A Compassionate,
 Full Service Law Firm

Bankruptcy may seem complex, but you can get through it

On Behalf of | Jan 13, 2021 | Bankruptcy And Debt Relief

If you need to go through bankruptcy because your finances aren’t doing well, it’s important to know what will go into that process. In New Jersey, you may want to consider talking to your attorney about filing for a bankruptcy, especially if the filing fee is too high. They may be able to help you apply for an installment schedule or have the fee waived completely for you.

When filing for bankruptcy, your attorney will take care of the paperwork, but you will need to provide all the information requested. That includes documentation of your bank accounts and financial holdings. You should also have a list of your assets and prepare a credit counseling certificate.

What is a credit counseling certificate?

A credit counseling certificate is issued by companies that provide credit counseling. In New Jersey, you are required to take a credit counseling course and to supply this document to the court. There are specific agencies that are approved by the state courts, so it’s smart to ask before selecting one.

You’ll need to create a budget and complete credit counseling within 180 days of filing for bankruptcy. If you have trouble completing the counseling for any reason, then you can file for an extension. Some people are exempt from seeking credit counseling, so this is something you may also want to bring up, particularly if you are on active duty in the military, struggle with a disability or are otherwise unable to attend.

What forms do you need to complete for a Chapter 7 bankruptcy?

If you are trying to apply for a Chapter 7 bankruptcy, you need to submit your current monthly income and means test calculation to the court. This comes on Form B22A, which your attorney will have ready for you. You’ll also have to sign a document stating all of your creditors and debts, your interests and property, and other requested information.

Filing for bankruptcy is not simple, but it can be completed step-by-step to make it easier. Getting help is a good way to make sure you do everything correctly for the court.