Song Law Firm · Practice Areas

NJ & NY Bankruptcy Lawyer

Direct consultations in 한국어, 中文, and English — no interpreters.

For Korean-American and Chinese-American families and small businesses facing overwhelming debt — a direct path to relief under Chapter 7, Chapter 13, and Chapter 11 / Subchapter V, with cross-border asset and trustee experience.

3Dedicated Bankruptcy Attorneys

NJ · NYFederal Bankruptcy Court Admissions

한·영·중Direct Counsel, No Interpreter

01 · Our Team

Three Attorneys, One Mission — Your Fresh Start.

Bankruptcy is a financial reset, not a personal failure. Our team handles every aspect from initial Means Test through 341 Meeting and discharge — with senior attorney oversight from day one.

Joseph D. Song, Esq.

Founder · Managing Attorney

Former Fortune 500 CEO. NJ·NY·TX·GA bar admissions. Two decades of business and personal bankruptcy strategy combining business insight with legal authority.

Howard Z. Myerowitz, Esq.

Senior Bankruptcy Counsel

Decades of NJ federal bankruptcy court practice. Lead counsel on complex Chapter 7, Chapter 13, and Chapter 11 cases. Trustee negotiation specialist.

Joshua S. Lee, Esq.

Associate · Consumer Bankruptcy

Hands-on Chapter 7 and Chapter 13 case management. Direct client relationships from intake through 341 Meeting and discharge order.

02 · Practice Scope

Comprehensive Bankruptcy & Debt Relief.

From individual debt overwhelm to small business reorganization — matched to your specific circumstances, family obligations, and long-term goals.

CHAPTER 7

Personal Liquidation Bankruptcy

Discharge of unsecured debts (credit cards, medical bills, personal loans) in 4-6 months. Most clients keep their home, car, retirement accounts, and necessary personal property through NJ exemptions.

Means Test qualification (NJ median income comparison)
NJ homestead exemption strategy ($25,150 federal or NJ state)
Retirement account (401(k), IRA) protection
Wage garnishment and bank levy immediate stop

CHAPTER 13

Reorganization & Mortgage Cure

3-5 year court-supervised repayment plan. Ideal for homeowners behind on mortgage payments, those exceeding Means Test, or with non-dischargeable taxes/student loans needing restructure.

Mortgage arrearage cure over 60 months
Vehicle loan cram-down (older vehicles)
Tax debt restructuring (priority and non-priority)
Co-signer protection (uncommon advantage over Chapter 7)

CHAPTER 11 / SUB V

Small Business Reorganization

Restaurants, salons, retail, professional services facing landlord, supplier, or SBA loan crisis. Subchapter V (2020) streamlined process for businesses under $7.5M debt limit.

Commercial lease rejection or restructure
SBA EIDL / PPP loan workout
Supplier and vendor debt negotiation
Operational continuity during reorganization

CROSS-BORDER

Korean & Chinese Asset Disclosures

Korean-American and Chinese-American debtors face unique disclosure obligations — Korean real estate, Hong Kong/Shanghai accounts, family business stakes. Failure to disclose = denial of discharge.

FBAR and Form 8938 coordination with bankruptcy schedules
Korean / Chinese inheritance and family business interests
Offshore account exemption analysis
Trustee interview preparation in Korean / Chinese

FORECLOSURE DEFENSE

Save Your Home from Foreclosure

NJ foreclosure timeline is among the longest in the country (avg 3+ years) but ends with sheriff’s sale. Chapter 13 automatic stay halts sale immediately; loan modification or surrender negotiated.

Automatic stay against scheduled sheriff’s sale
NJ foreclosure mediation program coordination
Loan modification negotiation
HOA and tax lien resolution

CREDITOR DEFENSE

Pre-Bankruptcy Creditor Harassment

NJ Consumer Fraud Act and Federal FDCPA provide tools to stop creditor harassment even before bankruptcy filing. Sometimes debt settlement resolves matters without bankruptcy.

Cease & Desist letters under FDCPA
Wage garnishment and bank levy challenges
Debt settlement (40-60% typical) negotiation
Debt validation under FDCPA Section 809

03 · Critical Window

When Timing Changes Everything.

Bankruptcy law has unforgiving deadlines. Acting at the right moment preserves options that disappear if you wait.

90 DAYS

Pre-filing Credit Card Charges

Charges of $725+ per creditor within 90 days of filing are presumed non-dischargeable as “luxury goods.” Cash advances within 70 days carry similar presumption. Strategic timing of filing matters significantly.

1 YEAR

Property Transfers to Family

Asset transfers to family within 1 year (or 2 years for “insiders”) can be clawed back by the trustee as fraudulent conveyances. Korean / Chinese family wealth transfers especially scrutinized.

2 YEARS

Means Test Income Lookback

Chapter 7 qualification uses 6-month average income before filing. Strategic timing — waiting a few months after a bonus or job change — can change Means Test result by tens of thousands of dollars.

8 YEARS

Between Chapter 7 Discharges

Cannot receive another Chapter 7 discharge within 8 years. Chapter 13 → Chapter 7 has 4-year rule. If you’ve filed before, timing is critical.

TODAY

Wage Garnishment, Bank Levy, Foreclosure Sale

The automatic stay activates the instant bankruptcy is filed. If your wages are being garnished, account levied, or home headed to sheriff’s sale — filing today stops it immediately. Even partial preparation allows emergency filing.

04 · Results

Outcomes — Defined by Our Clients’ Success.

Representative results across consumer and small business cases. Past results do not guarantee future outcomes.

CHAPTER 7

$80,000

Credit card and medical debt eliminated for Bergen County family. Home and retirement preserved.

PRE-BANKRUPTCY

$150,000

Personal guaranty debt resolved via creditor workout after pandemic restaurant closure. Avoided bankruptcy entirely.

CHAPTER 13

3 yr

Mortgage arrearage cured for Korean-American family in Fort Lee. Home saved, $45,000 unsecured debt discharged.

05 · Questions Answered

Bankruptcy Questions, Answered Directly.

Will I lose my house if I file Chapter 7 bankruptcy?

Most clients keep their home. NJ allows election between federal and state exemptions. The federal homestead exemption protects up to $27,900 of home equity per filer ($55,800 for married couple). If equity exceeds the exemption but you can pay the trustee the excess (or there is no realizable equity after mortgage), the home is preserved. Chapter 13 provides additional tools for homes with substantial equity.

Can I keep my car?

Yes, in most cases. Federal vehicle exemption protects up to $4,450 of equity. If you are current on payments and want to keep the car, you can either reaffirm the loan or, in Chapter 13, modify the loan terms. For older vehicles in Chapter 13, “cram-down” reduces the loan to the car’s actual value.

What about my 401(k) and IRA?

Retirement accounts are protected. 401(k), 403(b), and pension plans are fully exempt under ERISA. IRAs are exempt up to $1,512,350 (2024 limit, adjusted periodically). Withdrawing retirement funds to pay creditors before filing is generally a mistake — you lose protected money to pay debts that bankruptcy would discharge.

Will bankruptcy stop wage garnishment immediately?

Yes. The automatic stay (11 USC § 362) activates the moment the petition is filed and prohibits all collection activity, including wage garnishment, bank levies, lawsuits, and creditor calls. Employers and creditors are notified within days. Past garnished amounts (within 90 days of filing) may be recoverable as preference payments.

I own property in Korea / China — must I disclose it?

Yes, absolutely. Bankruptcy schedules require disclosure of all worldwide assets and income. Failure to disclose foreign property, business interests, or inheritance constitutes bankruptcy fraud (denial of discharge, criminal exposure). Our cross-border team coordinates Korean / Chinese real estate, business stakes, and family inheritance with U.S. bankruptcy filings.

Can my small restaurant or salon file Chapter 11 Subchapter V?

If total debt is under $7,500,000 (2024 limit), Subchapter V is designed exactly for small businesses. Much faster and less expensive than traditional Chapter 11. Owner retains control, plan confirmed in 90 days, repayment over 3-5 years. Ideal for Korean / Chinese-American restaurants, salons, retail stores facing pandemic-era debt or supplier crisis.

How does bankruptcy affect my credit score?

Initial drop of 100-200 points is typical. However, many clients see scores recover to mid-600s within 18-24 months because debt-to-income ratio dramatically improves. Most clients qualify for FHA mortgage 2 years after Chapter 7 discharge, conventional mortgage at 4 years.

Can I file bankruptcy if I am not a U.S. citizen?

Yes. Bankruptcy is available to anyone residing in or having property in the U.S., regardless of immigration status. However, immigration consequences must be evaluated — especially for green card applicants. Our team coordinates with immigration counsel when needed.

What does it cost to file bankruptcy with your firm?

Attorney fees depend on case complexity (Chapter, asset complexity, business involvement). Court filing fees: Chapter 7 = $338, Chapter 13 = $313, Chapter 11 Subchapter V = $1,738. Most consumer Chapter 7 cases are flat-fee. Initial consultation is free — we provide a clear written fee quote before engagement.

06 · Service Area

NJ & NY — Federal Bankruptcy Court Practice.

Federal bankruptcy courts in NJ (Newark, Trenton, Camden) and NY (Southern, Eastern Districts). Headquartered in Fort Lee — serving every county across NJ and NY metro.

Fort Lee · Bergen County

Edgewater · Cliffside Park · Englewood · Hackensack · Palisades Park · Ridgefield · Tenafly · Leonia · Fort Lee headquarters at Parker Plaza.

Hudson County

Jersey City · Hoboken · Union City · Weehawken · West New York · North Bergen. Federal Bankruptcy Court — District of NJ Newark Division.

Essex · Passaic · Morris

Newark · Paterson · Clifton · Wayne · Morristown · Parsippany. Strong Korean / Chinese business communities across northern NJ.

NY Manhattan · Bronx

Southern District of NY Bankruptcy Court. Federal court admissions for cross-border NJ-NY business and family cases.

NY Queens · Brooklyn · Long Island

Eastern District of NY. Flushing · Bayside · Astoria · Sunset Park Korean and Chinese American communities.

Central & South NJ

Edison · New Brunswick · Princeton · Cherry Hill · Marlton. Federal Bankruptcy Courts at Trenton and Camden.

07 · Recent Articles

Bankruptcy Insights & Updates.

Recent articles on NJ bankruptcy law, business reorganization, and cross-border debt strategy.

View All Articles

08 · Get in Touch

A Fresh Start Begins with One Conversation.

Free initial consultation. Direct counsel in Korean, Chinese, or English. No interpreters, no second-line staff — senior attorney on your matter from day one.

Call (201) 461-0031 Request Free Consultation

Parker Plaza, 400 Kelby St, 19th Floor, Fort Lee, NJ 07024 · office@songlawfirm.com