Chapter 7 Bankruptcy Lawyer in New Jersey - Karina Lucid Law

1. Karina Lucid Law Chapter 7 Bankruptcy Lawyer in New Jersey L I B E R T Y C O R N E R , N J C H A P T E R 7 B A N K R U P T C Y L A W Y E R DISCHARGEABLE DEBT In bankruptcy proceedings, debts are dischargeable or nondischargeable. If a debt is dischargeable, you are not required to pay back those debts, and creditors can no longer demand payment. REQUIREMENTS TO FILE CHAPTER 7 There are income limits for eligibility for a Chapter 7 filing. This determination is made in a two-part “Means Test.” The Means Test first requires you to document your most recent six months of income from all sources. K E Y S T E P S I N A C H A P T E R 7 B A N K R U P T C Y Meet with a New Jersey bankruptcy attorney to determine whether you are eligible for Chapter 7. If you qualify, then your attorney will help you prepare and file a petition for relief under Chapter 7 of the Bankruptcy Code. The filing of “petition for relief” (whether under Chapter 7, Chapter 11 or Chapter 13) triggers the imposition of the “Automatic Stay.” The Automatic Stay immediately stops almost all ongoing actions by creditors, from lawsuits to harassing phone calls. Schedule Your Free Consultation! Lucid Law Liberty Corner, NJ 3640 Valley Road, Suite 2A PO Box 230 Liberty Corner, New Jersey 07938-0230 908-738-8277 karinalucidlaw.com