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If you have incurred debts and are not in a position to pay off the debts, you may seek to take refuge under the law. Bankruptcy is the process that legally declares a person insolvent and provides him protection under the law that is applicable as per the individual cases. It is not easy decision to go for bankruptcy but if you are left with no other option, this is surely your best bait. You may not be very familiar with the legal process involved. And it will not hurt you if you gather some information on bankruptcy for your own good. This will help you understand your own case and the legal proceedings better. However, it makes sense to have the support of an experienced and able bankruptcy lawyer who is well tuned with all the laws related to bankruptcy New Jersey. Your lawyer will help you determine the type of New Jersey bankruptcy law that would suit your type of case. You may either go for chapter 7 or chapter 13 of the bankruptcy laws. Chapter 13 Bankruptcy law in New Jersey is also known as reorganization and provides for protection of your properties, home, car, and other properties. It lets you have a hold over them as you get a debt repayment time period to pay back the amount. The lawyer helps you arrive at a plan that spans for a period of 3 to 5 years allowing for convenient payment of long pending dues. It also puts an end to repossession and stops collection from the debtors. Chapter 7 of bankruptcy law involves liquidation of properties, however you still get to keep part of your properties. In order to be on the safer side and have all your rights protected, you should hire an experienced bankruptcy lawyer who would make sure that you are fairly dealt with. You can also take this as an opportunity to clear all your doubts and gets answers to all your questions from the lawyer. You may also need the assistance of bankruptcy petition preparers who are also known as typing services. They aren't lawyers but they charge a fee to generate your bankruptcy forms as you have demanded it to be done. They are a great help in case you don't have access to a computer or type writer but need the forms to be typed. If you are in need, you may receive bankruptcy petition preparer information from your bankruptcy attorney who will be able to provide you contacts of some of the best bankruptcy preparers available. A bankruptcy preparer has updated software that helps him perform the tasks and generate the documents quickly at a reasonable amount. One doesn't need any particular qualification, sex or age to be able to perform this job. They just have to be literate and type error free forms and documents.
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