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Bankruptcy FAQ

1. I heard the new bankruptcy law makes it harder to file for bankruptcy?

Yes, but not impossible. The new law "encourages' you to file a repayment plan bankruptcy-and you must file one if you want to try and save your home. In NJ you may still file a simple bankruptcy if you are really "broke" and that is currently defined as less than $93,000.00 for a family of four with allowed expenses.

2. Is it true you have to take classes to file for bankruptcy?

Yes, it is-two classes in financial management, but they can be taken over the internet for 90 minutes each and the cost is low.

3. How much does a bankruptcy cost?

My fees are $1500-2500 for a bankruptcy depending on the type and complexity. The bankruptcy court charges filing fees of $274 and $299, respectively. Please call my office for a free initial consultation.

4. My house is in foreclosure- is it too late to save it?

You may be able to save your house through a repayment plan. Act quickly!

5. What does Chapter 7 and Chapter 13 mean?

These are where the laws can be found that allow you to file bankruptcy. A Chapter 7 is when you discharge your debts and move on with a fresh start. A Chapter 13 is when you repay your debts as best as you can over a 3-5 year period and then you move on with a fresh start.