NJ Lawyers | Middlesex County Bankruptcy Law | Fords
Fords | 08863Before 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 Fords and throughout Middlesex County, NJ. 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. The means test assesses the filer's debt and income from the preceding six months. If the debtor has a certain amount of income leftover every month after paying creditors, the debtor will fail the means test. Under Chapter 7 bankruptcy rules, a debtor is ineligible under the following circumstances: a previous debt was discharged within the past eight years under Chapter 7; a previous debt was discharged within the past six years under Chapter 13; their income, expenses and debt would allow for a Chapter 13 filing; the debtor attempted to defraud creditors or the bankruptcy court; or the debtor failed to attend credit counseling. Once a debtor files for bankruptcy, the bankruptcy court will issue an automatic stay, or an 'Order for Relief'. An automatic stay protects a debtor from a creditor's attempt to collect on a debt during the bankruptcy process. In effect, all collection activities, including any pending lawsuits, must cease. Chapter 7 bankruptcy lawyer, Vince Maverick, can help you navigate through this difficult and unfortunate time of your life. If you're going through a bankruptcy in Fords NJ, give him a call today to see what options are available. 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. 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. The repayment plan must also show that if you have any disposable income after making payments on secured debts, that this money goes towards making payments on unsecured debts. It may not be required that you make payments if you do not have any disposable income, but you must show a good faith effort to repay your unsecured debts. 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 Fords 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.
Fords | 08863
Chapter 7 Personal Bankruptcy Lawyers in Fords, NJ
08863 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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Three Ways To Discuss Your Legal Issue - Complete the Quick Contact Form or - Call us at (908) 899-1661 or - Come visit us. We are conveniently located at: 114 Oak Tree Ave, South Plainfield, NJ 07080
Fords Law Firm - All Practice AreasMaverick & 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 | Fords | 08863
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