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Myths & Facts

Myth: If you file bankruptcy you will lose all of the money you have in your 401(K), IRA, or employer provided pension plan.

Fact: Absolutely False.
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Lawyers Who Listen .... Counselors Who Care

The Law offices of Michael L. Detzky has been providing prompt, quality bankruptcy services in New Jersey to individuals and businesses since 1983. With offices in Freehold and Somerville, New Jersey we practice with a particular emphasis in the areas of consumer and business bankruptcy. What sets us apart from the rest? When dealing with us you will be represented directly by the senior partner, a New Jersey Bankruptcy lawyer with over 30 years experience, who will also appear in Court with you. Additionally, Michael Detzky's 15 years as a Bankruptcy Trustee gives you the confidence knowing that we'll approach your case with experienced knowledge from both angles.

Mr. Detzky has been awarded the prestigious AV rating by Martindale-Hubbell which identifies an attorney who has reached the heights of professional excellence and is recognized for the highest levels of skill and integrity.

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New Jersey Bankruptcy

The truth is that is you can still do most everything under the new bankruptcy law that you could do under the old law, though creditors and collection agencies want you to believe otherwise. There is still PLENTY of help for those seeking to eliminate debt, to get a fresh start under the Federal Bankruptcy Law.

Filing bankruptcy in NJ does a lot of things, but one of the main things it did under the old law, and still does under the new law, is to help you and other good, honest, hard-working people get rid of unsecured debts and keeps bill collectors under control. Find out if bankruptcy protection is right for you!

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NJ Bankruptcy Chapters 7 & 13

Chapter 7 is a section of the federal Bankruptcy Code that provides for outright cancellation of most types of personal debts without a repayment plan and for possible sale of some types of nonexempt property to pay such debts.

Also known as "straight bankruptcy," Chapter 7 is the most simple type of bankruptcy, because it is the process of liquidating property and using the proceeds to repay debts. Often, however, little property is actually liquidated because it is tied up in liens or classified as exempt from liquidation.

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