50 Years of Experience in NJ Bankruptcy Law
At Cosner Law Group in East Brunswick, NJ, we understand that the decision to file for personal bankruptcy is never easy. Let our local bankruptcy attorneys guide you.
Whether you’re filing for a Chapter 7 bankruptcy or Chapter 13 , our attorneys will analyze your financial circumstances and advise which type of bankruptcy is appropriate for you.
Cosner Law Group’s experienced lawyers can explain your legal options and help you make the effective decisions regarding whether bankruptcy is the right choice for you and which option best suits your needs.
Our exceptional reputation is why people from all over New Jersey and New York trust us when seeking bankruptcy counsel. Our bankruptcy attorneys can help you navigate every step of the bankruptcy process with compassion and comprehensive guidance, not judgment.
Our education and experience further set our law firm apart from other New Jersey bankruptcy practices on issues concerning tax and bankruptcy. Founding attorney Alan G. Cosner is a former IRS agent, an accountant, and has a master’s degree in Tax Law from New York University.
For access to 50 years of experience in New Jersey bankruptcy law, contact our East Brunswick offices today and schedule a free, confidential appointment.
Answering your questions
The most common types are Chapter 7 (liquidation) and Chapter 13 (repayment plan). Chapter 7 helps eliminate most debts quickly, while Chapter 13 allows you to reorganize and repay debts over time. We can help determine which option best fits your situation.
Bankruptcy can discharge many types of debt, including credit card balances and medical bills. However, some debts—such as student loans, child support, and certain taxes—may not be eligible for discharge.
Bankruptcy will impact your credit score initially, but it also provides a fresh financial start. Many people see their credit improve over time as they rebuild their financial health.
Depending on the type of bankruptcy you file, you may be able to keep essential assets. Chapter 7 allows exemptions for necessary property, while Chapter 13 helps restructure debt so you can retain important assets.
Yes. Once you file for bankruptcy, an automatic stay goes into effect, preventing creditors from calling, suing, garnishing wages, or taking other collection actions against you.
Chapter 7 bankruptcy – sometimes referred to as a “straight liquidation” – gives you (the debtor) a fresh start. Generally, to qualify for Chapter 7, you must satisfy two conditions: (i) you (or your household) make below a certain income level; and (ii) the value of your assets is also below a certain threshold.
Chapter 7 bankruptcy provides a “fresh start” to individuals who qualify. Generally, when a Chapter 7 bankruptcy is filed, creditors are required to stop efforts to collect a debt, actions to repossess property, and proceedings to foreclose a mortgage without Court permission. The requirement that creditors cease all efforts to collect – known as the “automatic stay” – provides you with breathing room and allows you the opportunity to get back on your feet.
Chapter 7 bankruptcy also typically discharges your debts, including medical bills and credit card debt. This discharge of debt is a core element of the “fresh start” given to debtors through a Chapter 7 proceeding.
Certain debts, however, are “non-dischargeable” in Chapter 7 bankruptcy. Examples of non-dischargeable debts include:
There are many issues that can prevent a debt from being discharged, which is why it is critical to have one of our experienced lawyers on your side who can advocate on your behalf. Cosner Law Group will guide you through Chapter 7 bankruptcy to help you get a fresh start on debt relief.
If you have assets with financial value, the Court-appointed Chapter 7 bankruptcy trustee may have the right to take and sell those assets for the benefit of your creditors. Some property is “exempt” and may not be subject to sale in this fashion. Contact Cosner Law Group today to discuss which exemptions may be applicable to help protect your assets from being sold by the bankruptcy trustee for the benefit of your creditors.
The process of filing a Chapter 7 bankruptcy is frequently confusing and time-consuming. With our knowledgeable attorneys on your side, we can make the process easier.
The bankruptcy attorneys in our firm can help you through every step of the process, including:
Contact us today so we can start working with you to secure your financial future and freedom.
A Chapter 13 Bankruptcy is designed for people who have some regular income over and above their current living expenses (for food, rent, clothing, utilities, etc.). Chapter 13 bankruptcies also frequently involve efforts to “save” homes from foreclosure proceedings in appropriate circumstances. Contact a Firm attorney today to determine whether a Chapter 13 bankruptcy would be appropriate for you.
Generally, in a Chapter 13 bankruptcy, you are allowed to “restructure” your debts and pay them back in an organized fashion over time. You do this by establishing a repayment plan – which can be three, four or five years– for your debts, and making regular payments under that plan to the Court-appointed trustee.
The amount that you pay back under a Chapter 13 plan depends on the individual facts and circumstances of your case. Generally, a “secured debt” – debt that has collateral, such as a mortgage or a car loan – is paid back 100% through a Chapter 13 repayment plan. “Unsecured debt” – for example, most credit card debt – may be paid back at less than 100% in a Chapter 13 bankruptcy. All remaining debts not paid through the plan are discharged, except for non-dischargeable debts such as alimony and child support.
Firm attorneys have the knowledge and experience to draft Chapter 13 repayment plans that provide you with the maximum legal financial benefit and allows you to pay back as little of your debt as is legally permissible.
Comprehensive Legal Solutions
If you’re struggling with overwhelming debt, Cosner Law can help you find relief. Our experienced bankruptcy attorneys guide you through the process, helping you protect your assets and secure a fresh start. Schedule a free consultation today to explore your options and take the first step toward financial stability.
