Bankruptcy law
Filing for bankruptcy can be intimidating, but it also gives you the opportunity to create a fresh start in your life when you find yourself unable to pay off heavy debts. Mr. Otto routinely meets with clients to determine whether bankruptcy is right for them and—if so—which Chapter best fits their needs. He has extensive experience with Chapter 7, Chapter 11 and Chapter 13 filings, and he also assists clients with matters such as:
Filing for Chapter 7 Bankruptcy in Piscataway
Experienced New Jersey lawyer offers sound advice and reliable service
Chapter 7 bankruptcy is for individuals or married couples who’ve taken on debt they have no reasonable chance of repaying. Chapter 7 is often called “clean slate” bankruptcy, because it allows the debtor to keep their assets through exemptions provided by the Bankruptcy Code and discharge most, if not all, debt. Most debtors in Chapter 7 cases do not pay any money to their creditors. As with any legal remedy, there are advantages and disadvantages. If you’re considering Chapter 7 bankruptcy, you should consult an attorney who is:
For more than 25 years, Michael P. Otto has built a solid reputation for honesty, genuine concern and hard work on behalf of our clients.
The greatest advantage of Chapter 7 bankruptcy is the “automatic stay,” which prevents your creditors from doing anything to collect a debt from you including contacting you directly, garnishing wages, levying upon bank accounts and any other action to collect on your debts. Chapter 7 is a liquidation bankruptcy, which means that the court will look at your assets to determine if any assets may be sold to pay your debt. You are provided reasonable exemptions to protect your asset and generally most people who file Chapter 7 keep all of their assets and pay nothing to their creditors. The court then discharges you from any obligation to repay the remaining debt, except for debt that is not dischargeable under bankruptcy law.
Disadvantages of Chapter 7 bankruptcy include that not everyone qualifies. You must pass the income “means test” which Mr. Otto is intimately familiar with. Additionally, after filing Chapter 7, your credit rating takes a hit, making obtaining credit generally more expensive for you if you need credit in the immediate future. Further, federal exemptions for equity in a home are low, so you need to speak with an experienced attorney to ensure that your home is protected. Sometimes in order to protect your home you may need to file under Chapter 13.
A knowledgeable bankruptcy attorney in Piscataway can answer questions specific to your circumstances.
Contact an ethical and dedicated Piscataway bankruptcy attorney for Chapter 7 filings The Law Office of Michael P. Otto serves clients throughout Middlesex, Union, Somerset and Morris counties. Mr. Otto is available on weekends and in the evening on a case-by-case basis. Call 732-819-7000 or contact us online to arrange your free consultation.
Piscataway Chapter 13 Attorney Helps Debtors Keep Their Homes
Restructured debt and manageable repayment through bankruptcy
Chapter 13 bankruptcy is an option for consumers who either don’t qualify for Chapter 7 liquidation or need more options that are not available in a Chapter 7 like paying back mortgage arrears or negotiating a mortgage modification under bankruptcy protection. Chapter 13 also allows individuals the ability to remove judgment liens or secondary mortgages from your property based upon certain circumstances. To get reliable advice, you should consult an attorney who is:
Ethical — We can only make a bankruptcy recommendation after thoroughly examining your finances and inquiring about your goals for life after bankruptcy. That’s how you know we’re recommending what’s best for you, not what’s easiest for us!
Compassionate — Your attorney must share your concerns in order to protect your interests. When you visit our office, you can tell right away: we’re here to care for you.
Dedicated — Chapter 13 bankruptcy commits you to a plan that lasts three to five years. Our firm is committed to building relationships that last, and we’ll be here to assist you throughout your plan period.
Experienced — When choosing between Chapter 7 and Chapter 13, you want advice from a knowledgeable source. With our firm, you get the benefit of life’s greatest teacher: experience. For more than 23 years, Michael P. Otto has helped indebted homeowners in and around Piscataway with honest communication, genuine concern and diligent effort.
Saving your home and working your way out of burdensome debt
What Chapter 13 does is to restructure your consumer debt much the way Chapter 11 restructures business debt. The court considers your petition and payment plan with input from the Chapter 13 Standing Trustee before deciding whether to approve your payment plan based on your available income. Under your plan, you commit to repaying a certain amount every month for a period of three to five years. The Chapter 13 Standing Trustee receives your monthly payment and disperses those funds to your creditors. If you meet your obligations under the plan, the court discharges the rest of your debt when the plan is completed. At that point, you have a clean slate and you’ve kept your home and assets.
Special considerations for Chapter 13 bankruptcy filings
One advantage to Chapter 13 bankruptcy is that you can take arrears that you may owe on your home and to spread the repayment of these arrears over a 3 to 5 year period. Your mortgage company has no power to object as long as you pay the agreed upon arrears. For that reason, Chapter 13 is a great defense against foreclosure. However, Chapter 13 requires you to keep up with your payment schedule, so you need steady employment to qualify.
Filing Chapter 11 Bankruptcy for Businesses in Piscataway, NJ
Experienced attorney helps your company return to solvency
Between global competition and economic uncertainty, the pressures of doing business have never been greater. If your business has taken on too much debt and your creditors are getting impatient, you may be wondering how long you can keep the doors open. For more than 23 years, Michael P. Otto has helped businesses in and around Piscataway continue to operate as they restructure their debt and return to solvency. Our Chapter 11 bankruptcy services can give your company a second chance. Chapter 11 is also available for individuals who may not qualify for either Chapter 7 or Chapter 13. You can rely on our firm to be:
Ethical — Your business prospects after bankruptcy depend on how you’re represented in the bankruptcy court. We ensure integrity through every step of the process.
Compassionate — We appreciate how much of your life you’ve poured into your business and we treat your interests with the utmost respect.
Dedicated — Chapter 11 bankruptcy requires meticulous work and consistent effort to bring your company back to solvency. Our firm commits to clients for the long haul.
Experienced — To maximize your prospects for success after bankruptcy, you must eliminate as many unforced errors as possible while taking advantage of every opportunity to enhance your financial position.
How Chapter 11 bankruptcy can revive your New Jersey business
Chapter 11 bankruptcy provides a means for cash-strapped companies to stay open as they work through their financial difficulties. Filing for Chapter 11 gives you immediate protection from creditors. Your bankruptcy lawyer presents a restructuring plan to the bankruptcy court. Your creditors have to right to vote on your restructuring plan. That plan could call for a drastic reduction in the amount you repay to your creditors based upon the circumstances of your business.
Additionally, as Chapter 13 has caps on the amount of secured and unsecured debts a individual may have when they file for bankruptcy, individuals may also have to file Chapter 11 as they may have more debt than is allowed in Chapter 13.
At your side through Chapter 11 bankruptcy litigation
Bankruptcy law is based on the principle that it’s better for a business to survive by paying creditors some of what they’re owed than for the business to fail, leaving creditors with next to nothing. Of course, not all creditors feel that way. Some operate on the principle that the first to the carcass gets the most meat. Some may even accuse you of fraud to prevent your bankruptcy from going forward. Our firm puts forth your best defense to any accusations of improper use of the bankruptcy system.
Reliable Wage Garnishment Defense Attorney in Piscataway, NJ
Relief from aggressive post-judgment collections
When money is tight, you have to prioritize your spending to meet your family’s most pressing needs. However, aggressive collection tactics, such as wage garnishment, prevent you from having any say in how to spend your take-home pay. For more than 23 years, the Michael P. Otto has helped individuals in and around Piscataway obtain relief from wage garnishment and other extreme collection tactics as they struggle to recover from financial hardship. Residents of Middlesex, Union, Somerset and Morris counties rely on our firm for legal assistance that is:
Ethical — Too many “debt relief” services put clients in a worse situation than when they started. We always look out for your best interests.
Compassionate — We know the stress you’re under as you try to provide for your loved ones in tough financial times. Dedicated — Fighting for the underdog against large banks and credit companies takes resolve and determination, which we’ve demonstrated throughout our firm’s existence.
Experienced — Our “time in the trenches” has given us insight into tactics and procedures that work to our clients’ advantage.
How post-judgment wage garnishment works in New Jersey
If you’re behind in payments, to creditors you can ignore their letters, and caller ID can help you skip their calls. However, you can’t dodge your creditors forever. If you owe on secured loans, such as a mortgage or an automobile, your lender can move to foreclose on your home or hire a repossession company to seize your vehicle. With unsecured loans, such as credit card debt, your creditors must go to court and obtain a judgment affirming the amount you owe. After that, they can ask the court to order your employer to garnish your wages. If the court approves the proposed order, your employer may withhold up to 10 percent of your gross pay and send it directly to your creditor until your debt is satisfied.
How to stop wage garnishment in Piscataway
If you’ve allowed a wage garnishment to occur simply because you didn’t know how to stop it, a capable debt management attorney might still be able to negotiate a payment schedule that you and your lender can live with. Lenders resort to wage garnishment because they believe it’s the only way they’re going to get paid. They may be willing to accept an alternative. Another alternative is to file for consumer bankruptcy, under Chapter 7 or Chapter 13. Our Piscataway law firm can evaluate your finances and see if bankruptcy is your best option. Filing for bankruptcy triggers an “automatic stay,” which prevents your creditors from continuing collection efforts against you. If the wage garnishment has created additional financial stress that makes it more difficult to care for your family, consult a qualified Piscataway bankruptcy lawyer at once.