Discharge Qualifying Debt and Start Over

Chapter 7 bankruptcy representation for individuals in Hackettstown, New Jersey

Chapter 7 bankruptcy is designed for individuals who meet income and asset requirements and need to eliminate unsecured debt without entering a repayment plan. If your monthly income falls below the state median and you have limited non-exempt assets, this filing may allow you to discharge credit card balances, medical bills, and personal loans within a matter of months. In Hackettstown, Jonathan Stone ESQ CPA MST LLC works with clients who qualify under these thresholds and need clear guidance on what to expect from the filing process.

The process begins with a means test to confirm eligibility, followed by preparation of your petition and schedules. Jonathan Stone ESQ CPA MST LLC reviews your exemptions to protect as much property as New Jersey law allows, including home equity, vehicles, and personal belongings. Once filed, the automatic stay halts collection actions, and you attend a meeting of creditors where a trustee reviews your case. The goal is to move through the process efficiently while ensuring compliance with court and trustee requirements.

If you live in Hackettstown and want to know whether Chapter 7 is the right option for your financial situation, contact Jonathan Stone ESQ CPA MST LLC to schedule a consultation.

How eligibility is determined and filing is completed

Your attorney begins by running a means test, which compares your household income to the New Jersey median for your family size. If your income is below the median, you generally qualify for Chapter 7. In Hackettstown, this calculation also considers your monthly expenses, secured debts, and any income fluctuations over the past six months.

After eligibility is confirmed, you will provide documentation including pay stubs, tax returns, bank statements, and a list of all creditors. Your attorney prepares the petition and applies exemptions to protect your property. Once filed, you attend a meeting of creditors approximately 30 days later, where the trustee asks questions under oath. Most cases result in a discharge within 90 to 120 days of filing.

This service includes representation at the creditor meeting, communication with the trustee, and legal support through discharge. It does not cover post-discharge credit repair or financial coaching, but it does ensure your filing complies with all federal and New Jersey court requirements.

Clients considering Chapter 7 often want to know what property they can keep, how quickly the case will close, and whether their debts will actually go away. These questions come up in nearly every initial consultation.

Most people ask similar things before filing

New Jersey allows exemptions for home equity up to a certain amount, one vehicle, clothing, household goods, and retirement accounts. Your attorney reviews your assets and applies exemptions that protect as much property as possible under state law.
What property can I keep in a Chapter 7 case?
The automatic stay goes into effect as soon as your petition is filed with the court. Creditors must stop all collection activity immediately, including calls, letters, and lawsuits.
How soon will creditors stop contacting me?
Student loans, recent tax debts, child support, alimony, and debts arising from fraud or willful injury are generally not dischargeable. Secured debts like mortgages and car loans remain unless you surrender the collateral.
What debts are not discharged in Chapter 7?
You appear before a bankruptcy trustee who asks questions about your income, assets, and debts under oath. Your attorney prepares you in advance and attends the meeting with you to represent your interests.
What happens at the meeting of creditors?
Jonathan Stone's background as a CPA allows him to interpret tax returns, business income, and financial statements with technical accuracy. This is especially useful when your income is irregular or includes self-employment, rental income, or deductions that affect eligibility.
Why does CPA experience matter in a Chapter 7 case?

If you are ready to evaluate whether Chapter 7 is the right tool for your situation, Jonathan Stone ESQ CPA MST LLC offers consultations that focus on your specific financial facts and what filing will mean for your property and future. Get in touch to schedule a meeting.