Bankruptcy Attorney in Passaic, New Jersey

Founded in 2005, Torres Legal is a Law Firm based in Passaic, NJ whose goal is to provide individuals in need with competent legal representation.

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Law Offices of Jose R. Torres

Filing for bankruptcy, as an individual, married couple or as a company, can be a highly effective tool for people that need to make adjustments to their financial situation in order to move forward with their lives, their business, or both. Depending on the qualifying debt, income, and a variety of other factors that must be considered, the type of bankruptcy that is pursued will vary. In certain cases, a corporation or individual may determine that they simply need to restructure their debts so that they can continue to operate and retain their property and assets. In other instances, the correct option is to file for Chapter 7 bankruptcy which will liquidate or wipe out the debtors (qualifying) debts. This is accomplished through the bankruptcy discharge, a judicial order that releases debtors from personal liability from specific debts and prohibits creditors from ever taking any action against the debtor to collect those debts.

Firm Overview

In order to determine the best way to move forward, it is important to work with a bankruptcy attorney in New Jersey who can help you identify all possible options, understand the pros and cons of each option, and then help you move forward with the filing all the way until your bankruptcy is confirmed. An experienced attorney will ensure that you have addressed all issues and take the appropriate actions for each step of your bankruptcy. Our effective legal representation is essential to make certain that you are able to use this powerful legal tool for your financial situation.

Read more below to get a general idea of some aspects of bankruptcy that we can help you with, starting with some common bankruptcy options and their basic functions. Contact us as soon as possible for an initial consultation, where we will be able to speak directly about your situation and get a clear understanding of your needs and how we can help. The sooner you contact the team at Torres Legal, the sooner we will be able to start on your process, so reach out to us today.

Common Types of Bankruptcy

There are several types of bankruptcy options available pursuant to The Bankruptcy Code or Bankruptcy Law, which is codified as title 11 of the United States Code, but some are more common than others. Typically, an individual, married couple or a sole proprietorship business may apply for either a Chapter 7 or a Chapter 13 bankruptcy depending on their needs and desired outcome, and in certain cases a larger business will file for Chapter 11 bankruptcy. Read below to get a better idea of each of these common options. Whether you previously filed or need to determine if another type of bankruptcy is right for you, contact us now so we can begin to develop a plan immediately.

Chapter 7 bankruptcy is a common option for individuals or businesses and is intended to function as a “liquidation” that relieves the filer or “debtor” of most of their debts (there are some exceptions, such as student loans and child support) including credit card debts, medical bills, utility bills, most lawsuit judgments and rent. In Chapter 7 bankruptcy, the debtor’s assets are liquidated in order to pay back what is possible. If a business files for Chapter 7, then the company is liquidated and closed down.

Once the initial paperwork is filed for Chapter 7 bankruptcy, the law requires that an “automatic stay” goes into effect which will bar all of your creditors and any debt collectors to contact you with any attempt to collect debts. Additionally, you can avoid evictio or having your utilities disconnected and in any cases can get back things that were repossessed. This stay will remain for a set period of time while you will be able to fill out the necessary forms, attend courses, and more.

There are various ways that the Chapter 7 filer can seek to “reaffirm” some of their debts and assets in order to keep the debts, remain making payments, and keep the asset—such as a home or a primary vehicle. Once we are working together, we will be able to go through all of your financial situations and determine how we will get you the best results for your specific needs.

Chapter 11 is a very different form of bankruptcy than Chapter 7, starting with the fact that it is primarily used for businesses, although it can also be used by individuals with very specific financial circumstances. A Chapter 11 bankruptcy is a “restructuring” option, as opposed to the liquidation that happens when Chapter 7 is confirmed, meaning that the company will be allowed the opportunity to restructure under the control of an agreement between the debtor and creditors, and continually monitored until satisfied.

In many cases, a court-appointed official may be installed to control the business while it is restructuring, in order to ensure that the plan is being adhered to and all court requirements are met. This option is good for businesses that have a strong chance of recovering from their financial situation but need to restructure the debt and repayment in order to keep the business running. If a business seems to be beyond saving, then there is the option of Chapter 7 available.

Chapter 13 bankruptcy is another “restructuring” form of bankruptcy, typically utilized by individuals instead of businesses. Much like Chapter 11 for a business, Chapter 13 can allow debtors to keep their assets secured and have an opportunity to reach a new agreement with their creditors. In order to complete this type of bankruptcy, there is a lot of work that you will need to do with the courts and your creditors in order to reach a finalized agreement that will allow you to move forward with the proposed plan.

In addition to being able to keep your assets, Chapter 13 will also protect any co-signers that you may have on any of your debts; however, filing for Chapter 7 will clear you of your obligations but will keep your co-signers legally accountable for repayment.

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A fundamental goal of the federal bankruptcy law is to give debtors a "fresh start" from burdensome debts. The Supreme Court made the point beautifully in a 1934 decision saying that “[Bankruptcy] gives to the honest but unfortunate debtor…a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt.

Choosing which type of bankruptcy to file and how to get your discharge can be complicated depending on your particular situation, and everyone is expected to meet extensive requirements set forth by the courts (and in some cases, your creditors), you will find that an experienced bankruptcy attorney is a necessity to remain calm and focused. Working with the team at Torres Legal is one of the best ways that you can file for a New Jersey or bankruptcy with the confidence and experience that you need and deserve in order to get the best possible outcome for your case.

"Mr.Torres made my first time need for legal representation very effortless. All phone calls were answered promptly and questions answered professionaly, thoroughly and patiently. I highly recommend Mr. Torres to anyone needing legal representation as plaintiff or defendant!"


Regine Price
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"Mr. Torres and his staff were beyond helpful, responsive to all our concerns and fears. Filing for bankruptcy can be a very scary, especially reading the internet and seeing all the negative impacts about filing. Mr. Torres and his team basically held our hands and calmed our fears. Not only did he explain the process but he kept us in the loop about the what the next steps were and how the hearing would go. I would recommend Mr. Torres for not only bankruptcy but other legal services."


Carlos Castillo
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"Jose Torres and his team are extremely professional and ensured that I was educated on the process of my case every step of the way. I highly recommend them for legal services."


Patrick Vera
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"Very professional, with experience, very punctual, excellent human quality. Very honest. The secretary is the best, always answers the phone and helps you."


Fanny Colon
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"Very professional and knowledge.."


Indiana Henriquez
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"Mr. Torres was professional and understanding when dealing with my case and compared to other attorneys in the area he was most reasonable with what he charged. Will definitely come back again for legal help in the future."


In_Retrograde
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"a month ago- (Translated by Google) The attention was very good, the lady at the desk was very friendly at all times, lawyer Jose Torres was excellent recommend. (Original) La atención fue muy buena , la señorita de la recepción fue en todo momento muy amable,el abogado José torres fue excelente lo recomiendo."


Jose Damaso
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"(Translated by Google) It is the best of all thank you very much I recommend it a thousand times (Original) Es el mejor de todos muchas gracias lo recomiendo mil veces"


Ruben Vega
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"(Translated by Google) When I was looking for a good lawyer in the city of Passaic, where I live, I found the name of the lawyer Torres and it seemed like a good idea to make an appointment and stop by his offices for a consultation and attention there from the first moment with Miss. UREÑA who attends the Front Desk was very kind, then with the lawyer NAVDEEP K. TUCKER and in the end with the lawyer JOSE TORRES with whom I went to the first and only appointment with the Court, the handling of my case was very professional and successful . In short, all the attention with this team of professionals has been excellent, I have no complaint and I recommend them 100% (Original) Cuando estaba buscando un buen abogado en la ciudad de Passaic, lugar donde vivo, encontré el nombre del abogado Torres y me pareció una buena idea hacer cita y pasar por sus oficinas para una consulta y la atención allí desde el primer momento con la Srta. UREÑA que atiende en el Front Desk fué muy amable, luego con la abogada NAVDEEP K. TUCKER y al final con el abogado JOSE TORRES con quien fui a la primera y única cita con la Corte, el manejo de mi caso fué muy profesional y exitoso. En fín toda la atencíon con éste team de profesionales ha sido excelente, no tengo la mínima queja y los recomiendo 100%"


yayo antelo
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"(Translated by Google) Excellent attention and performance (Original) Excelente atención y desempeño"


Karina Antoniello
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