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.
   

Action Steps
The best contacts and resources to help you get it done

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.

Action Steps
The best contacts and resources to help you get it done

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

Helpful advice for making the most of this Guide

• •  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.