When you are facing serious financial challenges, bankruptcy can be a viable and beneficial option. You’ll get the benefit of the automatic stay, which will prevent your creditors from calling, writing or otherwise attempting to collect a debt from you. You may also be able to permanently discharge certain debts, or set up new and affordable payment arrangements with your creditors. But do you really need to file for bankruptcy? Are there times where doing nothing is a good option?

Are You Totally Judgment Proof?

If you have no assets that can be seized or converted into cash, you are said to be judgment proof. Accordingly, even though a creditor may obtain a court order for you to pay a debt, that order cannot be enforced because you have nothing to give. Technically, you will be considered judgment proof if:

• You don’t own any assets
• You don’t have income from a job
• You don’t have an equity interest in real property
• Any income sources you have are exempt from judgment (many government benefits are exempt)

Will Your Debts Be Discharged?

There’s no benefit to filing for bankruptcy if the debts you need to rid yourself of cannot be discharged. Under the bankruptcy laws, you cannot discharge debts for child support or alimony arrearages, certain tax debts and most student loans.

Contact Neuner & Ventura, LLP

At Neuner & Ventura, LLP, weknow that the bankruptcy process can be intimidating and confusing. Weoffer a free initial consultation to every client. For an appointment, call our office at 856-596-2828 or send us an e-mail. We do, however, reserve the right to charge a fee to review any work done by another attorney. Evening and weekend appointments are available upon request.

Representing Clients across South Jersey