Bankruptcy Attorneys in Livingston, NJ | Chapter 7, 11 & 13 | Serving New Jersey & New York
Businesses and individuals facing severe financial problems often feel alone and without options. The bankruptcy attorneys at RLT Law work closely and creatively with clients throughout New Jersey and the New York metropolitan area to assess risks, develop financial rehabilitation strategies, and implement cost-effective solutions — guided by energy, talent, and genuine compassion.
Bankruptcy Legal Services for Businesses and Individuals in New Jersey
For commercial clients, our New Jersey bankruptcy lawyers thoroughly analyze your business’s prospects, operations, and finances. We explain the feasibility of reorganization versus liquidation, and discreetly counsel you on your strongest options so your business can move forward.
For individuals, we explain all available options and work diligently to resolve your legal issues while minimizing disruption to your personal life. Deciding whether to file for bankruptcy is a difficult, deeply personal choice — RLT treats every client throughout Livingston, Essex County, and the greater New Jersey and New York metro area with the compassion they deserve.
Chapter 7 Bankruptcy in New Jersey: Fresh Start
Chapter 7 is the most commonly filed bankruptcy for individuals in New Jersey. A court-appointed trustee collects and liquidates non-exempt assets, distributes proceeds to creditors, and in most cases the debtor receives a discharge — a permanent release from personal liability for qualifying debts including credit cards, medical bills, and personal loans. Our attorneys will help you understand New Jersey’s exemptions and whether Chapter 7 is right for your situation.
Chapter 13 Bankruptcy in New Jersey: Individual Debt Repayment
Chapter 13 is designed for New Jersey individuals with regular income who wish to repay debts but cannot currently do so. It is often preferable to Chapter 7 because it allows debtors to keep valuable assets — including their home — while catching up on missed mortgage payments and stopping foreclosure. The debtor proposes a three-to-five-year repayment plan; once the Court approves it, creditor actions including lawsuits, wage garnishments, and direct contact are immediately halted. Remaining eligible debts are discharged upon completion.
Chapter 11 Bankruptcy in New Jersey: Business Reorganization & Orderly Liquidation
Chapter 11 applies primarily to New Jersey businesses that wish to continue operating while repaying creditors through a court-approved plan. It is also available to high-debt individuals who do not qualify for Chapter 13. The debtor has 120 days to file a plan of reorganization and must provide creditors with a disclosure statement for their review. Available tools include debt reduction, rejection of burdensome contracts and leases, operational restructuring, and going-concern liquidation to maximize asset value.
Subchapter V of Chapter 11: Streamlined Relief for Small Businesses
Enacted under the Small Business Reorganization Act of 2019, Subchapter V offers New Jersey small businesses a faster, significantly less expensive alternative to traditional Chapter 11. Key advantages include:
- No creditors’ committee — reducing administrative costs and complexity
- No disclosure statement — streamlining the process and reducing legal fees
- 90-day plan filing deadline — faster emergence from bankruptcy than standard Chapter 11
- Debtor remains in control — a standing trustee facilitates the plan while the owner runs the business
- Equity retention — owners may keep their equity interest without paying all unsecured creditors in full, provided the plan commits all projected disposable income over three to five years
- Debt limit eligibility — our attorneys will quickly assess whether your business qualifies
Subchapter V is an increasingly vital tool for small business owners — whether in retail, professional services, restaurants, construction, or any other industry — allowing them to restructure debts, shed burdensome obligations, and preserve the business they worked hard to build, at a fraction of the cost of a traditional Chapter 11.
Contact Our New Jersey Bankruptcy Law Firm
RLT Law is a bankruptcy and creditors’ rights firm based in Livingston, New Jersey, serving individuals and businesses throughout Essex County, New Jersey, and the New York metropolitan area. Call us today or contact us online to schedule a confidential consultation with an experienced New Jersey bankruptcy attorney.