Choosing to file for bankruptcy is an important decision that should not be taken lightly. Once you file for bankruptcy, there are a few terms with which you will become very well acquainted:
The debtor: This role is fulfilled by you. After acquiring more debt then you can reasonably repay, you have made the wise decision to file for either Chapter 7 bankruptcy, which discharges your debt completely, or Chapter 13 bankruptcy, which requires a repayment plan.
Bankruptcy lawyer: In order to successfully file for bankruptcy, you should seek the representation of an experienced and knowledgeable lawyer in your area. In Monmouth County, NJ, that bankruptcy lawyer is James J. Cerbone. With over 17 years of experience, Cerbone and his team of legal professionals are dedicated to helping locals in the Monmouth and Ocean County areas of the state. The firm prides itself on not being classified as a corporate giant, but rather, as a small, personal, and friendly practice that assists good people through bad times.
Creditors: These are the individuals and companies to whom you owe money. Through Chapter 13 bankruptcy, you will pay a percentage of what you owe back to them. These creditors can include banks that approved you for loans and credit card companies.
Bankruptcy Trustee: The role of the bankruptcy trustee is usually filled by an attorney or accountant who, in addition to his primary profession, also works for the Treasury Department. There is a lot of work and obligation that comes with being a bankruptcy trustee. This individual has the responsibility of overseeing multiple bankruptcy cases, sometimes hundreds of different cases a month. For the most part, Cerbone says, your attorney will be involved with most of the communication with the trustee regarding your petition.
While you cannot choose your appointed bankruptcy trustee, you do have some say in how your bankruptcy case is handled. After all, you have the ability to choose the right bankruptcy lawyer to assist you in your filing and guide you towards financial freedom. Choose wisely.
This article is for informational purposes only. You should not rely on this article as a legal opinion on any specific facts or circumstances, and you should not act upon this information without seeking professional counsel. Neither publication of this article nor your receipt of this article create an attorney-client relationship.