NJ Lawyers | Middlesex County Bankruptcy Law | Fanwood
Fanwood | 07023
Before you can think about filing for Chapter 13 bankruptcy, you must be able to show that you are eligible to file for it. Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy uses your income to pay off your creditors for the money you owe. If your income is too low, or if it is not regular, then you may not be able to make payments according to the schedule and you will not be eligible for Chapter 13 bankruptcy. Speak to a seasoned personal bankruptcy law attorney, such as Vince Maverick, to discuss all your options when dealing with a bankruptcy case. He has assisted many individuals & businesses in Fanwood and throughout Middlesex County, NJ. A bankruptcy filing under Chapter 13 is often referred to as 'reorganization'. The filer will usually keep all of his or her property and will pay back debts in monthly payments according to a plan. The payment period is three to five years. At the end of the payment period, the filer receives a discharge of certain remaining debts. There are limitations on discharges, and other conditions apply in a Chapter 13 Bankruptcy. Chapter 13 is available to individuals and to businesses that operate as a sole proprietorship.
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 Fanwood NJ can greatly rely on the sound advice by these experienced bankruptcy attorneys. Call them today to get started right away. The bankruptcy court appoints a trustee for each bankruptcy case. The trustee is responsible for overseeing the case to ensure that the debtor files the appropriate documents. The trustee must also determine whether the sale of nonexempt property will produce enough income to pay creditors. If property is unlikely to generate substantial compensation in comparison with the time and effort needed to sell the property, the trustee will likely allow the debtor to keep the nonexempt property.
Payments on any secured debts have to be included in the plan (such as car or home payments). In addition, if you have fallen behind on any of these secured debt payments, these late payments should also be included in the repayment plan. There are often situations that may befall you where you will become unable to make payments on your repayment plan. For instance, if you lost your job after getting into the repayment plan, the bankruptcy trustee may be able to modify your repayment plan to match your new circumstances. If you have stuck to it, at the end of your repayment plan, all of your remaining debts that are eligible to be discharged will be wiped out by the bankruptcy court. However, before a court can discharge your debts, you must show the judge that you are current on all of your non-dischargeable debts, and that you have completed a budget counseling course at an agency that is approved by the United State's Trustee's office. For more information on this, contact the experienced chapter 13 bankruptcy attorneys at Maverick & Peters, LLC today. If you need help with bankruptcy in Fanwood or surrounding cities within Middlesex County NJ, call our bankruptcy law firm today to get the legal assistance you deserve.
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.
Fanwood | 07023
Chapter 7 Personal Bankruptcy Attorneys in Fanwood, NJ
07023 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 | Fanwood | 07023Related topics: what is chapter 7 bankruptcy, chapter 7 bankruptcy, personal bankruptcy, chapter 7 bankruptcy attorneys, bankruptcy chapter 7, bankruptcy attorney, bankruptcy lawyers, bankruptcy law attorneys, bankruptcy law firms, bankruptcy attorney
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