Bankruptcy Lawyers in South Jersey
Bankruptcy Attorneys in South Jersey
FAQ (Frequently Asked Questions) About Bankruptcy

Bankruptcy FAQ (Frequently Asked Questions). Find out how Lee Abt, Esquire, Bankruptcy Attorney in South Jersey (Mt. Laurel, NJ 08054 area), can help!

When did bankruptcy begin?

Bankruptcy relief has been around for thousands of years. In fact, bankruptcy is mentioned in the Bible, in Deuteronomy 15: 1-2, summarized like this: At the end of every seven-year period you shall have a relaxation of debts, which shall be observed as follows. Every creditor shall relax his claim on what he has loaned his neighbor; he must not press his neighbor, his kinsman, because a relaxation in honor of the Lord has been proclaimed.

Also, in the book of Leviticus, Moses announces God's decree that special years be set aside for the forgiveness of debt, freeing of slaves, and other measures to help re-balance the social order.

Debt is not a crime, despite how harshly some people in debt are mad at themselves for having debt.

In our modern version of the law, it is your right to obtain a discharge of most debts every 8 years. In addition, if it has not been 8 years since your bankruptcy discharge, you may easily qualify to discharge additional debt through a Chapter 13 payment plan that often can result in low monthly plan payments as you discharge significant amounts of debt in your second bankruptcy case.

Is bankruptcy relief only available for those with no money and assets at all?

No. Many famous people who have significant assets and income have filed for bankruptcy relief: Abraham Lincoln, Buffalo Bill, Lawrence Taylor, Mark Twain, Oscar Wilde, Tom Petty, Rembrandt, Tom Sizemore, Lorenzo Lamas, Jerry Lewis, Willie Nelson, Tammy Wynette, P.T. Barnum, John Barrymore, Bjorn Borg, Margaux Hemingway, Larry King, Henry Ford, William Fox of 20th Century Fox Film Corporation, Francis Ford Coppola, Zsa Zsa Gabor, Wayne Newton, Natalie Cole, Walt Disney, Charles Goodyear of Goodyear Tire, Marvin Gaye, Mick Fleetwood, Milton Hershey of Hershey's Chocolate, Randy Quaid, and William McKinley, our 25th President. These are just a few of the many famous people who have sought relief from the bankruptcy court. If the wealthy and famous need a helping hand and a safety net, then you can imagine how much the average American can be helped by the same relief! People struggling with high gas and food prices, layoffs, divorces, soaring inflation and crazy credit card rates can all benefit from bankruptcy protection.

I am robbing Peter to pay Paul. I cannot get ahead. How do I stop this cycle?

People use the old phrase that they are "robbing Peter to pay Paul", and then they add that they are now forced to also rob Paul, and that poor Paul is running out of money and patience! Many suffer sleepless nights and suffer anxiety worrying about how to pay mounting bills. The stress of "treading water" with these bills takes a heavy toll on finances, families, marriages and health.

Those who are properly informed about bankruptcy know it can:

  • Stop foreclosure and allow you to save your home, wiping out personal liability on a mortgage while remaining in the home for the long time it will take to foreclose, while still being able to save money for a move that can be made after the foreclosure. Currently foreclosures take about 1.5 to 2.5 years from the time the foreclosure lawsuit has been filed.
  • Stop creditor harassment
  • Stop wage garnishments
  • Stop bank levies against your accounts
  • Stop vehicle repossessions
  • Wipe out credit cards, medical bills, personal loans, old car repossessions, etc.
  • Wipe out insurance surcharges allow the return of your driver's license
  • Wipe out some income tax debts and allow you to consolidate non-dischargeable income tax debt with a payment plan over up to 5 years, stopping all penalties and interest in the process.
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Lawrence L. "Lee" Abt III is a New Jersey attorney practicing law exclusively in New Jersey. None of the information contained herein should be deemed to apply in other states, nor may this page be construed in any way as an attempt by this office to practice law in any state other than New Jersey. This page is intended to provide general information about our areas of practice to our current and potential clients. It is not intended to give legal advice to anyone on any subject. That can only be done through a complete consultation with Lee. Legal advice obtained through this site does not create an attorney-client relationship, and the reader should not rely on same. According to the Supreme Court of New Jersey, and pursuant to the New Jersey Rules of Professional Conduct, this may be considered an "advertisement". Before making your choice of an attorney, you should give this matter careful thought. The selection of an attorney is an important decision. If the representations made on this page are inaccurate or misleading, you may report this to the Committee on Attorney Advertising, Hughes Justice Complex, CN 037, Trenton, NJ 08625. We are a federally designated debt relief agency and we help people with bankruptcy. Information provided regarding "legal questions" or "bankruptcy updates" is for informational purposes only. While we hope and believe the information will be helpful, we do not warrant that information is accurate or complete. Information is provided only in accordance with New Jersey and/or Federal Law. Lee Abt does not practice law in any states other than New Jersey. The information here does not constitute legal advice and should not be relied on as such. If you reside in another state, please consult a local lawyer directly. While Lee Abt would welcome the opportunity to be your lawyer, he cannot accept clients or render advice until a consultation is conducted.
Lee Abt, Esquire, 3747 Church Road, Suite 102, Mount Laurel, NJ 08054. Phone 856-914-5100
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