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Tom Orr: Consumer Bankruptcy lawyer in Burlington, NJ

Consumer Bankruptcy lawyer in Burlington, NJ

Consumer Bankruptcy

What is Consumer Bankruptcy?

“Consumer bankruptcy” refers to a bankruptcy case filed by an individual to reduce or eliminate debts that are consumer debts. Unlike business debts, the debts incurred are otherwise known as “personal debts” and have been accumulated by the individual’s personal spending, not through business related matters. As the consumer you are eligible under the consumer bankruptcy system to file for bankruptcy under Chapter 7 or Chapter 13 of the Bankruptcy Code. Read on to learn more about these two types of bankruptcy, which better suits you and how Tom Orr, an amazing bankruptcy professional in Burlington, can help you.

Chapter 7 Bankruptcy

One of the most common types of bankruptcy for consumers happens to be Chapter 7 bankruptcy. It is a type of liquidation bankruptcy which essentially means it liquidates, or wipes out, most of your general unsecured debts, most of which being credit cards and medical bills. Furthermore, in liquidating your accumulated debts it eliminates the need to pay back those debts through a chosen repayment plan. With this being said, in order to qualify for Chapter 7 bankruptcy you, as the individual, are required to meet certain criteria to receive Chapter 7 relief, in particular income requirements. If you make too much money, you may be required to file for Chapter 13 bankruptcy instead.

When filing for Chapter 7 bankruptcy, an order immediately stops most creditors from following up with collection efforts and a trustee is appointed to administer your case. In most cases Chapter 7 bankruptcy works better for low-income individuals with little to no assets. To learn more about Chapter 7 bankruptcy in more detail, read more here.

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Chapter 13 Bankruptcy

While Chapter 7 is known as a liquidation bankruptcy, Chapter 13 happens to be just the opposite. Chapter 13 bankruptcy is a total reorganization bankruptcy for debtors who have a regular monthly income with money leftover each month. Those individuals will, after choosing a repayment plan, be required to pay back a portion of their accumulated debts over time. The overall amount you are required to pay back will depend on a variety of factors including your income, expenses, and type of debt. To learn more about Chapter 13 bankruptcy, click here to read more!

How Can I Help You?

As a bankruptcy professional in Burlington, New Jersey and the surrounding areas I have a deep understanding of what it takes to file in this state. With over 30 years of professional and industry experience I am confident that I have what it takes to lead you in the right direction and assist you in reaching your goal. When it comes to filing bankruptcy, it takes time and effort to navigate the enormous amounts of paperwork, deadlines, and procedures associated with filing. I will be with you helping every step of the way to ensure a smooth process for both you and I. Don’t let these added details prevent you from getting out from underneath the pressure of debt. 

Feel free to contact me today at 609-386-8700 for a free consultation and we can discuss in further detail your needs, which option is right for you, and how I can help! I can assure you, there is life after bankruptcy and it starts here.

YOU’RE NOT ALONE

Hundreds of thousands of Americans, including consumers and business owners, file for bankruptcy each year. While many think this situation is the result of overspending, most cases are due to financial hardship such as job loss, costly medical bills, divorce, or a poor economy.

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