NJ Lawyers | Middlesex County Bankruptcy Law | Colonia
Colonia | 07067
In a Chapter 7 bankruptcy you must give any non-exempt property that you have in exchange for most of your debts being wiped out. Unlike this liquidation process, during a Chapter 13 bankruptcy, you will not have to fork over any property. Instead, you will be required to make a structured repayment plan that shows how you will use your income to pay off your debts over time, typically three to five years. Contact the personal bankruptcy attorneys at Maverick & Peters, LLC to get expertise advice regarding your bankruptcy situation. They are ready to provide assistance to families throughout Colonia and New Jersey. In Chapter 13 bankruptcy, instead of selling off all relevant assets to pay creditors, a person will set up a repayment plan that uses their income to gradually eliminate their debt. Chapter 13 bankruptcy has its own set of rules and eligibility requirements.
A debtor may choose to file for either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. While a Chapter 13 bankruptcy reorganizes debt into a repayment plan, a Chapter 7 bankruptcy, also known as a 'liquidation' bankruptcy, erases all debt that is legally capable of expungement. Chapter 7 bankruptcy rules determine who qualifies, how to file, and what debt is eligible for discharge. However, if the filer's income is above the state's median, the bankruptcy court will require the filer to take a 'means test' in order to establish eligibility for Chapter 7. The means test prevents filers with the ability to repay creditors from discharging debt. A debtor must attend credit counseling prior to filing for Chapter 7. Upon completion of credit-counseling with an agency approved by the United States Trustee, the debtor can file for bankruptcy with a local bankruptcy court.
A debtor is required to provide information about income, debt, expenditures, creditor holdings of secured and unsecured debt, the sale of prior property, and a list of exempt property. The chapter 7 bankruptcy lawyers at Maverick & Peters, LLC can walk you through each step of the way during this difficult phase of your life. Businesses & individuals in Colonia NJ can greatly rely on the sound advice by these experienced bankruptcy attorneys. Call them today to get started right away. An automatic stay will prevent wage garnishment, filing of liens, and the seizure of a debtor's property such as a house, a car, or a bank account. If the bankruptcy court dismisses a case, the automatic stay also terminates and the creditor may commence collection activities.
Perhaps the most important, and most tricky, part of a Chapter 13 bankruptcy will be the repayment plan. This paperwork will describe, in minute detail, how much you will pay to which creditors to pay down your debts. Although there is no standardized, official form to be used, many courts have developed their own that may be useful for you in making your repayment plan. As a general rule, if your average monthly income for the six months prior to your bankruptcy filing was more than the median income for your state, you will have to propose a repayment plan that is five years long. If, on the other hand, your average income for the same time period is less than the median income for the state, then you will propose a three year repayment plan. However, if you pay off all of your debts in full before the end of the repayment plan, your repayment plan will end. If making payments on the repayment plan would pose an undue hardship (if you were hospitalized for a long period of time), a bankruptcy judge may decide to discharge your debts. Chapter 13 bankruptcy attorney, Vince Maverick, can help you navigate through the complexities of bankruptcy law in Colonia NJ. Get the help you deserve by calling him today.
Personal Bankruptcy Lawyers serving South Plainfield, Avenel, Bound Brook, Clark, Colonia, Dunellen, Edison, Fanwood, Fords, Green Brook, Iselin, Metuchen, Middlesex, North Plainfield, Piscataway, Plainfield, Rahway, Scotch Plains, South Bound Brook, Warren, Woodbridge, and throughout Middlesex County.
Colonia | 07067
Chapter 7 Personal Bankruptcy Attorneys in Colonia, NJ
07067 Bankruptcy Law Firm
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Maverick & Peters, LLC 114 Oak Tree Ave, South Plainfield, NJ 07080 (908) 899-1661 http://www.SouthPlainfieldAttorneys.com/
Chapter 7 and 13 Bankruptcy Lawyers in New Jersey
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Maverick & Peters, LLC specializes in the following Practice Areas: Accident Law, Bankruptcy Law, Business Law, Civil Law, Criminal Law, Divorce & Family Law, Employment Law, Estate Planning Law, General Practice Law, Immigration Law, Injury Law, Real Estate Law, and more.Attorneys | Bankruptcy Law | Colonia | 07067Related topics: what is chapter 7 bankruptcy, chapter 13 bankruptcy, bankruptcy chapter 7 attorney, chapter 7 bankruptcy law, what is chapter 7 bankruptcy, bankruptcy attorneys, bankruptcy lawyer, bankruptcy law attorneys, bankruptcy laws, bankruptcy attorneys
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