You are considering filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy in Franklin Lakes. Bankruptcy is a common debt relief choice. In fact, many people in New Jersey have received bankruptcy relief, and Franklin Lakes is no different. In fact, there were 11,754 bankruptcies filed in New Jersey in the year ending June 30, 2021 (Source). With a population of 11119, I’d estimate a fair number of those were in Franklin Lakes.
The purpose of this article is to provide an extensive list of filing bankruptcy in Franklin Lakes including:
Without further ado, let’s get started with Chapter 7 bankruptcy.
Chapter 7 bankruptcy is the most common consumer bankruptcy in the United States. People appreciate the simplicity of Chapter 7 bankruptcy, the cost of the Chapter 7 bankruptcy, and the speed of debt relief. For example, in Franklin Lakes, you could get debt relief in about 120 days with a Chapter 7 bankruptcy.
One of the challenges of Chapter 7 bankruptcy in Franklin Lakes is that you have to qualify. In order to qualify in Franklin Lakes, you often have to pass the New Jersey bankruptcy means test. You can estimate that qualification below in Franklin Lakes. Let’s cover how you can qualify.
The first part of the means test is to understand your income in relation to the median income levels for New Jersey. It considers the average family size and income.
To estimate your qualification, you can take the Franklin Lakes Chapter 7 qualification calculator below that is specific to Franklin Lakes.
Finally, the most recent New Jersey median income levels is for cases filed on or after November 1, 2023, and can be found below.
|# of People
If your income exceeds the median, you can move on to the second part of the means test to estimate qualification. The second part of the means test is to understand your actual expenses. You can check out our guide covering trying to qualify for Chapter 7 bankruptcy above the median.
Chapter 13 bankruptcy is known as a wage-earner bankruptcy. Chapter 13 bankruptcy is a voluntary reorganization of debt. In Chapter 13 bankruptcy, the individual has debt that they can no longer manage and often own assets that exceed state and/or federal relief. Folks file Chapter 13 bankruptcy often when they do not qualify for Chapter 7 bankruptcy.
Most individuals in Franklin Lakes will qualify for Chapter 13 bankruptcy as long as they are below the debt limits.
Compared to Chapter 7, there is no liquidation in Chapter 13 Bankruptcy. Although, the discharge won’t be until around 3 to 5 years. The Chapter 13 bankruptcy will stay on your credit report for 7 years.
When looking for a bankruptcy attorney, we recommend that you look for these 5 attributes: Rate, Reliability, Referrals, Reviews, and Relevancy. You can check our guide to find a top bankruptcy attorney in Franklin Lakes.
The estimated Chapter 7 bankruptcy lawyer fee in Franklin Lakes is: $1170 - $2250.
The estimated Chapter 13 bankruptcy lawyer fee in Franklin Lakes is: $4,500. The Chapter 13 attorney fee is often set across the district, meaning that all Chapter 13 bankruptcy attorneys in a district may charge around the same fee.
One of the most important things to do is to find a reputable bankruptcy attorney in Franklin Lakes if you decide to hire one. This is legal advice related to finances that are going to affect your future. For example, making sure you are in the right bankruptcy chapter (Chapter 7 vs Chapter 13) could cost you thousands more and take you years longer.
As stated above, Franklin Lakes has a population of 11119. In many cases, individuals in larger cities such as Newark or Jersey City would like a bankruptcy lawyer close by. In smaller cities, I have found that individuals have questions about whether the bankruptcy will show up in the newspaper or whether friends will hear about it. This is a valid question.
Regardless, you can check the Chapter 7 bankruptcy lawyers in or near Franklin Lakes using the table below. You just need to input your zip code, and voila, you can choose which Chapter 7 bankruptcy lawyer you would like to speak to near or far away from Franklin Lakes in a free bankruptcy lawyer consultation.
Filing a Chapter 13 bankruptcy in Franklin Lakes may be a bit more intensive, so you may consider a Chapter 13 bankruptcy that is closer to you. That said, with the internet and the pandemic, many of the meetings are now online and you can generally submit your documentation online as well.
As you live in Franklin Lakes, you are often able to use the New Jersey bankruptcy exemptions to help you keep your belongings.
One of the biggest questions people have is whether they are able to keep their homes in bankruptcy. This is where bankruptcy exemptions come into play. As Franklin Lakes has a home ownership % of 89.3% and an estimated estimated home value of $946839, you can understand that many people want to keep this asset. You can often keep your assets using bankruptcy exemptions.
Here are the New Jersey bankruptcy exemptions. The exemptions are revised on different occasions, so you may wish to check the most current information on exemptions. Also, as a reference, New Jersey is a place that allows you to use federal bankruptcy exemptions. You often have to choose which one to use, so a bankruptcy attorney can help you with that option.
The homestead exemption is often broken down by age and whether you are married.
New Jersey specific homestead bankruptcy exemption text: “Survivorship interest of a spouse in property held as tenancy by the entirety is exempt from creditors of a single spouse” (Source)
The automobile bankruptcy exemption in New Jersey is $0.
The jewelry bankruptcy exemption in New Jersey is $0.
The tools of the trade bankruptcy exemption in New Jersey is $0.
The wildcard bankruptcy exemption in New Jersey is $0.
The personal property bankruptcy exemption in New Jersey is $1,000.
Below is specific special handling of bankruptcy exemptions in New Jersey.
Unemployment can cause both frustration and angst about options. The most recent statistic I found is that the Franklin Lakes unemployment rate is 5.2%. There may be resources available to help. In addition to the unemployment rate, Franklin Lakes has a disability rate of 6.5%. As such, if you are truly in need and don’t have income, there are resources that may be available that can help you.
Here are some legal aid resources that may be helpful to you in Franklin Lakes.
The bankruptcy court and district may have free resources that are available to you. I have included the information below.
One of the most common alternatives to bankruptcy is debt settlement. A debt settlement firm would negotiate for a lower amount due on your debt in the case of financial hardship. The goal would be to reduce your debt in half. In this case, you would have a lower monthly payment.
If you are looking at debt settlement in Franklin Lakes, you may want to consider a national debt settlement firm to a local one in Franklin Lakes. For example, most of your creditors are probably national banks instead of local Franklin Lakes banks. As such, you can potentially get lower fees by using a national firm. You should strongly consider the pros and cons and credit score impact before taking the plunge as Ascend only recommends 2 debt settlement firms nationwide that both offer free phone evaluations.
Chapter 7 bankruptcy and Chapter 13 bankruptcy in Franklin Lakes can provide debt relief. That said, you may want to consider the cost of bankruptcy in Franklin Lakes, the different bankruptcy chapters, reputable attorneys in Franklin Lakes and alternatives to help you make the most informed decision.
You can also take our Chapter 7 vs Chapter calculator below to help you estimate the cost and qualification of Chapter 7 bankruptcy and Chapter 13 bankruptcy in Franklin Lakes.