NJ Lawyers | Middlesex County Bankruptcy Law | South Bound Brook
South Bound Brook | 08880
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 South Bound Brook 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. 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.
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 South Bound Brook NJ can greatly benefit from their sound advice. Contact them today. 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.
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 South Bound Brook 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.
South Bound Brook | 08880
Chapter 7 Personal Bankruptcy Lawyers in South Bound Brook, NJ
08880 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 | South Bound Brook | 08880Related topics: bankruptcy chapter 7, what is chapter 13 bankruptcy, bankruptcy chapter 7 attorney, chapter 7 bankruptcy attorneys, what is chapter 7 bankruptcy, bankruptcy attorneys, bankruptcy lawyer, bankruptcy law, bankruptcy law attorney, bankruptcy lawyers
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