Bankruptcy Law Answers in Hamilton, NJ
The staff at the Law Office of Peter E. Zimnis understands that when you are contemplating a bankruptcy filing, you probably have many questions about the procedures and laws involved. We have prepared the following list of Frequently Asked Questions to ease your concerns. Call our office at (609) 581-9353 to schedule your free initial consultation with a bankruptcy attorney who can provide you with additional advice regarding your unique situation.
I am drowning in debt. How can I afford to pay an attorney to file bankruptcy for me?
The Law Office of Peter E. Zimnis provides affordable rates and convenient payment plans. We understand that the last thing you want to do is take on more debt when you are considering a bankruptcy filing. In fact, if you find an attorney in the New Jersey area that charges rates lower than ours, inform us and we will see if we can beat their quote.
If I am married, do my spouse and I both need to file for bankruptcy?
No, one spouse can file independent of the other; however, you and your spouse may benefit by filing jointly. Each situation is unique, but as a matter of strategy, it may be to your advantage to file together. Speak with one of our attorneys to determine which filing and strategy will work best given your unique situation.
Must I include all of my assets and income in my bankruptcy inventory?
You absolutely must disclose all of your income and assets when filing for bankruptcy. You will submit your filing documentation under the penalty of perjury, so everything you claim must be complete, accurate and 100 percent truthful.
How long will the bankruptcy process take?
If you file a Chapter 7, the case will be finished within about four months. If you file a Chapter 13, your repayment plan will extend for three to five years. However, in either case, once you retain an attorney, harassment from your creditors must immediately stop.
is being garnished. Can I stop a wage garnishment?
After a creditor gets a
judgment against you, the State of New Jersey allows them to collect on the
debt. One way they can collect is by garnishing (taking) some of your pay
every check until the judgment is paid in full. By filing Bankruptcy you
can stop this wage garnishment, even if it has already started.
They emptied out my bank account. What can I do?
After a creditor gets a judgment against you, the State of New Jersey allows them to collect on the debt. One way they can collect on the debt is by levying or taking your money that you have in the bank. This is done without notice to you. When the levy occurs, your money is goes in limbo. The creditor then needs to do a motion to for the turnover of funds before the money is officially given to them. If you file a bankruptcy and the money is exempt (which it is in almost all cases) then you can get the money back minus any bank charges that were charged for the levy as long as you file before the Court orders the turnover of the funds.
Can I get my suspended Driver's license back?
If your license is suspended due to unpaid DMV surcharges or due to you owing money from a car accident, the filing of bankruptcy can get your license back. Where bankruptcy will not help you is if your license is suspended for some other reason such as loss of license from a DUI. That suspension needs to be fulfilled.
My house is worth a lot less then what I owe on it. Can bankruptcy help me?
If your house is worth less then the first mortgage then bankruptcy itself will do nothing to modify it unless there is additional collateral, which is rare. However bankruptcy can buy you to the time to complete a loan modification if you are in foreclosure.
Where bankruptcy can possibly help you is if you have more then one mortgage on your house. In some instances Bankruptcy allows you to eliminate the second or third mortgage. Please call us to discuss if you can wipe out the other mortgages.
I owe some back property taxes and they will not accept my money plus 18% interest rate is killing me.
2010 a case came out that stated that you can forcefully reduce interest rate
on your property taxes. The case has gone to the Third Circuit Appellate Court
and the NJ Supreme Court. A final decision has not been rendered but all
signs point to us not being able to forcibly reduce the interest rate. We are keeping a close eye out on this.
Regardless of how the issue is ultimately decided, bankruptcy allows you up to
five years to pay off the back tax liens in essentially easy monthly
installments whereas outside of bankruptcy they will not accept installment
I bailed a family member out of jail and now they are coming after me. Is there anything I can do?
If someone is incarcerated bail is often posted to get them released from jail until there is a trial. Sometimes the individual who is released fails to show up for Court. When that happens the company who underwrote the bail bond stands to lose the money. Therefore, if you are the one who took out the bail bond they will come after you to collect. Bankruptcy is a process designed to eliminate your debts with few exceptions. Bail bonds is not one of them and can be eliminated in a bankruptcy. Please call us to discuss your specific situation since them may also have a lien on your house.