New Jersey bankruptcy attorney Daniel Straffi (https://www.straffilaw.com/what-is-the-difference-between-new-jersey-bankruptcy-chapter-7-and-chapter-13/) of Straffi and Straffi Attorneys At Law has recently published a detailed article titled ‘Contrasting Chapter 7 and Chapter 13 Bankruptcies in NJ’. This comprehensive guide aims to help individuals and small businesses in New Jersey understand their options when facing financial difficulties and considering bankruptcy.
The New Jersey bankruptcy attorney has long been a trusted authority on bankruptcy law in the state. Through this article, Attorney Straffi seeks to clarify the complexities of bankruptcy law, providing invaluable information for anyone considering filing for bankruptcy, particularly Chapter 7 or Chapter 13.
"Bankruptcy is a legal process initiated by those who cannot repay their debts in order to seek relief from some or all of the debt," the New Jersey bankruptcy attorney explains. "Understanding the differences between Chapter 7 and Chapter 13 bankruptcy can help individuals make informed decisions about their financial future."
The article delves into a detailed comparison of Chapter 7 and Chapter 13 bankruptcies, explaining the unique features, requirements, and implications of each type. It further elaborates on the process of filing for bankruptcy, the role of a bankruptcy trustee, and the effects of bankruptcy on one's credit score.
Chapter 7 bankruptcy, often referred to as liquidation bankruptcy, allows the discharge of a majority of debts within a period of four to six months. However, certain obligations, such as family support, certain tax debts, or penalties for criminal actions, cannot be discharged.
On the other hand, Chapter 13 bankruptcy or the wage earner’s plan, allows for the discharge of debts at the end of the process. Both unsecured debts like credit cards and secured debts like mortgages or car loans can be included. Chapter 13 is particularly beneficial for individuals at risk of foreclosing their homes or those whose cars are in danger of repossession.
"Bankruptcy should only be explored as a last resort," advises Straffi. "Having a bankruptcy on one's credit score can greatly affect financial standing for the foreseeable future."
For individuals and businesses confronting financial difficulties, understanding the different types of bankruptcy and their implications is a crucial first step. The detailed guide serves as a valuable resource in helping them make informed decisions. It encourages those facing financial hardship to seek professional guidance in navigating the potentially overwhelming process of declaring bankruptcy.
To read this comprehensive guide to Chapter 7 and Chapter 13 bankruptcies, visit the Straffi and Straffi Attorneys At Law website.
About Straffi & Straffi Attorneys At Law:
Straffi & Straffi Attorneys At Law is a reputable law firm based in Toms River, New Jersey. The firm is led by Attorney Daniel Straffi, a seasoned lawyer with a deep understanding of bankruptcy law. The firm has a proven track record of helping clients explore bankruptcy as a viable option for debt relief, guiding them through the complex legal process with integrity and compassion. Their commitment to providing personalized legal advice and representation has made them a trusted resource for individuals and businesses facing financial difficulties in New Jersey.
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Company Name: Straffi & Straffi Attorneys at Law
Contact Person: Daniel Straffi
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Phone: (732) 3413-800
Address:670 Commons Way
City: Toms River
State: New Jersey 08755
Country: United States
Website: https://www.straffilaw.com/
