Personal & Consumer

There are three types of bankruptcies available for individuals:

  • Chapter 7
  • Chapter 11
  • Chapter 13

The filing of any one of these types of cases immediately stops harassing phone calls, lawsuits and attempts by creditors to obtain possession of property, including wage executions and foreclosure sales.  Our attorneys can evaluate the particular circumstances of each case and can advise as to the best available course of action. 

“The emotional transformation people go through after they’ve been given solutions to their financial problems is amazing.” Kim R. Lynch, Member

In many instances, individuals may retain their property while relieving themselves of burdensome and unmanageable debt, including bank debt, personal loans, credit card obligations, medical bills, and, in certain situations, tax obligations.  For those individuals who own property that is determined to have little or no “equity” or value, a Chapter 7 “straight liquidation” generally suits their needs.  Businesses may also file a Chapter 7 bankruptcy case as a method of closing their doors and going out of business.

For those individuals who earn higher than average salaries or own property that is deemed to have value, a Chapter 13 bankruptcy case enables them to keep their property while repaying their creditors, either in part or in full, over a period of three to five years.  Many individuals utilize the protections of a Chapter 13 bankruptcy case to save their homes from foreclosure.  Chapter 13 can also give you breathing space to catch up on mortgage arrears and other debts over time.

Although generally associated with the reorganization of businesses, Chapter 11 is available to individuals whose debts are greater than those permitted by law in a Chapter 13 case.  Chapter 11 enables individuals to restructure their debt, keep their assets, and pay back their creditors over time based on a reorganization plan approved by their creditors and the Bankruptcy Court.  Our firm has a reputation for moving Chapter 11 debtors through the bankruptcy process quickly.  This often results in substantial savings in legal, accounting and other costs for our clients.

It may be that bankruptcy is not the desired or best option. 

Whether the issue is negotiating a mortgage, single debt or group of debts, as schooled as we are in filing bankruptcy, if the facts warrant, we are equally capable in avoiding bankruptcy for our clients.

  • Provide solutions to financial distress
  • Inform individuals about their options
  • Help people get a fresh start and move beyond debt

3 Tips For Small Business Owners In Financial Difficulty

Charles M. Forman is featured in the online column “Triple Play”, a weekly NJBIZ feature that asks top executives in New Jersey to talk about three things related to their industry.

Read More
3 Tips For Small Business Owners In Financial Difficulty

Wall Street Journal: Using Bankruptcy To “Rebirth” Companies

“Master of Disaster” Charles M. Forman uses a bankruptcy filing unconventionally, bringing businesses back to life while awaiting a sale.

Read More
Wall Street Journal: Using Bankruptcy To “Rebirth” Companies

NJ Law Journal: When Money Problems & Marital Problems Collide

Exploring the implications of Erin Kennedy’s ground-breaking Third Circuit decision in the Ruitenberg case and still-unanswered “divorce colliding with bankruptcy” questions.

Read More
NJ Law Journal: When Money Problems & Marital Problems Collide

Charles M. Forman Appointed To Register Of Mediators

“This honor is an opportunity for me to help litigants to resolve their sometimes complicated bankruptcy issues” says Charles Forman of his Mediation Program appointment.

Read More
Charles M. Forman Appointed To Register Of Mediators

New Jersey Bankruptcy Lawyers Foundation Names Charles Forman President

Charles M. Forman has been named President of the New Jersey Bankruptcy Lawyers Foundation (NJBLF).

Read More
New Jersey Bankruptcy Lawyers Foundation Names Charles Forman President