A person’s financial life, much like any other part of life, can have ups and downs. Sometimes, people find themselves in financial dire straits that they did not intend or plan for. This can cause extreme stress, and can make it difficult to see any workable end in sight. If you’re in a situation like this, you might feel overwhelmed, alone, and at a loss for what to do next.
Thankfully, there’s help. If you are in the Somerville, New Jersey area, attorney Michael McLaughlin can guide you through to financial resolution and freedom. He brings years of financial reorganization and bankruptcy experience to the table, as well as his stellar reputation as one of the best bankruptcy attorneys in the New Jersey legal community.
If you’re looking for representation with the logistical intelligence of an accountant but the passion, eloquence, and rhetorical skill of an attorney, Michael McLaughlin is the attorney for you. He cares deeply about his clients and their financial wellbeing, and will work tirelessly to make sure they get the best possible outcome from any bankruptcy, financial reorganization, or other financial legal process. He will help you find real solutions to your financial problems, however complex or severe.
Michael McLaughlin has several areas of focus in his practice. These include:
- Personal Bankruptcy: Though bankruptcy is often stigmatized and treated like a dirty word, it is actually better described as a tool that can be used to reorganize your debts and to eliminate debts that you have no real chance of paying off. In the right scenarios, bankruptcy offers people a second chance at a fresh financial start.
Personal bankruptcy is a tool used to reorganize and eliminate the debts of individual people. There are two major types of personal bankruptcy, including:
- Chapter 7 Bankruptcy: This is the type of bankruptcy people are often referring to when discussing personal bankruptcy. In order to declare Chapter 7, you must be at or below the median state income. Filing can help individuals wipe out many different types of personal debt, including medical debt, credit card debt and other unsecured debts, usually by liquidating assets. However, there are scenarios in which people can still keep some or most of their assets while still declaring Chapter 7.
- Chapter 13 Bankruptcy: Chapter 13 bankruptcy allows individuals with regular income to re-organize their debt and prevent foreclosure on properties by laying out a payment plan over time (usually 3-5 years).
- Business Bankruptcy: Businesses can also file for bankruptcy. This does not always function as the end of the business. In fact, a number of successful businesses have bankruptcies in their past, including Apple, Chrysler, and Marvel Entertainment.
- Mr. McLaughlin has represented many businesses through complex Chapter 11 bankruptcy proceedings. Filing for Chapter 11 involves laying out and committing to a repayment plan over time, which allows businesses the time and flexibility to reorganize and repay their debts.
- CARES Act: Since the COVID-19 Crisis began in 2020, several legal measures have been enacted by both the State of New Jersey and the Federal Government. This includes the CARES (Coronavirus Aid Relief and Economic Security) Act that Congress passed in March of 2020. Michael McLaughlin has become a leading expert in what those laws and measures mean for bankruptcy, foreclosure, and debt reorganization in New Jersey. He is equipped to handle any personal or business bankruptcy matter affected by the new laws and mandates.
Financial difficulties can be daunting even in the best of circumstances. In today’s circumstances, you need all the help you can get. Michael McLaughlin provides that help to the Somerville, NJ community and beyond. Don’t live another day saddled by anxiety. Get a handle on your finances and get your life back on track. Call (908) 373-8500 or reach out online for a free consultation today.