NJ Lawyers | Middlesex County Bankruptcy Law | Plainfield
Plainfield | 07060Before 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 Plainfield and throughout Middlesex County, NJ. Chapter 7 bankruptcy allows debtors to get rid of most, if not all, of their debts and start over with a clean slate. 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. Income criteria established by bankruptcy law determine which debtors may file for Chapter 7 bankruptcy. In order to qualify under income guidelines, a filer's income must be equal to or fall below the median income in the filer's state. Every state has different income guidelines. A filer that falls within a state's income criteria may file for Chapter 7. 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. Exempt property is property that Chapter 7 bankruptcy rules allow a debtor to keep. Each state has its own guidelines, but exempt property typically includes clothing, furniture, and cars. The chapter 7 bankruptcy lawyers at Maverick & Peters, LLC are ready to answer your questions and discuss your options. Residents of Plainfield NJ can greatly benefit from their sound advice. Contact them today. There are certain debt limits that may prevent you from filing for Chapter 13 bankruptcy. As of January, 2010, if you have secured debts that exceed $1,010,650 or unsecured debts of more than $336,900, you are not eligible to file for Chapter 13 bankruptcy. An unsecured debt is one where your creditor does not have the right to take a specific item of property if the debt is not repaid. Conversely, a secured debt is one where a creditor 'secures' the loan by your promise that the creditor is allowed to take a specific item of property the debt is not paid. 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. 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. You may also be able to convert your Chapter 13 reorganization bankruptcy to a Chapter 7 liquidation bankruptcy. The seasoned chapter 13 bankruptcy attorneys at Maverick & Peters, LLC are ready to step in to provide individuals & businesses with strong advice and aggressive representation to defend your rights in Plainfield and throughout Middlesex County NJ. 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.
Plainfield | 07060
Chapter 7 Personal Bankruptcy Attorneys in Plainfield, NJ
07060, 07061, 07062, 07063, 07069 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
Plainfield 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 | Plainfield | 07060
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