Chapter 7: What’s the Story?

Morris County Bankruptcy Lawyer Marc P. Feldman Explains How Chapter 7 Provides A Fresh Start

Although Chapter 7 has the scary name “liquidation,” for most people, Chapter 7 should be called “perfection,” not “liquidation.”  This is because our county has decided that it does not want people to be perpetually destitute.  You get a second chance.  If you are like most people who file Chapter 7 bankruptcy, you are permitted to keep everything you own because what you own is not a crazy amount of anything.  The Bankruptcy statute provides for something known as “exemptions.”  This means that you get to keep what you own as long as it does not exceed the dollar figure provided for in the law.  And surprisingly, you get to keep a lot.  If you do not make “too much” money, there is a good chance that you can file a Chapter 7 bankruptcy and get rid of much, if not all, of your debt.

If this sounds like something that makes sense, call the Bankruptcy Law Office of Marc P. Feldman at (973) 267-7555 to schedule a Free Initial Consultation where I can explain more about how Chapter 7 works and learn more about your specific situation.

The Bankruptcy Law Firm of Marc P. Feldman serves clients in Parsippany, Morristown, Morris Township, Morris Plains, Dover, Rockaway, Roxbury, ,Madison, Florham Park, Chester, Boonton, Chatham, Denville, Hanover, Florham Park, Kinnelon, Mendham, Mount Olive and all of Bergen County, Essex County, Hudson County, Middlesex County, Morris County, Passaic County, Somerset County, and Union County, New Jersey.