Auto repossession can be an ugly business, not least because people in debt often desperately need the car they can't pay off to find employment that would help them pay it off. If that's your situation here in Northern or Central New Jersey, Bankruptcy Attorney Douglas Mitchell can help.
The good news for New Jersey debtors is that our state's wage garnishment limits are stricter than those set by federal law. Here, creditors can garnish only the lesser of the limits imposed, whether they're the fed's or the state's.
In plain terms, personal bankruptcy is a legal tool used to provide relief to people who can't meet their financial obligations. It's a way for them to wipe the proverbial slate clean of debt and start fresh ... or gain some breathing room to repay their debts.
Not everyone is eligible for Chapter 7 bankruptcy. The reason for this is to keep high earners from filing Chapter 7, and to limit Chapter 7 filings to those who truly cannot pay their debts. Those with a high disposable income may, however, be eligible to file for Chapter 13 bankruptcy.
Bankruptcy is sometimes equated with "losing everything." Although it is true that the bankruptcy trustee can sell some of a debtor's property to repay creditors, bankruptcy law allows debtors to keep some property such as these federal exemptions.
For people struggling with the weight of debt, the idea of filing for bankruptcy, having that debt "forgiven," and starting again with a clean slate can be a huge relief. Unfortunately, not all debt is easily dischargeable (i.e. eliminated) in bankruptcy.
At the end of the day, a debt is just an agreement to pay a certain amount of money to someone at a certain time for certain goods or services rendered. When you can't repay a debt, however, that agreement can become mighty disagreeable ... if not downright unbearable.
There are all sorts of reasons why someone might find it necessary to retain the services of a lawyer in some state besides the state where they've located their primary business or they themselves call home.