Welcome to Lee Abt, NJ Bankruptcy Attorney

Lee Abt is a highly experienced bankruptcy attorney serving South and Central New Jersey. The office is located in Moorestown NJ, just minutes from the Moorestown Mall. 

Lee has been providing bankruptcy legal services for well over 30 years, and concentrates his practice on filing consumer and small business bankruptcies. This means that bankruptcy is, and has been for his entire legal career, his main and only focus.

Lee offers reasonable fees along with old-fashioned, compassionate service. Because he knows that the decision to file bankruptcy, can be a difficult one. And that many are stressed and anxious, blaming themselves for their financial situation.

Some are hesitant to look into bankruptcy because the word itself makes them feel defeated. Or makes them fear for their financial future.

It should not! And once you know the meaning, and a bit of the history, you will no longer fear it. You will hopefully be enlightened and relieved!

Bankruptcy does not mean broke, destitute or failure, as credit consolidators or the misinformed would like you to believe.

Bankruptcy is simply the name for the legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations. It offers a fresh start for people who can no longer afford to pay their bills.

The word “bankrupt” comes from the Italian word “banca rotta”, which means “broken bench.”  

During biblical times, money dealers worked from tables or benches. And when a money dealer ran out of money, his table or bench would be broken, so he could no longer work to earn wages.

From this egregious practice of breaking work benches, God stepped in to proclaim the following:

In Deuteronomy, Chapter 15, it states:

 “At the end of every seven years you shall grant a release of debts. And this is the form of the release: Every creditor who has lent anything to his neighbor shall release it; he shall not require it of his neighbor or his brother, because it is called the LORD’s release.”

These facts are not meant to push any type of religious beliefs. These facts are simply meant to inform you of what the meaning of bankruptcy is and where it originated. 

In modern times, the fundamental goal of the federal bankruptcy laws enacted by Congress is to give debtors a financial "fresh start" from burdensome debts. So they may continue to flourish and thrive.

Hopefully now you can see that the word bankruptcy does not mean one is poor or penniless. In fact, many who file for bankruptcy are financially more secure than before they filed. With a fresh start, they can greatly improve their credit rating as well as have more money for living expenses and more!

In over 30 years, Lee Abt has worked on thousands of NJ bankruptcy cases for good folks just like you. He understands that good people encounter hard times. And truly enjoys seeing his clients get back on their financial feet!

Lee enjoys hearing from his clients that they obtained a 700+ credit score shortly after bankruptcy. And many obtain an 800+ score. 

He also enjoys hearing from his clients that could not purchase a home prior to bankruptcy, went on to purchase a home. Or those who needed a vehicle were now able to purchase a vehicle. 

Lee always feels a true sense of joy knowing his clients have greatly benefited from filing bankruptcy. And that they overcame their fears generated from misconceptions about bankruptcy to take the painless steps to find out the facts. 

And if you want a bit more history on bankruptcy, check out the website page dedicated to famous people who filed for bankruptcy. Yes rich and famous. And if these protections are available and used by the wealthy, don’t you deserve a break as well?

To see if bankruptcy is right for you, Lee offers a free bankruptcy phone consultation to review your options and answer your questions.

Call or email today if you’d like to speak with Lee Abt, New Jersey Bankruptcy Lawyer. chapter 7 bankruptcy nj bankruptcy attorney

If you are being harassed by creditors, NJ bankruptcy attorney Lee Abt can help you put an end to the calls and letters. 

When your bankruptcy case is filed, the Bankruptcy Code automatically stops all collection actions against you, including lawsuits, repossessions, foreclosures, wage garnishments  and all harassment from your creditors.

It is a much welcomed relief to no longer be relentlessly bothered by creditors. Bankruptcy is a federal law that protects you from this kind of harassment!

Many today have mounting credit card debt, due to many factors such as the rising cost of living, loss of income, divorce, unforeseen life events and medical conditions. 

Add to this the fact that credit card companies charge very high interest rates, making it almost impossible to get out of debt. Most monthly minimum payments are almost all interest, with very little going toward principal. Often, the debt increases even while individuals make their monthly payments.

And if this sounds like your situation, you are certainly not alone. 

Just know that you do not have to be ”stuck” with credit card debt if you qualify for bankruptcy. And if you qualify, your property and vehicles are protected, as long as you are current with your payments. 

With a Chapter 7 bankruptcy, general unsecured debts such as credit cards, unsecured loans, medical bills, deficiencies from a repossession, and many other debts would be completely discharged. 

Child support, alimony, some income taxes and most student loans are not discharged in bankruptcy.

In a Chapter 7, there is no repayment plan and you can easily increase your credit score either during your Chapter 7, or as your bankruptcy is discharged. 

Your discharge comes about 3 months after the filing. And during that short period, you are protected from your creditors.

Lee would be happy to explain your bankruptcy options in detail, so you can quickly get back on your financial feet.

Filing for Chapter 13 bankruptcy can stop foreclosure proceedings that would have led to the forfeit of the debtor's home. A Chapter 13 can also stop a vehicle repossession.

Chapter 13 includes a plan payment where the debtor makes monthly payments to the court-appointed trustee. The trustee then disburses funds as outlined in the repayment plan that Lee Abt prepares and files.

The monthly plan payments essentially pay back the mortgage arrears and/or vehicle arrears over a 3 to 5 year plan. This option can also be used for income tax arrears, child support arrears, or arrears on any secured loan. 

Once the Chapter 13 is filed, debtors must continue to pay their monthly payments on secured debts, such as mortgages and car loans, in order to keep such property. Any arrears will be covered by the plan payments the debtor must make.

In a Chapter 13 plan, Debtors may only have to pay a portion of what they owe in unsecured debts, such as credit cards and medical bills. That portion could be a penny on every dollar or up to 100%, depending on income, expenses and a few other factors.

In many Chapter 13 cases, debtors are able to dully discharge all unsecured debts, paying zero to those pesky creditors!And 

Income tax obligations that cannot be discharged, can still be easily resolved in a bankruptcy.

Those tax obligations can be paid over a long term-out repayment plan in a Chapter 13. 

The Chapter 13 bankruptcy filing stops all further tax, interest and penalties from accruing, as of the date your case is filed. That can be a huge savings!

In addition, some income tax obligations can be discharged in a bankruptcy, if it has been 3 years or more since the subject tax return was filed. And if the taxing authority has not filed a lien against you.