We Understand Financial Distress.

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, Forman Holt

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. We’ll help explore your alternatives.

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.

Schedule a consultation to discuss your unique circumstances.

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

Charles M. Forman Recognized by Chambers and Partners

It is Mr. Forman’s ninth consecutive year receiving the honor of being ranked in “Band 2” of Chambers’ Bankruptcy/Restructuring category.

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Charles M. Forman Recognized by Chambers and Partners Charles M. Forman Recognized by Chambers and Partners

Trustee Charles Forman Makes Major Distribution to Asbestos Claimants

After a claim review process developed by the Trustee, approximately 4,000 claims asserted against NSI were approved in a single Chapter 7 proceeding.

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Trustee Charles Forman Makes Major Distribution to Asbestos Claimants Trustee Charles Forman Makes Major Distribution to Asbestos Claimants

Forman Holt Named to "Best Law Firms" 2023

Forman Holt has been ranked in the 2023 U.S. News – Best Lawyers® “Best Law Firms” list for the New Jersey region in two bankruptcy-related practice areas. 

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Forman Holt Named to Forman Holt Named to

Forman Holt Members Confirm Ammon Labs Chapter 11 Plan

The Chapter 11 Plan of Reorganization for Ammon Labs was confirmed in the United States Bankruptcy Court for the District of New Jersey.

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Forman Holt Members Confirm Ammon Labs Chapter 11 Plan Forman Holt Members Confirm Ammon Labs Chapter 11 Plan

Charles M. Forman Named to 2023 Best Lawyers List

Managing Member of the firm Charles M. Forman, awarded the prestigious Lawyer of the Year recognition in back-to-back years (2020 & 2021), has been named to The Best Lawyers in America® list for 2023.

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Charles M. Forman Named to 2023 Best Lawyers List Charles M. Forman Named to 2023 Best Lawyers List

NJBLF Recognized by Legal Services of NJ

The New Jersey Bankruptcy Lawyers Foundation, led by the Foundation’s President Charles M. Forman, received the William J. Brennan, Jr. Citation for Justice from Legal Services of New Jersey for providing emergency funds that support LSNJ’s clients through challenging times.

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NJBLF Recognized by Legal Services of NJ NJBLF Recognized by Legal Services of NJ

All Forman Holt Members Recognized by Super Lawyers

All of the firm’s members have been named to the prestigious Super Lawyers list in 2020, 2021, 2022 and 2023, an honor reserved for only 5% of lawyers in each state.

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All Forman Holt Members Recognized by Super Lawyers All Forman Holt Members Recognized by Super Lawyers

Charles M. Forman Appointed to NJIT Board of Overseers

The New Jersey Institute of Technology has appointed Forman Holt attorney Charles M. Forman, an alumnus of the University, to its Board of Overseers.

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Charles M. Forman Appointed to NJIT Board of Overseers Charles M. Forman Appointed to NJIT Board of Overseers

Charles M. Forman Receives Lifetime Achievement Award

The NJ Law Journal named Charles Forman as recipient of their 2016 Lifetime Achievement Award. The committee considers which individuals helped to shape the law in NJ, through their work on the bench, in-house or building a firm.

Charles M. Forman Receives Lifetime Achievement Award Charles M. Forman Receives Lifetime Achievement Award