New Jersey bankruptcy attorney Daniel Straffi (https://www.straffilaw.com/what-is-the-difference-between-new-jersey-bankruptcy-chapter-7-and-chapter-13/) has recently published an insightful article titled, 'What Is The Difference Between New Jersey Bankruptcy Chapter 7 and Chapter 13?'. Daniel Straffi, a partner at Straffi and Straffi Attorneys At Law, has been a guiding light for many individuals and businesses navigating through the intricacies of bankruptcy law.
In his recent article, the New Jersey bankruptcy attorney sheds light on the path for those facing financial difficulties, explaining the specific characteristics and unique benefits of Chapter 7 and Chapter 13 bankruptcy. Straffi's aim is to empower those struggling with debt to make informed decisions on their journey towards financial stability.
"Difficult financial situations like job loss, divorce, business problems, and illness can be made worse by the existence of debt," Straffi writes. He further explains that in such trying times, it's crucial to seek advice from a seasoned New Jersey bankruptcy attorney who can guide individuals through the complexities of bankruptcy law and help determine the most suitable chapter for their specific situation.
Straffi's article delves into the intricacies of Chapter 7 and Chapter 13 bankruptcy, providing readers with a comprehensive understanding of these two common forms of bankruptcy. He not only presents the legal definitions and prerequisites for filing under these chapters but also lays out the expected outcomes and impacts on a debtor's credit score.
The New Jersey bankruptcy attorney quotes, "Chapter 7 Bankruptcy is commonly referred to as liquidation bankruptcy," wherein a debtor's nonexempt assets are sold to repay the debt. He further adds, "Chapter 13 bankruptcy, or a wage earner’s plan, refers to the reorganization of the debtor’s finances under the supervision of the court."
While addressing the aftermath of filing bankruptcy, Straffi mentions, "Chapter 7 will remain on the credit score for 10 years from the date the petition was filed." On the other hand, he notes, "When completed, Chapter 13 bankruptcy remains on the credit report for up to 7 years from the filing date."
The article is a wealth of information, shedding light on the legalities involved in the bankruptcy process, the documents required for filing, and the role of a bankruptcy attorney in guiding individuals through this complex process. Straffi emphasizes the importance of seeking legal counsel before embarking on the bankruptcy path and highlights how an informed approach can lead to a brighter financial future.
To fully grasp the differences between Chapter 7 and Chapter 13 bankruptcy and understand how each could potentially affect one’s financial situation, it is highly recommended to read this comprehensive and informative article.
About Straffi and Straffi Attorneys at Law:
Straffi and Straffi Attorneys At Law is a well-established law firm based in Toms River, New Jersey. The firm prides itself on providing qualified legal counsel and representation to those seeking to file bankruptcy. Their team of highly competent attorneys relentlessly strives to guide their clients towards a brighter financial future by offering personalized solutions tailored to their unique needs.
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Company Name: Straffi & Straffi Attorneys at Law
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Phone: (732) 3413-800
Address:670 Commons Way, Toms River, NJ 08755
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Website: https://www.straffilaw.com/
