AREAS OF PRACTICE

• There are several signals indicated you may need to consult with a bankruptcy lawyer. If you feel your situation is in need of counsel and advice then, it is in your best interest to consider speaking with a bankruptcy lawyer. If you can no longer keep up with the payments on your credit cards, it may be the time to consider filing bankruptcy. If your wages are garnished after a judgment, it may be time to consider a bankruptcy. If you are in foreclosure and behind on your mortgage payments, it may be time to consider filing bankruptcy. If you have overwhelming debt of any kind and it just does not look like there is any way to pay, it may be time to consider bankruptcy. If any of these describe your current situation, it would be helpful to contact us and let us help you assess if filing bankruptcy is the best answer for you. Life is full of surprises and curve balls and nobody has “filing bankruptcy”

on their bucket list, but our attorneys are here to help you understand your options and navigate the journey of bankruptcy if it’s right for you.

Now, there are a few routes you can choose to travel on. The first option is Chapter 7, usually filed individually and when a person cannot repay their debt over a period of time. This opportunity will allow you to commence a fresh financial start in exchange for a handful of your personal assets. However, if you are repaying your debt but require a little more time, your best option would be to file Chapter 13 bankruptcy. From there, our attorneys can help negotiate a payment plan and settle your debt with creditors.

For businesses who are struggling to pay off your debt, you may want to consider filing Chapter 11, where our lawyers can help restructure your debts and reorganize your company. Nonetheless, if you are planning to close operations in the future, Chapter 7 may be your best option, where our lawyers will essentially hand over your business to creditors in exchange for a clean financial slate.

Your debt will either be dramatically lowered, erased, or reorganized in an amount you will be able to pay off when you’re able to. Each outcome is dependent on the form of bankruptcy you file. Since creditors are willing to receive a lower amount than originally discussed than none at all, they will discount the amount you originally owed them. If you decide to file commercial bankruptcy, you may lose your business. Likewise, if you file consumer bankruptcy, you may lose some of your assets. Our bankruptcy attorneys are best suited to thoroughly evaluate and assess your specific situation to recommend the form of bankruptcy you should file, as well as lending a hand throughout the process.

• Consultation with Attorney

The first step in a bankruptcy should be to set up a meeting with a qualified bankruptcy attorney in the state in which you live. You should provide to your attorney a listing of all of your assets and liabilities. In other words, you should tell the attorney everything you own and everything you owe.

• List of Documents Required for Bankruptcy

The attorney should ask for a list of documents related to your financial condition. For example, your last two years tax returns; 6 months worth of paystubs or evidence of income from whatever source; an appraisal or valuation on any property or real estate that you own; list of the name and address with approximate amount owed to any creditors; statements from bank accounts, stock accounts or other investment accounts; statements on 401K, pension or retirement plans; spouse's paystubs or evidence of income; life insurance statements; and mortgage payment statements or car payment statements. These are a general listing of items that should be provided, but everyone's situation varies so more information may be needed depending on the individual situation.

• Preparation of Bankruptcy Petition

Upon meeting with you and obtaining all of this information related to your finances, the attorney prepares a bankruptcy petition. Depending on your situation, the petition may be a Chapter 7, Chapter 12, Chapter 13, or Chapter 11 bankruptcy petition. The steps discussed here are the general steps in a Chapter 7 bankruptcy. The petition is the document that presents the current snapshot of your financial condition with a listing of your assets, liabilities and current income and disposable income or budget situation.

• Filing of the Bankruptcy Petition

The filing of a bankruptcy petition is now done electronically. The bankruptcy court has mandatory electronic filing so for regular practicing bankruptcy attorneys and law firms, they have to file the petition through the computer electronically. The petition is put into a PDF formatted document and filed on line through PACER. PACER stands for Public Access to Court Electronic Records.

• 341a Meeting of Creditors

After the filing of the bankruptcy petition, a document from the court is sent out which is called "Notice of Commencement of Case. " This notice is sent out to all creditors to whom you owe money. All of these creditors are stopped by the automatic stay from suing or pursuing the debtor in any way. The form contains the case number and the date, time and place for the 341a meeting of creditors. This 341a meeting is the initial hearing in the bankruptcy case where the debtor and the attorney go and meet with the court appointed trustee to review the petition and take testimony as to the accuracy of the petition and other financial issues related to the debtor's financial affairs. Any creditors of the individual in the bankruptcy have the right to appear and question the debtor.

• Obtaining Discharge Order

After this 341a meeting, creditors or the trustee have 60 days within which to file a complaint objecting to the discharge of the debtor. Stated otherwise, creditors or the trustee could object to the bankruptcy filing for certain reasons. If no one does object within these 60 days, the debtor would receive a discharge. The discharge is the final order entered by the court that wipes out the outstanding debt of the individual filing the bankruptcy.

These are some general steps involved in a Chapter 7 bankruptcy. If other legal issues or problems that arise the process of the case could go forward in a much different way. There are also additional and more complicated steps in Chapter 11, Chapter 13 and Chapter 12 Bankruptcies. Click the link for more information on other types of bankruptcy: Differences Between Chapter 7, 11, & 13 Bankruptcy.

The place to start when you are considering filing for bankruptcy is to find yourself the best New Jersey Bankruptcy Lawyer you can. Here at JAE Y. KIM LAW we understand that life is unpredictable. We understand that things don’t always go as planned and financial obligations can grow out of control. We recognize that filing for bankruptcy probably wasn’t in your plans when you started out, but you are here and now you need help.

The representation you choose to help you navigate this difficult decision can make all the difference in the world as to how things turn out.

We are committed to helping you solve today’s challenges in a way that best sets you and your family up for the future. We want you to understand that while filing for bankruptcy may be the best way for you to move forward, knowing how to file bankruptcy and which type of bankruptcy is best for you is critical.

Your New Jersey Bankruptcy Lawyer should be able to educate you on all the options, listen to you carefully so he or she understands your situation, and then be committed to ensuring that you know what is happening every step of the way. It is our goal at JAE Y. KIM LAW to make sure that when you leave our offices you feel better than you did when you walked in. We know that filing for bankruptcy is disruptive and difficult, and we want to get you back on the path to financial peace as quickly as possible.

For any business or individual, the crucial decision to file for bankruptcy isn’t one to be taken lightly.

Filing bankruptcy is an important step, and one you should make while receiving expert counsel with those who clearly understand the opportunities and options that await you.

As a New Jersey and New York bankruptcy attorney, I have a clear comprehension of the types of hardships and struggles that would cause you to consider filing bankruptcy as well as a acute compassion for those challenges.

We invite you to contact us at (201) 488-8600 or schedule a FREE BANKRUPTCY consultation today and let us help you take a step towards finding debt relief and the peace of mind you need.

For most people, a purchase or sale of a home or commercial building is likely to be the single biggest financial transaction of their lifetime. It is surprising how often people sit down at the closing table without understanding the terms of the contracts or the substantial financial considerations involved. Hiring a real estate lawyer before you close the deal can save you a lot of heartache in the future. 

We are ready to assist you with your real estate purchase and/or sale.

JAE Y. KIM LAW, is your complete commercial and residential real estate law firm serving individuals and business property owners throughout New Jersey and the New York City metro region. Let our real estate attorney team make sure you can move ahead with your transaction with confidence. Contact us to schedule a free initial consultation. 

Our residential real estate law services include:

*Purchase and sales agreements, drafted and reviewed

*Mortgage and financial document review

*Attend closings to answer your questions

*Construction and property disputes, litigation

Our commercial real estate law services include:

*Commercial loans, purchase and sales agreements

*Lease agreements, eviction law

*Property rights

*Partnership and shareholder agreements

Below are some high level issues we want you to be aware of as you buy or sell property. As you review these, let us know if I can be of assistance.

Once a buyer selects a home to purchase, and a price has been agreed upon with the seller, a formal contract is drawn up and signed. Ideally, a real estate lawyer should be contacted before the contract is signed; but if not, it is absolutely imperative that you contact an attorney immediately once the contract is signed by both the buyer and seller.

You have three (3) days from the date of the signing to amend, modify or cancel the contract. Once the revisions are made and agreed upon, or if no amendments are demanded within the three (3) day period, the buyer is now obligated to perform the requirements under the contract. Generally, the buyer must immediately apply for a mortgage, as well as schedule a home inspection, upon completion of this attorney review period.

Our firm can help you satisfying the legal requirements. We will be in constant contact with your mortgage representative and home inspection team in order to insure that your needs are being met in a timely manner. Once you receive your mortgage commitment (which is the mortgage company's promise to grant you a mortgage for the property), we will immediately order your title work and survey. These steps are necessary to insure that you will obtain a clean title. In other words, this will insure that once you purchase the property, no one else will have an interest or a legal right to the property.

We will also carefully review the home inspection report with you, as well as the Home Inspector; and, if necessary, we will make the appropriate demands to the seller's attorney to rectify any problems which have been discovered. Alternatively, you could choose to demand a modification of the purchase price due to any flaws that were detected. Prior to the closing date, we will also insure that all the necessary documents are fully and accurately prepared and filed as necessary to insure a swift closing with no surprises. At the closing date, which is usually two (2) to three (3) months after the contract has been signed, the deed is transferred, the mortgage papers are signed, the requisite funds are transferred and the keys to the property are delivered to you. At this point, you are legally the owner of the real estate property.

When selling a home, it is equally imperative that the contract be reviewed within the three (3) day attorney review period. At this time, we will study the contract and make the necessary revisions in order to protect your interests, to maximize your profit derived from the sale and to insure a smooth transition of the property.

Many times it is necessary for you to remain in the property beyond the closing date due to the fact that you may be simultaneously purchasing another home. This can be accomplished through a "Use and Occupancy Agreement" which allows you temporary use of the property.

In order to insure a smooth closing, we will generate the necessary deeds and affidavits of title for the property in question. We will also insure that the buyers have made the necessary deposits and that they are fulfilling their end of the bargain. Much of the seller's concern, in addition to receiving a fair price, is limiting their liability to being sued after the closing. We will review and modify the contract with scrutiny so as to limit the buyer's right to sue you after the closing in order that you can safely and confidently receive your proceeds and put the closing behind you. 

Commercial leases are often complex documents which set forth the rights and obligations of two commercial entities with respect to a piece of property. Therefore, it is essential that the document be prepared with the necessary foresight to protect the parties rights against possible risks and challenges associated with both the property and the business being operated therein. Our office is experienced in the review and preparation of commercial leases with respect to both residential and commercial properties.

Call us today to learn more about our complete range of residential and commercial real estate attorney services.