Chapter 13 Bankruptcy
It is important to understand the differences between Chapter 13 bankruptcy and Chapter 7 bankruptcy before making a decision about which type of bankruptcy petition to file. This is especially true if past-due mortgage payments are one of the primary reasons you are considering bankruptcy.
Attorney Andrew M. Wolfenson is a seasoned New Jersey bankruptcy lawyer with almost two decades’ relevant legal experience. Mr. Wolfenson operates a small law practice with offices in Union and Cedar Knolls, and our law firm practices in both of New Jersey’s bankruptcy courts — in Newark and Trenton.
Every client of our law firm works directly with Mr. Wolfenson from start to finish. We never pass off your case to a paralegal or a junior attorney. From your first appointment, we will explain in full detail the difference between Chapter 13 bankruptcy and Chapter 7 bankruptcy, determine which form of bankruptcy you qualify for and then guide you through every step of the process if you decide to file a bankruptcy petition.
Chapter 13 Bankruptcy: Debt Consolidation Bankruptcy
Chapter 13 bankruptcy usually works best in situations where a person has suffered a major financial setback — but the setback is temporary. For example, a person loses a job due to illness and falls behind on mortgage payments. The illness has been treated, the person has returned to seeking work, but has fallen behind on mortgage payments and doesn’t want to lose his or her house.
With a Chapter 13 bankruptcy petition, the debtor proposes a repayment plan for a time period of up to five years. Through this process, the debtor will normally have to pay all secured debts, such as mortgage arrearages, in full. The debtor may, however, seek to pay back only a portion of other debts, such as credit cards, to make the plan feasible. At the successful conclusion of the plan, all of the debts listed in the petition and paid through the plan are considered paid in full.
Chapter 13 bankruptcy is a lengthier and more intricate process than the Chapter 7 bankruptcy option. However, Chapter 13 is still an excellent option — especially for individuals whose incomes or assets are too high for them to qualify for Chapter 7.
At the law offices of Andrew M. Wolfenson, Esq., P.C., we handle your Chapter 13 bankruptcy petition from start to finish. We file the original petition and repayment plan, represent you at the trustee meeting and the plan confirmation hearing, and then help you monitor compliance with the repayment plan so that you don’t inadvertently invalidate the bankruptcy plan by failing to make promised payments.
Free Attorney Consultation
Don’t hide from your debt any longer. Take affirmative action that can help you create a debt-free future. Talk to an experienced New Jersey bankruptcy lawyer today. Contact our office to schedule an appointment with Andrew M. Wolfenson, Esq., P.C. The initial appointment is always free of charge.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.