DEDICATED TO ASSISTING CLIENTS DURING DIFFICULT TIMES.
PROVIDING PERSONAL SERVICE TO YOU AND YOUR FAMILY
Since 2009, Andrew Borsen, Esq. has been providing trusted and personal bankruptcy counsel to individuals and business in New Jersey and New York.
THE BORSEN LAW DIFFERENCE:
Andrew Borsen will personally speak with you, on the phone, on email and in person.
Andrew Borsen will personally accompany you to your Meeting of Creditors.
Andrew Borsen will be available to you nights and weekends to answer questions or concerns.
Andrew Borsen will be with you before, during and after your case.
THE BORSEN LAW PROMISE:
You will never speak to anybody except Andrew Borsen.
Nobody will handle your case except Andrew Borsen.
You will receive personal attention, always.
Borsen Law will never have more than 10 bankruptcy cases per month.
Borsen Law will never “farm” out your case to paralegals or per diem attorneys like many firms do.
The decision to file for bankruptcy can be a tough one, I understand … it is not the decision of one person, rather that of your whole family.
Before certain events such as COVID-19, you were running a successful business or were gainfully employed, and now, though no fault of your own, you are struggling and trying to breathe. Borsen Law can help!
BANKRUPTCY FAQS:
Q: What Can Bankruptcy Do for Me?
A’s:
Eliminating your legal obligation to pay most of your debts (i.e., “discharge of debt”)
Stop a creditor from repossessing your car or other property
Require a creditor to return property it has already repossessed
Prevent wage garnishment (or halt ongoing wage garnishments)
Stop foreclosure (though the mortgage will not automatically disappear)
Prevent your electrical power or other utility services from being disconnected (or require them to be turned back on)
Require debt collectors to stop harassing you
Get a chance to catch up on missed payments
Get a fresh financial start
Q: What Can’t Bankruptcy Do for Me?
A’s:
Allow you to keep secured property while also eliminating your obligation to make payments on that secured property.
Discharge the following types of debt: alimony, child support, court-ordered restitution, criminal fines, and most student loans.
Discharge all your tax obligations.
Get your co-signers off the hook. Successfully filing for individual consumer bankruptcy will protect you, but your co-signers may still be liable for part or all of the loan.
Eliminate debts that you incur after filing for bankruptcy.
Automatically restore your credit score. (Getting your finances in order through bankruptcy can help you clear up your credit in the long term, but it will not have that effect in the short term.)
Q: What is a Chapter 7 Bankruptcy?
A: In a chapter 7 most debts are “discharged” and the obligation is relieved. In a vast majority of chapter 7’s, a debtor will keep all assets, such as a house or a car. A majority of bankruptcies are the Chapter 7 variety. Our firm only handles Chapter 7 Bankruptcy cases in order to keep the number of cases to 10 or under and provide you with the most personal service.
Q: Will I lose my property and household goods?
A: In most cases the answer is “No.” The bankruptcy laws allow most debtors to keep all assets via exemptions. There are exemptions for common types of personal property and even real property. It is a rare occurrence that assets are sold to satisfy debt. If assets will be sold, your attorney will advise you of that possibility well in advance.
Q: What is the automatic stay?
A: When a debtor files a bankruptcy, creditors are prevented from collecting any debt owed at the time the bankruptcy is filed. Thus, debt collection efforts (including garnishments, lawsuits and harassing phone calls) are “stayed” pending the conclusion of the bankruptcy or some other time as indicated by the court.
Q: What documents do I need in order to file a bankruptcy?
A: In most cases the following documents will provide your attorney with the necessary information:
Wage stubs
Last two years tax returns
Recent account statements
Q: Can I discharge student loan debt?
A: Generally, no. There are however, exceptions that could apply. Furthermore, solving other debt problems could allow you to make the monthly payments on the student loan debt.
Q: What is the process?
A: Prior to filing, you and our firm will complete necessary paperwork or “schedules.” You will be required to obtain a “pre-bankruptcy counseling certificate.” I will assist you. The bankruptcy will then be filed and the automatic stay imposed. You will be required to attend a “meeting of creditors” several weeks after the initial filing. In a chapter 7, you will receive a “discharge” letter approximately 60 days after the meeting of creditors. Your bankruptcy is finished at that time.
Q: What happens at the meeting of creditors?
A: The meeting of creditors is an opportunity for the bankruptcy trustee and creditors to ask you questions about your financial situation. Typically, only the trustee and attorney are at that meeting – it is relatively rare that creditors appear. Although the meeting is not a “court appearance” it is nonetheless somewhat formal. You will be sworn under oath and the trustee will ask you several questions. The meeting typically takes several minutes. The trustee’s role is to inquire about your financial situation. All trustees are respectful and cognizant of the realities that require people to file for bankruptcy protection. They are more concerned about the accuracy of the information you provided to the court than they are with the reasons for your filing.
Q: Can I keep my home and car?
A: In most cases, the debtor has the option to keep secured debt such as houses or cars. If there is a loan associated with the property, your attorney will make arrangements with the creditor (reaffirmation agreements) to continue to make payments on the loan. If you prefer to “surrender” (give back) the property, you can. Exceptions to this rule exist.
Q: If I file for bankruptcy, when will I be able to finance a house or car?
A: The answer to this depends on your financial situation at the time you try to buy the house or car. If there is a record (after the bankruptcy) of maintaining monthly payments, you have sufficient income, and are attempting to buy an item within your means, you will likely find lenders willing to loan money. Oftentimes, this question relates more to how much interest you pay on the loan rather than whether or not you would “qualify.” A lender may also require a larger down payment from you.
Q: How do I handle creditors that won’t stop calling, are harassing me, etc.?
A: Creditors are given a lot of discretion in the manner in which they can attempt to collect a debt. Filing the bankruptcy petition is the only way to “force” creditors to stop harassing a debtor.
Q: What are common reasons for filing a bankruptcy?
A: Common reasons include: medical bills, divorce, employment termination or decrease in employment, family tragedy, accidents, COVID-19, or a combination of these events.
Q: How long will a bankruptcy appear on my credit report?
A: Typically a notation of a bankruptcy will stay on your credit report for 7 years, although federal laws allow for the notation to remain for up to 10 years.
Q: If I am married, am I obligated to file with my spouse?
A: No. However, in most cases, it is in everyone’s best interest to file “jointly.” The cost is the same regardless of whether the petition is joint or separate.