When you decide to file bankruptcy in New Jersey, you must first decide whether you will file Chapter 7 or Chapter 13. This choice will affect many aspects of your case. You could preserve your assets or lose them all. You could wipe your debt clean quickly or have to make repayments and not end your case for years. This decision needs to be made carefully, so you ensure you make the correct move.
When a company is facing an uncertain financial future, they have a couple of options to consider in revitalizing their structure and recovering from the restraints of debt. Struggling companies in New Jersey may be able to develop a plan for consolidating their debt, renegotiate contracts with creditors to extend their payment period or file for bankruptcy to try and recover as many of their assets as possible.
When you fall behind on your house payments, your lender will start the foreclosure process. While you will not have to leave right away, you should be aware that eventually you will likely be forced out of the home. It is best to know ahead of time how long you will have so you can find a new place to live and be ready when the time comes to leave.