If you’ve been overwhelmed with debt from credit cards, medical expenses, or college loans, sometimes filing bankruptcy allows you to regroup and get your finances under control. Bankruptcy can also get debt collectors off your back so you’re not constantly stressed out about what you owe them. If you want some time to reorganize your debts so you can keep your head above water, then filing for bankruptcy may help you.
Qualifying for Chapter 13 Bankruptcy
When you’re considering a bankruptcy to get your financial affairs back in order, you can file a Chapter 7 bankruptcy to liquidate your assets and pay what you owe. However, if there are secured assets that you wish to keep, then you should contact a Chapter 13 bankruptcy attorney in Lincoln Park, NJ to see if a Chapter 13 bankruptcy is the best option for your circumstances.
Even though bankruptcies are adjudicated in federal bankruptcy court, the states can make laws about filing for bankruptcy and which type people may use. In New Jersey, a Chapter 13 can be filed to stop foreclosure proceedings on houses, to keep cars from being repossessed, and to pay back taxes as well as to stop accruing tax debt. A Chapter 13 bankruptcy attorney can help you find out if you qualify for this type of bankruptcy by going over the requirements for it.
Chapter 13 Procedures
Attorneys from the Law Offices of Larry Bruce Goodman can explain how the bankruptcy process works for Chapter 13 bankruptcies. When filing for this bankruptcy, your attorney will propose a three- to five-year repayment plan to your creditors, which will be used to pay off all or part of what you owe them. If they choose to accept the proposal, a Chapter 13 bankruptcy attorney can negotiate payment amounts and to help you get back on your financial feet.