Hope For Financial Hardships | Bankruptcy

Money problems can be devastating when you feel like things are out of control. Constant calls from debt collectors can be frustrating, adding further stress to an already overwhelming situation.

The lawyer at the Law Offices of Darin D. Pinto, P.C., focuses on the financial needs of clients in the surrounding areas of Newark and Westfield, New Jersey. Darin D. Pinto is an attorney who will stand alongside you in your time of desperation and provide sound counsel for resolving trying economic challenges. To make ends meet, bankruptcy may be the answer.

Why Might You Need To File For Bankruptcy?

Financial struggles can haunt people from all socioeconomic backgrounds. You might subscribe to the misconception that people only file for bankruptcy because they could not control their spending. However, numerous additional circumstances could affect their bank balances.

Attorney Pinto works with New Jersey residents whose debt is out of control for reasons that include:

• Divorce
• Medical bills
• Civil judgments
• Income changes
• Unanticipated expenses
• The threat of foreclosure

You cannot typically wipe out your student debt through bankruptcy. Yet, focusing funds on repaying educational loans may take funds away from other bills that are due or increase the debt by forcing you to charge common expenses. The team at the Law Offices of Darin D. Pinto, P.C., equips you to do what is right for your future.

Can Bankruptcy Stop Foreclosure?

Temporarily, yes. However, bankruptcy is a complex legal procedure, and, depending on the chapter of bankruptcy you pursue, you will soon have to resume payments. These payments may be severely reduced and will hopefully be manageable.

What Are Your Bankruptcy Options?

For individuals, bankruptcy falls into one of two chapters. Depending on which chapter you choose, there are many changes and qualifications ahead. These options are:

• Chapter 13: This is called reorganization bankruptcy, where the bankruptcy court reviews your debts and resources and reorganizes them into a new payment plan. Once you’ve completed your payments, the court discharges the rest of the debt.
• Chapter 7: Called a liquidation bankruptcy, this option has significant eligibility requirements. However, if you meet those prerequisites, the court will liquidate your assets – with some exceptions – and use those proceeds to make one-time payments to your creditors before discharging the rest.

There are many technical differences between the two as well as important requirements. Mr. Pinto can help you understand the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy and determine which one is right for you.

Find Out Which Solution Will Meet Your Needs

Once you file for bankruptcy, an automatic stay will go into effect, which prohibits further collection attempts and harassment from debt collectors. Attorney Pinto will work tirelessly to help you get back on track. Contact him via email or call 908-317-9405 to find out how bankruptcy could help you get a clean financial slate.