Our firm concentrates in Chapter 7 and Chapter 13 Bankruptcy. The first steps of the process are essentially the same for these. In both cases, the proceeding is initiated by the filing of the Bankruptcy Petition and Schedules with the U.S. Bankruptcy Court. After a meeting with William S. Wolfson, together we gather all of the information and documentation that we need from you in order to draft the petition. Before the petition can be filed, you must complete the first of two required credit counseling courses. This can be done online and takes about an hour for each.
Our bankruptcy case preparation is expedited by the latest software, and we can file an emergency Bankruptcy Petition and other Bankruptcy Court documents over the internet to immediately stop creditors from seizing a client's home, automobile, bank account or other property. We are able to get the Bankruptcy Court's protection in place within a few hours when our clients need it most. This stops a home loss from a foreclosure sale at least temporarily, and perhaps permanently.
This is important because as soon as a voluntary bankruptcy case is filed under any Chapter of the Bankruptcy Code, a Court Order referred to as the automatic stay goes into effect. The stay prohibits any act to obtain money or other property, whether real estate or personal property from the debtor. All collection law suits must stop. No creditor may take any action to contact you or others even to ask you to pay. Most importantly, the stay stops foreclosures and sheriff's sales.
Once filed, your bankruptcy case is assigned to a judge. The Court will have the United States Trustee's Office assign a trustee to handle the administrative details of your case. The automatic stay protects your exempt property and gives the trustee the chance to determine what assets you have without interference from creditors. Exempt property is property a debtor gets to keep to help get a fresh start in life. New Jersey follows the generous federal exemption system. We are able to effectively apply the law to preserve the most property for the client desiring a fresh start in life through bankruptcy.
Approximately one month after a bankruptcy case is filed, a meeting with the trustee, known as the 341(a) Meeting takes place. The debtor must attend this important meeting with the attorney, Bill Wolfson. Part of the trustee's job is to read the Bankruptcy Petition and Schedules and ask the debtor questions under oath about property, debts and other financial issues at this meeting.
Learn more about the differences between Chapter 7 and Chapter 13 by contacting our office today.