NJ Lawyers | Middlesex County Bankruptcy Law | South Plainfield
South Plainfield | 07080
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 Plainfield 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. 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.
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 South Plainfield NJ, give him a call today to see what options are available. 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.
Under your Chapter 13 repayment plan, you must include a plan to pay certain debts in full. Called 'priority debts', these debts are considered to be more important that other debts and can jump the line to the head of the bankruptcy repayment plan. These debts include things like taxes that are due and owing as well as child support payments. 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 South 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.
South Plainfield | 07080
Chapter 7 Personal Bankruptcy Attorneys in South Plainfield, NJ
07080 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 Plainfield | 07080Related topics: what is chapter 7 bankruptcy, chapter 7 bankruptcy, bankruptcy chapter 7 attorney, chapter 7 bankruptcy attorneys, bankruptcy chapter 7, bankruptcy attorneys, bankruptcy lawyers, bankruptcy law attorneys, bankruptcy laws, bankruptcy lawyers
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