like you're losing control of your finances? You probably never thought you would be thinking about bankruptcy, but we want you to know that bankruptcy can stop creditor calls, foreclosure, and give you much-needed peace of mind.

At Klein & Radol, LLC, we assist individuals in filing for both Chapter 7 and Chapter 13 Bankruptcy. We are happy to talk to you about your options in a free consultation. Please contact us online or call us toll free at 877-833-5489, or locally at 201-308-5306.

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is commonly known as "liquidation bankruptcy." This type of bankruptcy eliminates an individual's debt, but certain assets may be sold off to creditors. However, some property is considered exempt, likely including the following:

• Vehicle(s)
• Necessary clothing, household products, and appliances
• Tools and equipment necessary to perform job
• A portion of wages
• Some public benefits

Once an individual files for bankruptcy, he or she is protected by an "automatic stay," which offers protection from creditors, foreclosure, repossession of vehicles, and more.

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy works as a repayment plan. In this bankruptcy, debt is reorganized and individuals are given a three- to five-year time period to pay off a portion of the debt. To qualify for Chapter 13 Bankruptcy, you must have an income that will enable you to make some payments to your creditors. Many times, after this time of repayment, the remaining debt is forgiven. Chapter 13 Bankruptcy can be a way to stop foreclosure and save your home. In certain circumstances we can modify or eliminate second and third mortgages, which is commonly called strip down or cram down.

Bergen County Bankruptcy Lawyer

Attorney Roger Radol offers over 21 years of legal experience to individuals facing the prospect of bankruptcy. With a strong business and finance background, he has a unique understanding of bankruptcy and its many components.

Contact Us

To schedule a free consultation with Chapter 13 or Chapter 7 Bankruptcy attorney, contact us online or call us toll free at 877-833-5489, or locally at 201-308-5306.