If you are in over your head financially, you are most certainly not alone. 2013 was a record year for personal bankruptcy filings in New Jersey. You may even know some people who are no longer receiving those harassing phone calls from creditors – because they decided to file for bankruptcy protection and are now on the way to a fresh, clean financial start.

It’s likely, too, that the concept of bankruptcy is something you don’t know much about. Unless you’ve been through the process before, Chapters 7 and 13 may be terms you’ve heard on TV and in the movies. Your first step to financial freedom is to speak with a knowledgeable, experienced South Jersey bankruptcy lawyer who will explain the various remedies you may be able to pursue to clear your financial slate.

How Does Chapter 7 Differ from Chapter 13?

There are many, many differences. The main ones, however, as they apply to the general consumer considering protection, are as follows:

Chapter 7 discharges debts and allows you to keep some of your assets, such as your car.

Chapter 13 gives you the ability to craft and agree to a plan that will allow you to pay off your secured debts (mortgage and car payment, for example) and pay small amounts on your other debts (such as credit cards).

Regardless of which form of bankruptcy you choose, it’s understandable if you are concerned about the stressful process ahead. We invite you to consider it this way: what could be worse than the sleepless nights worrying about how to pay your bills or having to field all those harassing phone calls from creditors demanding repayment?

This may sound like an unusual thing to say, but bankruptcy is often the silver lining for those struggling with financial debt. When guided by an experienced bankruptcy attorney, you get the chance to start rebuilding your life without the fear and worry that have been plaguing you because of your mounting debt.

Contact the Law Office of Joel R. Spivack for a free, confidential consultation about your personal situation. Joel R. Spivack, Esq. can explain how filing for bankruptcy may be an option for you. Call at 856-488-1200.