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Philadelphia & New Jersey Bankruptcy Lawyer - How To Choose One

Nobody ever thinks it could happen to them, but in today's economy, more people are finding it necessary to file for bankruptcy than ever. Bankruptcy can help you to start your financial life over with a clean slate and stop creditors from bombarding you with harassing phone calls. It can even help to stop foreclosure proceedings on your house. If you are considering filing for bankruptcy and live in New Jersey or Pennsylvania, you need to be aware of all its intricate details by consulting with a New Jersey Bankruptcy Lawyer or a Philadelphia Bankruptcy Lawyer. Only a qualified lawyer with experience in bankruptcy cases can guide you through the process to ensure that you will escape as unscathed as possible.

For many people, filing their own bankruptcy petitions instead of hiring a New Jersey Bankruptcy Lawyer or a Philadelphia Bankruptcy Lawyer may seem like a good idea. For one, they're filing for bankruptcy, so presumably, they don't have a lot of money to spend on a lawyer. This is a common mistake that people make that can cost them dearly in the future. Bankruptcy is a serious issue and has many implications and ramifications for an individual's future. For one, a bankruptcy on your credit report is the most damaging component to your credit score. You will find it difficult to borrow money and to obtain credit cards without having outrageously high interest rates. Next, many people don't consider the fact that having a bad credit score can affect their ability to rent housing. Landlords will often pass on prospective tenants who have a bankruptcy on their credit report because they are afraid that they may not be able to pay the rent on time. Having a bankruptcy on your credit report may also make it difficult for you to find a job, because hiring managers often think that a bankruptcy shows lack of judgment, even if there might be mitigating circumstances like serious medical issues or long hospital stays that led to the filing. Depending on the type of bankruptcy that you file for, it can stay on your credit report for up to ten years.

A lot of times, people think that bankruptcy is a simple process where their bills are dismissed by the courts. This is partially true, depending on whether or not you file for chapter 7 versus chapter 13 bankruptcy, but often times, bankruptcy also deals with liquidation of your assets. The federal bankruptcy courts have appointed personnel called bankruptcy trustees to watch out for the interests of the government. You need a representative as well, to look out for your best interests. In the states of New Jersey and Pennsylvania, only a New Jersey bankruptcy lawyer or Philadelphia Bankruptcy Lawyer can advise you on which of your assets are exempt from liquidation and which are not.

Bankruptcy hearings are usually short, but this is because most of the work is done beforehand. Do not be misguided by the brevity of the court proceeding. Bankruptcy is a complicated process. In the state of New Jersey, only a New Jersey bankruptcy lawyer can ensure that your paperwork is in order and all the details of your filing are in your best interests and complete.


Hiring a lawyer is absolutely critical when you're filing for bankruptcy. It may seem like a good option to file by yourself or to hire someone whose fee is less, but spending more money upfront can save you more in the future, not to mention time and headaches.

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