Michael McLaughlin LLC Offers experienced Representation in Bankruptcy Proceeding

Practice Areas

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 experienced 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.