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Bankruptcy FAQs & Answers from Daniel E Straffi

Want to file for bankruptcy? Turn to Daniel Straffi at Straffi & Straffi Attorneys at Law, an experienced bankruptcy law attorney based in Toms River, NJ also serving Lacey NJ, and the  surrounding area, to file for debt relief under the bankruptcy code. You definitely need the right attorney to assist you, as one misstep may affect your rights. Count on us to handle your case correctly.

Bankruptcy is an opportunity for people who are experiencing financial difficulties to obtain a fresh start. Bankruptcy is afforded to the honest and unfortunate as a means, via federal law, to start over or otherwise reorganize their debts.

Bankruptcy can do a number of things for those in financial duress, including, but not limited to, getting rid of credit card debt and medical bills, stopping foreclosure actions, wage garnishments, and other forms of creditor harassment. More than anything, bankruptcy affords people the opportunity to rest peacefully and begin anew.

Bankruptcy filings are done electronically through the federal court system. Although a matter of public record, they are not “advertised,” so to speak. Any bankruptcy attorney or other person familiar with the electronic system can easily obtain bankruptcy filings.

Bankruptcy does not afford relief to those trying to take advantage of the system. Fraudulent behaviors and actions are vigorously prosecuted both criminally and civilly. Again, bankruptcy relief is only afforded to those who are honest and unfortunate, not those looking to pull a fast one on the system.

It depends. Generally speaking, a person may receive a discharge in bankruptcy every 8 years. However, in some cases, a person may be looking to reorganize their debts as opposed to getting rid of them. Therefore, there is no blanket rule that applies to all bankruptcy filings. Every case is very fact specific as far as goals and eligibility.

The two most common types of bankruptcy that people consider are Chapter 7 and Chapter 13. Chapter 7, which is known as liquidation, is an opportunity to discharge (or get rid of) creditors without having to pay any money back. Chapter 13, which is known as reorganization, is a 3- to 5-year plan of repaying creditors, most commonly invoked to try and save a home or vehicle from foreclosure or repossession.

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