2010 January Archive

As the final post in our 10 Reasons to Hire a New Jersey Bankruptcy Attorney blog series, we will discuss how a competent New Jersey bankruptcy lawyer can help you select the right bankruptcy to file.

Choosing which kind of NJ bankruptcy to file can be a harrowing decision. That’s why many indebted individuals choose to discuss their hopes and fears about their finances with a trustworthy bankruptcy New Jersey lawyer. Bankruptcy options abound and include:

• Chapter 7
• Chapter 11
• Chapter 13
• Financial/debt counseling
• Other actions

A competent and trustworthy attorney can review your lists of assets and liabilities, your financial history, your potential to earn more money, and your goals for the future, to help you determine what’s the best kind of bankruptcy to file.

In some cases, bankruptcy will be voluntary; in other cases, a debtor can be involuntarily forced to file for bankruptcy. A good attorney can explain the nuances of voluntary vs. involuntary filing and develop customized solutions and strategies.

Often, debtors who struggle with the specter of foreclosure, want more than anything to protect their homes (or other large assets). They may have been told that filing for Chapter 13 instead of for Chapter 7 will ‘help save their house.’ However, the situation may not always be so clear. A good lawyer can help you make the best decision.

In some cases, debtors may want to work with a credit/debt counselor for an interim period to see whether some debts can be controlled before bankruptcy needs to be filed. In other cases, bankruptcy may be the most immediate and obvious solution.

To summarize: picking the ‘right’ kind of bankruptcy to file requires a deep analysis of your current financial situation, your goals, values, and how all of these factors interpolate with NJ bankruptcy law.

Given how crucial it is to choose the best method of financial reorganization, it makes sense to retain an experienced, responsive, and accessible attorney, like Robert Manchel. Since 1992, the Law Offices of Robert Manchel have helped hundreds of indebted consumers resolve their financial problems, keep major assets like houses and cars, shut down creditor harassment, negotiate effectively with trustees, and learn better practices for financial management to avoid problems down the line. To get help now to resolve your foreclosure or bankruptcy situation, connect with our associates at (866) 503-5655.

Please refer back to our blog for more important information and updates relating to New Jersey foreclosure and bankruptcy resolution.

Given the unceasing stream of creditor harassment and financial pressures beating on your door, you may loathe to entertain the idea of retaining a New Jersey bankruptcy lawyer. Unfortunately, you need not spend an arm and a leg upfront to get excellent service.

As the ninth post in our 10 Reasons to Hire a New Jersey Bankruptcy Attorney blog series, we will address the role of the minimal upfront investment that is required when hiring a NJ bankruptcy attorney. First of all, debt resolution professionals in New Jersey often make grand promises, but fail to deliver consistent results. Moreover, many of these professionals require significant upfront payments and don’t provide much in the way of credentials, recommendations, or affiliations.

The good news is that you can retain a respected and time-proven bankruptcy NJ lawyer without significant risk — and without putting yourself at the mercy of excessive fee schedules:

1. Free consultation – A good NJ bankruptcy attorney will provide a free consultation to answer questions, discuss the process and their philosophy. You can use this consultation to ask questions about the lawyer’s credentials and about your possible options and remedies.
2. Fair fees – Some attorneys allow you to pay fees from trustee disbursements. For instance, attorney Robert Manchel (of the Law Offices of Robert Manchel), allows clients who file for Chapter 13 bankruptcy to pay his fees via disbursement — this way, clients get the most favorable possible resolution.
3. No pressure – A good lawyer will not mind if you interview several other attorneys before you make a decision about whom to retain. By shopping around and exploring your options, you can feel more comfortable about your decision.
4. Selling points – A respectable attorney will discuss ‘selling points’ with you, such as credentials, affiliations, professional organizations, recommendations from clients and/or legal peers, and reviews from independent agencies.

As an indebted individual under both financial and emotional stress, you want a clear path forward — a path that is going to give you structure, certainty, and more than a little bit of hope. We at the Law Offices of Robert Manchel understand those needs. Dial us toll free at 1 (866) 503-5655 to set up a free consultation. Since we practice exclusively in foreclosure and bankruptcy law in New Jersey, we can provide practical, informed, and customize solutions.

To find out how to receiving help in choosing the correct bankruptcy to file, please read our next post.

Should you retain the services of a bankruptcy lawyer in New Jersey even if your case seems cut and dry?

Let’s assume that you are ‘attorney averse.’ In other words, you want to do everything you can to solve your own problems and manage your own debt and money issues. Some people may have the talents and skills to do so. But most people — including most lawyers and financial specialists — can quickly find themselves overwhelmed by paperwork, creditor harassment, and complications.

In the eighth post of our 10 Reasons to Hire a New Jersey Bankruptcy Attorney blog series, we will discuss how a strategically-focused New Jersey bankruptcy attorney can help you resolve complications as they arise, keep you on a straight and narrow path to rehabilitating your finances and budget, protecting key assets, and stopping creditors from harassing you.

What complications could arise?

1. Discovery of new assets and/or liabilities — As you fill out your paperwork and examine your debts and assets under the microscope, you may discover critical new information. For instance, you may find that you have an inheritance or a trust that was left to you somewhere. Or, you may uncover some old credit card debt from the late 1990s. How do you report these new assets and liabilities? How do you prioritize repayments? Questions abound, and if you don’t understand the subtleties of the New Jersey bankruptcy code, you could potentially make an inaccurate statement that could delay or vastly complicate your filing.
2. New creditors could appear out of the woodwork — While you are filing for bankruptcy, a new creditor — or creditors — may initiate actions against you. These actions can even include lawsuits. Unless you have a reliable attorney on your team to strategize how to respond to these individuals or organizations, your entire debt management plan can be thrown off.
3. Circumstances in your own life can change — dramatically — If suddenly, you lose your job or lose a significant income stream, the ‘facts on the ground’ can change significantly. In cases like these, it’s extremely helpful to be able to turn to a competent and reliable NJ bankruptcy lawyer to figure out how to respond effectively.
4. Simple is never so simple — As author Nassim Taleb points out in his book, The Black Swan, it is essential to expect the unexpected. If you proceed with your bankruptcy filing on your own under the assumption that, since you have a simple case, the resolution should be simple; you may be in for some unwelcome surprises. Taleb uses the example of a Thanksgiving turkey to illustrate this point. The turkey spends most of his life blissfully eating feed and clucking about with his fellow turkeys. Then one day — a day that starts like any other — the farmer comes in and chops off his head. The moral is that you never know when some radical unfortunate event will completely change your circumstances. Thus, it behooves you to exercise an abundance of caution when it comes to planning your finances.

For help discerning a creditable, proactive strategy for your NJ bankruptcy filing, connect with the Law Offices of Robert Manchel today at (866) 503 5655. Attorney Manchel deals exclusively with foreclosure resolution and bankruptcy cases, and he is certified as a consumer law bankruptcy attorney by the American Board of Certification.

To learn about the minimal upfront investment required when seeking the help of a New Jersey bankruptcy attorney, please refer to our next post.