New Jersey Bankruptcy Attorney Daniel Straffi Explains the Differences Between Chapter 7 and Chapter 13 Bankruptcy
New Jersey bankruptcy attorney Daniel Straffi (http://www.straffilaw.com/what-is-the-difference-between-new-jersey-bankruptcy-chapter-7-and-chapter-13/) of Straffi & Straffi Attorneys-at-Law has released an informative article that discusses the differences between Chapter 7 and Chapter 13 bankruptcy. The article is a valuable resource for those considering bankruptcy and is designed to help them understand the options available to them.
In the article, the New Jersey Bankruptcy Attorney provides an overview of the two types of bankruptcy and highlights the key differences between them. He notes that while both types of bankruptcy are designed to help individuals and businesses deal with overwhelming debt, they work in different ways.
According to the New Jersey Bankruptcy Attorney, “Chapter 7 bankruptcy is often referred to as ‘liquidation’ bankruptcy because it involves the liquidation of assets in order to pay off creditors. Chapter 13 bankruptcy, on the other hand, is often referred to as ‘reorganization’ bankruptcy, because it involves the creation of a payment plan that allows the debtor to pay off their debts over a period of three to five years.”
Straffi goes on to explain the pros and cons of each type of bankruptcy, noting that while Chapter 7 bankruptcy can provide a quicker path to debt relief, it may not be the best option for those with significant assets. Meanwhile, Chapter 13 bankruptcy can provide more flexibility for those with a steady income, but it can be a longer and more complex process.
“The decision to file for bankruptcy is a major one, and it’s important to have the guidance of an experienced bankruptcy attorney to help you understand your options and make the best decision for your specific circumstances,” Straffi advises.
When individuals face financial difficulties, filing for bankruptcy may seem like a viable solution. However, it should be considered as a last resort as having bankruptcy on one’s credit score can have significant impacts on their finances for a long time. Therefore, seeking the guidance of a qualified New Jersey bankruptcy attorney is crucial.
A bankruptcy attorney can provide professional advice and determine the best course of action when filing for bankruptcy. They can assess if the benefits of filing for bankruptcy outweigh the costs in a specific situation. Straffi and Straffi Attorneys At Law is a qualified legal counsel and representation provider in the Toms River, New Jersey area, offering support to those seeking to file bankruptcy. Their team of attorneys understands the significance of starting afresh and can help individuals explore their options while navigating the complex process of petitioning for bankruptcy.
The article also provides insight into the bankruptcy process, including the role of a bankruptcy trustee, the automatic stay that comes with bankruptcy filings, and the types of debt that can be discharged in bankruptcy.
the article serves as a helpful guide for those considering bankruptcy and looking for information on the differences between Chapter 7 and Chapter 13 bankruptcy. With the guidance of a knowledgeable bankruptcy attorney like Daniel Straffi, individuals and businesses can make informed decisions about their financial future.
About Straffi & Straffi Attorneys-at-Law:
Straffi & Straffi Attorneys-at-Law is a New Jersey law firm that provides legal services in a wide range of practice areas, including bankruptcy law, family law, personal injury law, and more. The firm’s attorneys have a wealth of experience and a commitment to providing high-quality legal representation to their clients.
Straffi & Straffi Attorneys at Law
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Ireland Daily News journalist was involved in the writing and production of this article.