February 7, 2025
You've decided to file for bankruptcy. Sometimes, making this huge decision feels like a weight has been lifted, especially if you have been struggling with unmanageable debt for quite some time. However, for some, it brings on a whole new set of worries and questions: How will bankruptcy affect my credit? Will I be able to keep my home? Can I afford a repayment plan? Should I work with a lawyer? Bankruptcy attorneys are there to answer all of these questions and more. Enlisting the help of a skilled attorney can ease the stress of filing for bankruptcy and result in a more favorable outcome. If you are looking for a bankruptcy attorney - Monmouth County attorney Veitengruber Law can help. Here, we will explore all the ways an attorney can help your bankruptcy. Can I file for bankruptcy without an attorney? Yes, it is perfectly legal for individuals to file for Chapter 7 or Chapter 13 bankruptcy without the representation of a bankruptcy attorney. However, there are some major drawbacks to filing for bankruptcy alone, or pro se. Bankruptcy comes with long-term financial and legal repercussions. The process can be complicated, and the laws may be confusing to navigate by someone who is not familiar with New Jersey bankruptcy law. You must complete extensive paperwork on time and in compliance with state and federal laws. Even tiny mistakes can impact the effectiveness of your bankruptcy petition, leading to your case being thrown out. So, while you certainly can file for bankruptcy without the assistance of an attorney, it is not advisable to do so. An attorney can help you avoid hold-ups and penalties, protect your assets, and even rebuild your credit once your bankruptcy is resolved. When your entire financial future is on the line, it is best to work with an expert to save yourself from wasting time and money and causing yourself stress. How do I know it is time to reach out to a bankruptcy attorney? If you are considering filing for bankruptcy, it is likely time to call a bankruptcy attorney. Most people do not think of bankruptcy the first time they hit a financial speed bump. So, if you are looking into your options to tackle debt, reaching out to a bankruptcy attorney is a great first step. At Veitengruber Law, we understand that unmanageable debt does not come with a one-size-fits-all solution. We will never advise our clients to file for bankruptcy if another solution—like loan modification or debt negotiation—would be more beneficial. But if bankruptcy IS the right solution for you, we are here to demystify the process and offer knowledgeable legal advice. It is time to contact a bankruptcy attorney if: 1. You can no longer pay your monthly expenses. You do not need to be in a dire financial emergency to consider bankruptcy. In fact, the earlier you reach out for help from a bankruptcy attorney, the better. If you notice yourself continually putting off some bills to pay others, racking up late fees, or spending more and more of your budget towards debt—it is likely time for a financial change. Again, this doesn't mean that bankruptcy is necessarily a definite. There are many solutions experienced debt management attorneys can offer outside of bankruptcy. But if bankruptcy is the right option for you, the earlier in your financial troubles that you file, the better. 2. Creditors and collectors are calling you. If your creditors or lenders are calling you non-stop or your debts have been sent to collections, it is time to contact a bankruptcy attorney. Your creditors and lenders will expect payment on the debts you owe, and they will make attempts to collect on this debt, especially if you are habitually past due. If this goes on long enough, creditors can threaten a lawsuit against you and take you to court to force you to pay back your debt. The court can place a lien on personal or business property or approve wage garnishment. Avoiding these legal consequences is in your best interest. A bankruptcy attorney can help you avoid lawsuits, stop a lawsuit in progress, and hopefully settle some of your debts. 3. You're facing foreclosure. The possibility of losing your home is scary. If you are behind on your mortgage or creditors are trying to seize your property, bankruptcy can be a great foreclosure defense strategy. When you file for bankruptcy, you enter into the automatic stay period. The automatic stay will stop all creditors' attempts to collect on debts. This includes any attempts to foreclose your property. An attorney can also guide you through how different bankruptcy exemptions can help you save your home while you go through the bankruptcy process. 4. You have filed for bankruptcy before. If you have filed for bankruptcy before, you may think you understand the process and, therefore, do not need the help of an attorney. However, there are different rules for filing for bankruptcy again after already filing previously. If you previously filed for Chapter 7 bankruptcy, you have to wait eight years before filing for Chapter 7 again and four years before filing for Chapter 13. If you previously filed for Chapter 13 bankruptcy, you must wait two years after your discharge to file for Chapter 13 again and four years after your discharge to file for Chapter 7. An attorney will be able to guide you through this process and help you understand the timelines as they apply to your specific case. 5. You're confused about which type of bankruptcy to file. Most individuals and couples file either Chapter 7 or Chapter 13 bankruptcy. Each type of bankruptcy comes with its own set of benefits and drawbacks. Which one is right for you will depend on your specific circumstances. Each type of bankruptcy comes with its own laws and rules, requirements, filing deadlines, and procedures. Reading through bankruptcy codes can be confusing, and with so much conflicting information online, it is wise to enlist the help of an expert to guide you through the process of deciding which type to file. An experienced bankruptcy attorney will be able to listen to the specifics of your case and help you determine the best path forward. They will likely help you do the means test to decide if you qualify for Chapter 7 bankruptcy. They may also do a deep dive into your finances to see if you can afford a repayment plan under Chapter 13 bankruptcy. The benefits of each type will weigh differently to different people. A good attorney's job is to help you weigh these benefits and drawbacks to come up with the best solution for you. Bankruptcy is a highly powerful legal and financial tool. It can provide a clean slate if your financial troubles have become too much to handle. If you are in need of a bankruptcy attorney – Monmouth County attorney George Veitengruber and our team can help. We have been helping clients through the bankruptcy process in NJ for over a decade. Do not wait for your financial situation to get worse. Call us today for a free consultation.