New Jersey Bankruptcy Lawyer
Thank you for visiting the website of Jay Bhatt, Esq., the New Jersey Bankruptcy lawyer. A majority of our practice is focused on helping individuals who are experiencing financial difficulty and contemplating filing for a Chapter 7 Bankruptcy in New Jersey. Our law firm represents clients throughout the State of New Jersey and provides a free consultation in person, over the phone and through our online consultation form. Our experience and professionalism have helped us become one of the leading bankruptcy law firms in New Jersey. We have helped thousands of clients file for bankruptcy and look forward to working with you.
Determining whether a Chapter 7 Bankruptcy filing is the best option for you requires a thorough evaluation of your financial position. Searching on the internet for the right answers is a difficult task. We offer free information on this site to guide you in the right direction and help you make an informed decision. We also encourage you to contact us to discuss your case in detail and to determine whether you qualify for a chapter 7 bankruptcy.
For further information, please visit our bankruptcy blog. We update this regularly with a wide range of chapter 7 bankruptcy law topics.
Bankruptcy as a Solution
It is important to realize that bankruptcy is an option that the law provides for. Bankruptcy is not a legal decision, it is a personal decision. Many people who consider filing for bankruptcy consider the morality of their decision. We address this issue by reviewing a few points about the morality of bankruptcy. If you are having financial difficulty, contact our office so you can make an informed decision. Many of our clients have used the services of debt settlement agencies. That is usually a temporary solution. With interest on credit cards and personal loans mounting, bankrupty is sometimes the best solution. Many people feel that their credit will be ruined if they file for a chapter 7 bankruptcy. This is not true. There are many ways to rebuild your credit after filing bankruptcy. We will provide you with a projected 12 month post-bankruptcy credit score. For most of our clients, the credit score usually increases post bankruptcy. The score increase is attributed to having a "clean slate".
How a Chapter 7 Bankruptcy Can Help You
Filing a chapter 7 bankruptcy will:
2. Eliminate credit card, medical, personal loans and other unsecured debt
5. Remove liens
7. Stop threatening calls and collection efforts
Chapter 7 Available Even With 2005 Law Change
On October 17, 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act went into effect. There are several changes and extra requirements which are necessary to file a chapter 7 bankruptcy under the new law. Although there are fewer people that qualify for a chapter 7 bankruptcy under the new law, most people that would qualify before the changes still qualify now. The changes are meant to prevent consumers from abusing the bankruptcy laws. The two major changes are:
1. Credit Counseling Requirement: people who file for bankruptcy are required to take two bankruptcy counseling/education sessions. One prior to filing the bankruptcy petition and the other prior to receiving the discharge. The goal of these courses is to inform debtors of alternatives to bankruptcy and educate debtors on how to avoid financial mistakes in the future.
2. Means Test: this requirement is designed to prevent people from filing for chapter 7 bankruptcy if their income is too high (their alternative would be a chapter 13 bankruptcy). If your current monthly income is less than the median income for a household of your size in New Jersey, you pass the means test and qualify for a chapter 7 bankruptcy. If your household income exceeds the median income for a household of your size in New Jersey, you must go through a complex calculation to determine if you qualify. Once our office reviews your income and expenses, we will inform you whether you qualify. Below is a list of the median income for a household of your size in New Jersey:
For Cases Filed After March 15, 2009 in New Jersey:
a. Family Size of 1: $57,120
b. Family Size of 2: $69,853
c. Family Size of 3: $85,397
d. Family Size of 4: $103,034
e. Excess of 4: add $6,900 for each person in excess of 4
It is evident from the numbers above that the law still provides for a significant amount of income when qualifying for a chapter 7 bankruptcy. Most of our clients fall within this range and qualify for a chapter 7 bankruptcy. Contact us or use our free consultation form to have us determine whether you qualify.
Law Offices of Jay Bhatt
618 Newark Avenue, Suite 210
Jersey City, NJ 07306
Phone: (201) 798-8000
Fax: (201) 798-8001
Chapter 7 Bankruptcy Info
Consultation Checklist
Click Below for a complete checklist of items that are necessary to proceed with a chapter 7 bankruptcy. We suggest you bring these to our office during the first consultation or supply them by fax or email if the consultation is done over the phone or via the internet.
Client Testimonials
Thank you for helping my wife and I. You have been an angel in our lives during these tough times. You have given us a fresh start. God bless you.
- Edward S.-
I'm grateful for having you take care of my case. The credit card bills, medical bills and lawsuits were a constant stress in my life. I am so glad that I took the next step. I can finally breathe again.
- Rafael R.-
When I became unemployed, I thought I had no way out. My credit card debts would continue to increase and I was overwhelmed with phone calls from collectors. Fortunately, I found Jay Bhatt who advised me to file for chapter 7. It was the best decision I ever made. He is very knowledgeable, experienced and most importantly he works fast. For a reasonable fee, I got out of my debts in no time. I have gone back to work full time and my previous debts have been discharged. Thanks Jay for your help.
- Ana A.-