What is Chapter 13 Bankruptcy in New Jersey?

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There is nothing worse than finding yourself in debt and unable to pay it off. Unfortunately, many Americans wind up in this position every single year. If you’re in a significant amount of debt, it’s easy to get overwhelmed and not take action, however, this is by far the worst thing you can do. If you’re receiving notice from creditors about your debt, the time to act is now. There are several actions you may take, but it’s always best to first consult with a competent attorney who can help inform you of your options and work towards the best solution possible. One potential option for those in deep debt in New Jersey is filing for Chapter 13 bankruptcy. Please continue reading and reach out to a knowledgeable Bergen County Chapter 13 bankruptcy lawyer from Boyd & Squitieri to learn more about this type of bankruptcy and whether it’s right for you. Here are some of the questions you may have:

Who qualifies for Chapter 13 bankruptcy in the state of New Jersey?

Unfortunately, Chapter 13 bankruptcy isn’t for everyone, but that’s okay–if you don’t qualify for Chapter 13 bankruptcy, you may qualify for Chapter 7 bankruptcy instead. That said, to qualify for Chapter 13 bankruptcy, you must have a regular income and owe noncontingent, liquidated unsecured debt that is within the limitations established in the Bankruptcy Code.

Can filing for bankruptcy in New Jersey help me keep my home?

There are many benefits to filing for bankruptcy here in New Jersey. Most notably, when a person files for bankruptcy, they will be granted an Automatic Stay, which forces creditors to stop all collection activities until the process is complete. This means that, fortunately, people who complete the Chapter 13 bankruptcy process can keep their homes and most of their other possessions and assets. In Chapter 13 bankruptcy, you and your attorney can work out a repayment plan that allows you to pay off your debts at a more manageable rate. For many, this is a breath of fresh air. If you think you may qualify for Chapter 13 bankruptcy in New Jersey or you’re otherwise in debt and are looking for a way out, please don’t hesitate to reach out to Boyd & Squitieri. We’ve helped many people struggling with their finances in the past, and we’re prepared to assist you as well.

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Whether you’re facing sex crime charges, require assistance filing for bankruptcy, or are looking to go through foreclosure mediation, Contact the Law Office Boyd & Squitieri today.