Bankruptcy services for Cherry Hill Residents 

If you are a resident of Cherry Hill, NJ and are struggling with overwhelming debt, filing for Chapter 7 bankruptcy may be the best option. This form of bankruptcy is intended to assist individuals who find themselves in financial difficulty by providing them with a fresh start. It can eliminate most types of unsecured debt, such as credit card debt and medical bills. It can also help those who have fallen behind on their mortgage payments or who are facing foreclosure. Read on to learn more about the benefits of filing for Chapter 7 bankruptcy. 

How Does Chapter 7 Bankruptcy Work?

In order to file for Chapter 7 bankruptcy, an individual must first qualify by passing a “means test” which measures his or her income against the median income level in their state. If they qualify, the court will then approve the discharge of certain debts which can include credit card debt, medical bills, collection accounts, payday loans, and other unsecured debts. 

The Advantages of Filing for Chapter 7 Bankruptcy

Filing for Chapter 7 bankruptcy has several advantages. First, it can provide you with immediate relief from creditor harassment; creditors are forbidden from calling or sending letters once your case has been filed. Second, it allows you to keep certain assets including your home and car if they meet certain criteria; these assets will be exempt from liquidation under the terms of your bankruptcy agreement. Third, it can stop wage garnishment and repossession allowing you to keep more money in your pocket each month. Fourth, it will enable you to get out from under oppressive debts in a relatively short period of time so that you can begin rebuilding your credit score sooner rather than later. Finally, it provides protection from creditors who may attempt to collect on past due accounts after the case is closed. 

Will Filing for Chapter 7 Bankruptcy Affect My Job?

No – filing for Chapter 7 bankruptcy will not affect your current job status nor will it prevent employers from hiring you in the future since employers do not typically run background checks on potential employees relating to bankruptcies unless they are being hired as part of a fiduciary role such as CFO or CEO positions where managing finances is important. However there are certain professions where professional licensing boards may take action following a bankruptcy filing such as lawyers and stock brokers so if this applies to you please consult Robert H Johnson Bankruptcy Attorney prior to filing any paperwork with the court system so that he can advise you accordingly regarding any potential risks associated with filing for bankruptcy given your particular profession. 

Filing for chapter 7 bankruptcy is an excellent option for individuals who have found themselves overwhelmed by debts they cannot pay off through traditional methods such as loan consolidation or budgeting/spending cuts alone. By taking advantage of this unique legal tool offered by our justice system individuals can gain immediate relief from creditor harassment while simultaneously eliminating their most burdensome debts and obtaining protection from future collection attempts all at once freeing up more money each month that would otherwise have gone toward repayment efforts allowing them to re-establish financial stability over time without sacrificing their current job status if applicable making this process one that should certainly be considered when weighing all available options carefully when facing overwhelming financial obligations here in Cherry Hill NJ . Robert H Johnson Bankruptcy Attorney is adept at helping clients determine if chapter seven is right for them so please don't hesitate to reach out today!