New Jersey bankruptcy law education and training will teach you how to resolve your clients’ debts by dividing their assets among their creditors. This allows each creditor to achieve some measure of equality under the law. A filing under Chapter 7 is called liquidation and involves the sale of the debtor's non-exempt property. A bankruptcy proceeding under Chapters 11, 12 or 13 allows the debtor to use future earnings to pay off creditors.

The qualifications needed to assist with a bankruptcy in New Jersey are determined at the state level and will be affected by the specific type of bankruptcy that the client requires. There are three phases in obtaining an education in bankruptcy law:

1. Formal education. An attorney who practices NJ bankruptcy law will need at least a Juris Doctor (J.D.) degree from an accredited law school in New Jersey. An advanced degree such as a Masters of Law (L.L.M) will further distinguish you from your colleagues.
2. Membership in professional organizations. Practicing attorneys will want a membership in one of the associations dedicated to bankruptcy law in New Jersey.
3. Legal specialization. Bankruptcy attorneys in New Jersey can become designated specialists in bankruptcy law by meeting the state's specific requirements.
   

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Attend a law school that specializes in educating New Jersey bankruptcy lawyers

There are a variety of universities in New Jersey that provide a concentration in bankruptcy law. These schools are equipped to offer a solid education on the current bankruptcy laws in New Jersey.

I recommend: Seton Hall Law School features renown bankruptcy law faculty experts like Professor Lubben, who was the principal investigator in the leading study of professional fees in Chapter 11 bankruptcy cases. Students at Rutgers School of Law can get hands-on training in bankruptcy counseling at the Community Law Clinic.

Find professional forums for bankruptcy lawyers in New Jersey

Professional online forums can provide a daily educational opportunity for bankruptcy attorneys in New Jersey. These include information on recent changes in bankruptcy law and advice on building a practice.

I recommend: The New Jersey Law Blog, published by Stark & Stark, provides posts on a variety of legal issues in New Jersey, including bankruptcy law. William S. Wolfson has a summary of the current bankruptcy exemptions in New Jersey.

Obtain Continuing Legal Education (CLE) for New Jersey bankruptcy laws

New Jersey requires attorneys to stay current on changes in the law. There are a variety of programs in New Jersey that provide CLE credit in bankruptcy law.

I recommend: The New Jersey Institute for Continuing Legal Education provides CLE programs in New Jersey bankruptcy law such as Bankruptcy for Paralegals & Legal Professionals. The National Constitution Center Conferences offers audio conferences that provide CLE credit in New Jersey, including "Threatening Bankruptcy? Practical Strategies For Every Lawyer".

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Attorneys also will want to join professional organizations that are dedicated to the practice of New Jersey bankruptcy laws. These associations provide a number of resources essential for the practicing bankruptcy attorney, including contact information for important courts, assistance with Continuing Legal Education (CLE) requirements and links to bankruptcy laws.

When starting a business, no one thinks they will fail; however, things happen, and there may come a time when filing for bankruptcy becomes the best course of action for yourself and your business.

New Jersey bankruptcy laws aren’t as generous as some other states, so your home is probably not safe, and if you’re a sole proprietor, filing for chapter 7 bankruptcy won’t be an option for you. Getting all of the information you can ahead of time, before you talk to New Jersey bankruptcy lawyers, is imperative so you can make the best decision for you and your business.

Before filing for bankruptcy keep in mind the following:

1. Have a plan for life after bankruptcy. It can be easy to look at your current situation as an end and in many ways it is, but also view it as a new beginning.
2. Have a good understanding of all bankruptcy entails and how it will affect your life from your credit rating to you ability to start a new business.
3. Know what brought you to this point. Learn form the situation so if you go on to start another business, you can avoid bankruptcy a second time.

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Know the exemptions you have under New Jersey's bankruptcy law

Knowing and understanding the exemptions available to you can make navigating the New Jerseys' bankruptcy law easier and less time consuming. New Jersey bankruptcy law has two sets of exemptions schemes. You have a choice of which exemption scheme you want to use, and what you qualify to exempt depends on which scheme you use.

I recommend: Bankruptcy Information gives a thorough review of what the process for bankruptcy in New Jersey would entail, including a full list of the available exemptions.

Understand the process

After the passage of the 2005 Bankruptcy laws, filing for bankruptcy has changed drastically. It's not as easy to file for chapter 7 bankruptcy, and there are New Jersey bankruptcy rules. You should have a thorough understanding of what the process entails before you proceed, so you can make an already difficult process a little easier.

I recommend: NJLawNet.com offers a thorough question answer section regarding bankruptcy laws in New Jersey.

Get a New Jersey bankruptcy attorney

Like it or not, a good New Jersey bankruptcy lawyer is absolutely necessary when filing for bankruptcy in New Jersey, particularly when you have a business involved. The more assets you have, the more complicated your filing may be. You must find a good bankruptcy attorney in New Jersey to make a difficult process as smooth as possible.

I recommend: Bankruptcylawfirms.com is an excellent resource for finding New Jersey bankruptcy attorneys. You can search for attorneys by city, and the site also works as a good resource for New Jersey bankruptcy law. Meet with multiple bankruptcy lawyers in New Jersey to find the one with the best rates and the best expertise for your situation.

Tips & Tactics

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• •  Gather and fill out all of your paperwork early in the process. You don't want the proceeding held up because you haven't filled out the necessary paperwork.
• •  Don't settle on the first New Jersey Bankruptcy lawyers you talk to. Shop around, and find an attorney that you feel comfortable in dealing with such a personal aspect of your life.

New Jersey bankruptcy laws are a set of rules and regulations that govern and oversee the process of bankruptcy for individuals and businesses within the state. They offer certain protections and procedures that both defaulted borrowers and creditors must follow when dividing up or restructuring assets of a company going through the process.

Take the time to understand the basic principles of New Jersey bankruptcy laws so that you can see how they apply to your business in a time of need. Information on New Jersey bankruptcy law can be located everywhere from informational websites to the lawyers who practice bankruptcy law. Here are some informational resources to help get you started.

1. Seek out a New Jersey bankruptcy attorney for a consultation regarding bankruptcy law and how it relates to your business.

2. Find informational websites that cover New Jersey bankruptcy law for beginners.

3. Go to seminars or classes that cover New Jersey bankruptcy laws.

Action Steps
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Find New Jersey bankruptcy lawyers and have a consultation

Bankruptcy attorneys in New Jersey often offer free consultations services to potential clients regarding bankruptcy law and how it might relate to a given corporation. Take the time to seek out these firms and have a meeting so that you may understand the basics of how bankruptcy law works and the protections it offers to various businesses.

I recommend: Go to the official website for Purrazella and Purrazella. A law firm that specializes in bankruptcy cases, they offer consultations to potential clients. The law firm of Broege, Neumann, Fischer and Shaver offers consultation services on bankruptcy law as well.

Go to websites and databases that specialize in New Jersey bankruptcy law

There are many reputable websites that detail and outline the basic tenants associated with New Jersey bankruptcy law. These resources can provide quality information for the business or individual looking cursory information on New Jersey bankruptcy law.

I recommend: Visit the website for Bankruptcy Information.com for additional materials discussing the basic tenants of New Jersey bankruptcy law. Also the website for the New Jersey District is another informational resource on New Jersey bankruptcy for beginners.

Take seminars that discuss bankruptcy in New Jersey and the laws that apply

There are many seminars that are offered to business owners that will detail the basic principles associated with New Jersey bankruptcy law. It's a great way to take a crash course on the laws and how they might relate to your business. Take the time to enroll in one of these seminars so that you are up to date on the latest NJ bankruptcy laws.

I recommend: Go to the website for the New Jersey Institute for Continuing Legal Education for additional information on seminars that are offered that cover various aspects of New Jersey bankruptcy laws. Also, the website Merchant Circle details upcoming seminars that are to be held covering bankruptcy laws in New Jersey.

Take seminars that discuss bankruptcy in New Jersey and the laws that apply

There are many seminars that are offered to business owners that will detail the basic principles associated with New Jersey bankruptcy law. It's a great way to take a crash course on the laws and how they might relate to your business. Take the time to enroll in one of these seminars so that you are up to date on the latest NJ bankruptcy laws.

I recommend: Go to the website for the New Jersey Institute for Continuing Legal Education for additional information on seminars that are offered that cover various aspects of New Jersey bankruptcy laws. Also, the website Merchant Circle details upcoming seminars that are to be held covering bankruptcy laws in New Jersey.

Attorneys in New Jersey have a strong motivation to stay informed on New Jersey bankruptcy law news and trends. Attorneys must keep track of the latest rulings in cases involving New Jersey bankruptcy law. The state may alter its procedures at any time, which may change the way bankruptcy attorneys do their jobs. Attorneys also may want to know what the general public is saying about bankruptcy law, in order to correct any misconceptions their clients may have.

The best sources of information on news and trends for state of New Jersey bankruptcy laws may be grouped into the following three categories:

1. State websites on NJ bankruptcy law. These sites are the best source of official procedures or court rulings on New Jersey bankruptcy law.
2. Independent sources of news on New Jersey bankruptcy laws, such as blogs, magazines and newspapers. These sources are the most likely to provide news and opinions on bankruptcy law that do not rely on any particular business or lobby group.
3. Legal professionals. Bankruptcy attorneys may be able to provide inside news and information on bankruptcy law.
   

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Review state websites to get official news and information on NJ bankruptcy laws

New Jersey government websites are the best places to get the latest news about New Jersey bankruptcy law. A New Jersey government website also may publish the state statutes to help attorneys stay informed on the latest legislation that relates to New Jersey bankruptcy law.

I recommend: The United States Bankruptcy Court - District of New Jersey provides news and announcements on bankruptcy laws in New Jersey. The New Jersey Judiciary has current press releases for New Jersey homeowners in bankruptcy.

Study independent sources of news and trends on New Jersey bankruptcy laws

Universities, law libraries and news outlets frequently report on recent court cases and legislative updates on New Jersey bankruptcy law. Attorneys also may keep blogs or journals on bankruptcy law in New Jersey.

I recommend: New Jersey Law Blog provides an update on a major bankruptcy case for a construction company in New Jersey. New Jersey On-Line has a recent article on a bankruptcy by a major golf course builder in New Jersey.

Get inside news on bankruptcy law from a New Jersey bankruptcy attorney

New Jersey bankruptcy lawyers frequently have information on New Jersey law that is unavailable elsewhere. Bankruptcy attorneys may publish newsletters or full length articles on a particular aspect of bankruptcy law in New Jersey.

I recommend: Detzky & Hunter is a NJ bankruptcy lawyer and publishes a regular newsletter on bankruptcy law. Ferro and Ferro Law Offices in New Jersey provides recent news on bankruptcy cases.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Bankruptcy laws in New Jersey are specified in Title 11 of the United States Code and are typically identified by the relevant chapter. For example, a Chapter 7 bankruptcy is a basic liquidation of individual assets and comprises the majority of bankruptcies for individuals. The second most common bankruptcy for individuals is a Chapter 13 bankruptcy, which is designed for individuals with a source of income who can make regular payments.