New Jersey Bankruptcy Lawyer
Getting You Debt Relief
Filing for bankruptcy is always a critical decision that has great implications for your future. When mounting debt begins to prove to be too much for you, bankruptcy can provide relief. Charles D. Whelan III will help you decide whether filing for bankruptcy is right for you.
Negotiators of Debt Relief Options
Bankruptcy is not your only option. Charles D. Whelan III, Esq. will counsel you as to the various alternatives available to you given your circumstances. He works with creditors to develop out-of-court solutions that avoid bankruptcy, such as renegotiation of payment terms and surrender of collateral in exchange for debt forgiveness.
Master of Debt Analysis
Charles D. Whelan III has been assisting people with burdensome debts for more than 30 years. He reviews your situation to determine if bankruptcy will promote your immediate and long-term financial goals. He analyzes your complete financial picture so that he understands your situation and is able to provide you with complete counsel. If bankruptcy is the right choice, he will explain the entire bankruptcy process and assist you in presenting a complete and accurate picture to the court and trustee. Having an experienced and concerned advocate on your side is invaluable.
The Automatic Stay
Filing a bankruptcy petition automatically imposes a stay on your creditors, barring them from attempting to levy your bank account or garnish your wages, sending collection letters and making unwanted phone calls. Once your bankruptcy petition is filed, your creditors are notified and are prohibited from taking any action against you.
Our Bankruptcy Options
If you are looking for a fresh start, Chapter 7 may be the right choice for you. For individuals with limited assets and incomes, Chapter 7 bankruptcy will allow you to secure a discharge of your debts while allowing you to retain property protected by a variety of exemptions allowed by the Bankruptcy Code.
If you are facing foreclosure or seek debt relief although your income may be higher, Chapter 13 bankruptcy makes it possible for you to pay your debts under a court-ordered installment plan extending three to five years, under which certain debts may be eligible for reduced payment. Chapter 13 can also allow you to keep your home and cram down excess mortgage debt.
Bankruptcy laws act to protect individuals in financial distress, with the result that creditors may have their claims wiped out in part or in full. However, if you are a creditor receiving a bankruptcy notice for someone who owes you money, you should not assume that you have no rights. Charles D. Whelan III, Esq. has been helping creditors assert their rights against debtors in bankruptcy for 30 years. That may include attendance at hearings and filing of proofs of claim so that your claim is considered by the court, and seeking to have the automatic stay vacated so you can have your tenant evicted, or seize the debtor’s property. His experience results in sound analysis and advice as to whether the cost of pursuing a debtor is really worth it. In case of debtor fraud or if the debtor is not entitled to a discharge, he can file an adversary proceeding for you to have the debt owed to you declared to be an exception to the bankruptcy discharge received by the debtor.
An automatic stay is an injunction by the bankruptcy court that freezes debt collection action by creditors. It is possible for a creditor to have the stay vacated or modified by the court. This requires a careful review of the debtor’s bankruptcy petition to determine your options and plan of attack. Mr. Whelan’s knowledge of the Bankruptcy Code allows him to serve you as an effective business and legal advisor to ensure that action is timely and productive.
A loan that is secured by collateral gives the creditor a lien against the debtor’s asset constituting that collateral. Secured creditors have lots of advantages and leverage under the Bankruptcy Code. If there is ambiguity about whether a debt is secured, Mr. Whelan’s knowledge and experience can maximize your chances of recovery.
A debtor cannot max out his credit cards and then run for cover under the Bankruptcy Code. Similarly, a debtor cannot conceal or underestimate the value of his assets in his bankruptcy petition. Bankruptcy fraud is a serious Federal crime. Mr. Whelan’s expertise as a long time bankruptcy petitioner will assist you in uncovering the truth about a debtor’s finances and presenting that information to the court. He can help prevent a debtor from getting away with a misrepresentation of his assets and income, and maximize your chances of recovery. That may include an examination of the debtor under oath, and the filing of an adversary proceeding with the court to preclude a discharge of your claim.