Best Bankruptcy Lawyers in Cherry Hill

About Bankruptcy Law in Cherry Hill, United States:

Bankruptcy is a legal process that allows individuals and businesses to eliminate or repay their debts under the protection of the federal bankruptcy court. In Cherry Hill, United States, bankruptcy laws are governed by both federal and state regulations. Filing for bankruptcy can help individuals and businesses get a fresh start financially.

Why You May Need a Lawyer:

Bankruptcy law can be complex and confusing, and having a lawyer by your side can help navigate the process smoothly. A lawyer can provide valuable legal advice, represent you in court, negotiate with creditors, and ensure that your rights are protected throughout the bankruptcy process.

Local Laws Overview:

In Cherry Hill, United States, bankruptcy cases are typically filed in the U.S. Bankruptcy Court for the District of New Jersey. Common types of bankruptcies include Chapter 7 and Chapter 13, each with its own eligibility requirements and processes. It's essential to understand local laws regarding exemptions, timelines, and requirements when filing for bankruptcy in Cherry Hill.

Frequently Asked Questions:

1. What is the difference between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 bankruptcy involves liquidating assets to pay off debts, while Chapter 13 bankruptcy requires a repayment plan over three to five years.

2. Will filing for bankruptcy stop creditors from harassing me?

Yes, filing for bankruptcy triggers an automatic stay that halts creditor harassment, collection efforts, and lawsuits against you.

3. Can I keep any property when filing for bankruptcy?

Certain assets may be exempt from bankruptcy and protected from creditors under federal or state law.

4. How long does bankruptcy stay on my credit report?

Bankruptcy can remain on your credit report for up to ten years, affecting your credit score and ability to obtain credit.

5. What debts can be discharged in bankruptcy?

Most unsecured debts, such as credit card debt, medical bills, and personal loans, can be discharged in bankruptcy.

6. Can I file for bankruptcy without a lawyer?

While it is possible to file for bankruptcy pro se, hiring a lawyer is highly recommended to navigate the complex legal process effectively.

7. How much does it cost to file for bankruptcy?

The filing fee for Chapter 7 bankruptcy is $335 and $310 for Chapter 13 bankruptcy in Cherry Hill, United States.

8. Will I lose my home or car if I file for bankruptcy?

Depending on the equity in your property and available exemptions, you may be able to keep your home and car during bankruptcy proceedings.

9. Can I file for bankruptcy if I have filed before?

There are restrictions on how often you can file for bankruptcy and receive a discharge, depending on the type of bankruptcy previously filed.

10. How long does the bankruptcy process take?

The duration of the bankruptcy process varies depending on the type of bankruptcy filed, complexity of the case, and court schedule, but typically ranges from a few months to several years.

Additional Resources:

For more information on bankruptcy laws in Cherry Hill, United States, you can visit the U.S. Bankruptcy Court for the District of New Jersey website or seek assistance from the American Bankruptcy Institute.

Next Steps:

If you are considering filing for bankruptcy in Cherry Hill, United States, it is advisable to consult with a qualified bankruptcy lawyer who can provide personalized legal advice and guidance tailored to your specific financial situation.