You’ve probably heard that you can’t file for bankruptcy more than once. This isn’t true. [..]
Chapter 13 Bankruptcy Attorneys
Filing for Chapter 13 Bankruptcy in Camden County and Throughout Central and South Jersey
If you find yourself overwhelmed by debt and in need of a little financial assistance, bankruptcy might be your best path toward getting a fresh start. When it comes to filing for bankruptcy protection, it is important to know that there are different types of bankruptcy options available to you. Depending on your specific financial circumstances, it may be in your best interests to file for Chapter 7 or Chapter 13. While Chapter 7 bankruptcy can be helpful for many individuals facing debt, sometimes Chapter 13 offers a more favorable alternative because it gives you time to pay back your debt and avoid foreclosure.
At the law firm of Brenner Spiller & Archer, LLP, our experienced, effective Chapter 13 bankruptcy lawyers can help you decide if Chapter 13 is the right option for your particular situation. If it is, we will provide the counsel and representation necessary to guide you through the process. New Jersey bankruptcy attorney Brad Spiller is dedicated to helping clients throughout Central Jersey and Southern Jersey get a fresh financial start through Chapter 7 and Chapter 13 bankruptcies. We have four offices conveniently located to help you in Collingswood, Mt. Holly, Vineland and Freehold.
Chapter 13 Bankruptcy Can Protect Your Assets
One of the main reasons that a person might decide to file for Chapter 13 bankruptcy is to prevent a home foreclosure. Instead of simply liquidating assets in a Chapter 7, a person filing for Chapter 13 can exempt certain assets while setting up a payment plan to make good on outstanding debts, including mortgage arrears, taxes and car payments. A major factor in determining the exact details of a Chapter 13 payment plan is a calculation of the debtor’s income and expenses.
Additionally, sometimes Chapter 13 is an option for people who don’t qualify for Chapter 7 bankruptcy through the means test. That’s because certain high-income individuals in New Jersey can only apply for Chapter 7 after passing a means test that determines whether they can currently pay back creditors and whether their unsecured debts ought to be paid back through Chapter 13 instead.
Benefits of Chapter 13 Bankruptcy
Chapter 13 bankruptcies offer many substantial benefits and have helped countless individuals get out from underneath the burden of debt. If you need time to repay your debts, Chapter 13 can help you protect both your short-term financial interests and your long-term financial interests. Some of the protections afforded by Chapter 13 bankruptcy include:
- Even if you are not current with mortgage payments, a Chapter 13 filing can help you to stop foreclosure proceedings and keep your home.
- You can pay back your outstanding debts over an extended period, which usually runs between three and five years. Once the payment plan is concluded, the debt you owe to your creditors will be discharged.
- You will only be required to pay back certain debts, such as income taxes and mortgage arrears, while credit cards, medical bills and other debts can potentially be wiped out.
- Mortgage lien stripping during Chapter 13 bankruptcy may allow you to “strip off” a second or third mortgage or “cram down” an unreasonable car loan.
It is important to be fully prepared for your bankruptcy before you file. Gathering income statements, copies of credit card statements, other bills and important financial documents right away will help save you time in the future. It is also crucial that you speak with a qualified NJ bankruptcy lawyer who specializes in this area of law. We have four offices conveniently located throughout South Jersey, including Collingswood, Mt. Holly, Vineland and Freehold. Contact us today.
Contact Our Camden County Debt Relief Lawyers to Discuss Chapter 13 Bankruptcy
When deciding whether bankruptcy is right for you, it is also necessary to examine the different types of debt management options that are available, including Chapter 13 bankruptcy, Chapter 7 bankruptcy and loan modification. The knowledgeable, experienced debt relief and bankruptcy attorneys at Brenner Spiller & Archer, LLP can let you know whether a debt reorganization plan is right for you. Contact our Chapter 13 bankruptcy attorneys online to schedule a free consultation to discuss your financial situation.