Bankruptcy LawFiling Bankruptcy in New Jersey

Attorney John “Jack” F. Rimmele can help you determine if bankruptcy is right for your situation. Whether you are struggling with credit card debt, or working to save your home from foreclosure, Jack is dedicated to helping both businesses and individuals get back on track.

Located in Califon, NJ and serving all of Hunterdon County, Jack can help you to understand the laws so you can proceed with confidence to achieve your goals.

It’s amazing how quickly financial woes can appear and multiply. All too often, unplanned occurrences such as job loss, divorce, injury, or illness leave people in financial positions they had never imagined they’d find themselves in. Facing bankruptcy can be an embarrassing, ego-deflating, and emotional roller coaster for those involved. This often prevents people from looking at the situation objectively.

Jack has many years of experience guiding individuals towards workable solutions so everyone can get back to looking toward the future.

There are two types of Bankruptcy…

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Chapter 7 Bankruptcy

The decision to file Chapter 7 Bankruptcy should not come lightly. There are a number of negative consequences that may or may not be worth filing, depending on your situation.  Attorney John (Jack) F. Rimmele is experienced in helping individuals and families discover the best way forward.

When Might You Consider or Qualify for a Chapter 7 Bankruptcy?

• If you are having trouble paying your mortgage and don’t see a way forward in the near future.
• You qualify under the means test.
• You have very large credit card debts or medical bills.
• You have not received a bankruptcy discharge in the last eight years.
• Your income is too low to address your debts.

What are the Benefits of a Chapter 7 Bankruptcy?

Despite all of the drawbacks, filing bankruptcy can be a tremendous benefit for those struggling with debts. Although a bankruptcy stays on your record for years, it may be less harmful to your credit than a litany of missed debt payments, repossessions, lawsuits and defaults. It’s not a fix for everyone, but for the right person in an unfortunate set of circumstances, bankruptcy can mark a turning point and a path forward.

Among the benefits of declaring Chapter 7 Bankruptcy are:

• The cessation of creditor harassment via phone/mail.
• The cessation of wage garnishments. (If only temporarily)
• The ability to pause foreclosure proceedings.
• As long as your debts are not exempt from bankruptcy, the number and amount of debts that can be cleared are near limitless.

What Chapter 7 Bankruptcy Will Not Do:

• Eliminate Student Loan Debt
• Eliminate Alimony Obligations
• Eliminate Child Support Obligations
• Eliminate Legal Fines such as Traffic Tickets

Some of the drawbacks to Chapter 7 Bankruptcy:

• Your credit will be affected for up to 10 years.
• You may lose property and luxury possessions. An Attorney can help you understand which of your assets are at risk.
• You will no longer have your credit cards.
• Chapter 7 Bankruptcy can only be filed every 6 years from the date you last filed for bankruptcy. If something more emergent than your current situation were to occur, you’d have to file Chapter 13.
• If you do not already have a mortgage, it will become nearly impossible for you to obtain one.
• Some are very sensitive regarding their finances. You may find explaining to a judge or trustee about your situation uncomfortable.
• You may still be obligated to pay some of your debts, even after bankruptcy proceedings are completed. An attorney can help you identify which debts may survive the bankruptcy process.

The Benefit of Working With Attorney John (Jack) F. Rimmele

The choice to seek bankruptcy involves many complicated considerations. Depending on your income level, assets, and unique situation, you want to be absolutely sure that Bankruptcy is the best path forward. Jack believes in putting your interests first, above all else, and will advise you to the best course of action possible in your situation. With Jack at your side, you have years of experience with navigating debt relief in your corner.

Attorney John F. Rimmele Serves Clients in Hunterdon, Warren & Morris Counties, NJ

Chapter 13 Bankruptcy

Attorney John (Jack) F. Rimmele is experienced in helping individuals and families determine the benefits or drawbacks of Chapter 13 bankruptcy for their specific situation. Everyone’s situation is different, and it’s important to have a trustworthy and dependable bankruptcy lawyer who can guide you to the best way forward.

When Might You Consider or Qualify for a Chapter 13 Bankruptcy?

• You have consistent and reliable income
• Your income or assets are too much to qualify for Chapter 7 Liquidation
• You are behind on mortgage payments or have excessive credit card or medical debt.
• You have received a bankruptcy discharge in the last 8 years

What are the Benefits of a Chapter 13 Bankruptcy?

Chapter 13 Bankruptcy could be the fresh start you are looking for. Unlike Chapter 7 Bankruptcy, complete liquidation of your assets is not on the table. For those with a consistent and reliable income, it is possible to utilize Chapter 13 proceedings to halt foreclosure proceedings and provide an opportunity to catch up on missed payments, and can also give you the opportunity to make up missed payments on car loans.

Among the benefits of declaring Chapter 13 Bankruptcy are:

• Potential to halt foreclosure proceedings
• Opportunity to make up missed mortgage or car payments
• Payments are made to a trustee rather than a number of creditors, and the amount is based on the individual’s budget.
• Chapter 13 Bankruptcy stays on your credit report 3 fewer years than Chapter 7 Bankruptcy (7 years as opposed to 10)
• Secured debts become extended to the term of the Chapter 13 plan, which can lower payment amounts.
• Protection from creditors extends to 3rd party co-signers.

What Chapter 13 Bankruptcy Will Not Do:

• Eliminate Student Loan Debt
• Eliminate Alimony Obligations
• Eliminate Child Support Obligations
• Eliminate Legal Fines such as Traffic Tickets

Some of the drawbacks to Chapter 13 Bankruptcy:

• Your credit will be affected for up to 7 years.
• You may lose property and luxury possessions. An Attorney can help you understand which of your assets are at risk.
• You will no longer have your credit cards, or will need trustee permission to use credit during the term of your bankruptcy.
• If you do not already have a mortgage, it will become nearly impossible for you to obtain one.
• Some are very sensitive regarding their finances. You may find explaining to a judge or trustee about your situation uncomfortable.
• All of your “disposable income” will be tied up until your debts are paid.
• You may still be obligated to pay some of your debts, even after bankruptcy proceedings are completed.   An attorney can help you identify which debts may survive the bankruptcy process.

The Benefit of Working With Attorney John (Jack) F. Rimmele

The choice to seek bankruptcy involves many complicated considerations. Depending on your income level, assets, and unique situation, you want to be absolutely sure that Bankruptcy is the best path forward. Jack believes in putting your interests first, above all else, and will advise you to the best course of action possible in your situation. With Jack at your side, you have years of experience with navigating debt relief in your corner.

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