The American Bankruptcy Institute indicates that more than one million bankruptcies were filed in 2009, which is a 32 percent increase from the previous year.
High unemployment figures, rising interest rates and a weak economy are all signs of a very distant financial recovery. In fact, most financial analysts believe we will see yet another wave of layoffs, which will result in more foreclosures and bankruptcies.
New Jersey Residents Trust Paterson Personal Bankruptcy Lawyer John L. Schettino
We understand that bad things can happen to good people. The compassionate attorneys at the Bergen County Law Office of John L. Schettino never judge the financial decisions made by individuals and businesses who seek our help to resolve their debt problems.
If you are one of the millions of Americans who watched your solid financial future crumble away, contact us, so we can review your circumstances and clearly outline the options available to you.
If we determine that filing for Chapter 7 bankruptcy is right for your circumstances, we will assist you in every step of the process. We can give you immediate relief from creditor harassment, wage garnishments and repossessions. As soon as we help you file for Chapter 7 bankruptcy, you will get the debt relief you are seeking.
Although the bankruptcy laws have changed, you may still be eligible to file for Chapter 7 bankruptcy protection. Attorney Schettino will guide you through every step of the process and work with you to prepare your initial bankruptcy application.
Chapter 7 and Home Foreclosure
Chapter 7 bankruptcies do not stop foreclosures; however, if you are in serious debt and you do not have the means to make payments, filing for Chapter 7 may help you get a new start.
Two important considerations regarding Chapter 7 and foreclosure:
- If you file for bankruptcy before the foreclosure is complete, you may be able to delay the loss of your home, which could give you enough time to resolve your money problems, repay the past due monthly payments and avoid foreclosure.
- After a foreclosure, the IRS treats the money you owed the bank as a forgiven loan, which is considered to be taxable income. If you contact the Law Office of John Schettino, we may be able to file your bankruptcy before the foreclosure. That would eliminate the need to pay additional taxes to the IRS.
Contact the Law Office of John L. Schettino, so you can arrange your free consultation with Passaic County Chapter 7 bankruptcy attorney John Schettino. He will return your call within one business day and spend time with you discussing your concerns and whether bankruptcy is the right option for you.
Our Hackensack law office is conveniently located just minutes from U.S. Route 4.
