William H. Oliver, Jr. & Associates
Call today for a free consultation
Local 732-988-1500

Blog

Chapter 13: Let's get those bills taken care of!

Are you struggling to pay your bills and not sure how you will ever find your way out of debt? At William H. Oliver Jr. & Associates, we know exactly what you are going through because we help people in this situation every day of the week.

Depending on you situation, you may be an excellent candidate for the bankruptcy process. Before going into bankruptcy, though, you will have to determine whether Chapter 13 or Chapter 7 bankruptcy -- or some other debt resolution strategy -- is more appropriate for your needs. This article will discuss Chapter 13, which is the bankruptcy process that involves a court-approved repayment plan.

When most people hear about bankruptcy, they wrongly assume that it will involve the selling off of their assets, but this is Chapter 7 (liquidation), not Chapter 13 (reorganization). If you qualify for it, Chapter 13 bankruptcy will not require you to sell a dime.

In the Chapter 13 process, the court will review your income, assets and debt obligations. Then, it will determine how much time you need in order to pay off your debts and how much of a monthly payment you can reasonably afford to make. From this information, a debt repayment plan will be created -- one that you can afford. The debt repayment plan will last between three and five years. If, after this time period, any debts mentioned in the plan still exist, then they will be forgiven.

Just like Chapter 7, Chapter 13 is not for everyone. However, it can be particularly appropriate for a New Jersey resident who is about to lose his or her home. Indeed, Chapter 13 can halt the foreclosure process dead in its tracks. Even if your home was repossessed and put up on the auction block, you may be able to reverse such a scenario and keep your property.

By speaking with a qualified bankruptcy attorney, New Jersey residents can learn more about their legal rights and options when it comes to these kinds of legal proceedings. Do you have a bankruptcy-related issue? William H. Oliver Jr. & Associates is here to help.

No Comments

Leave a comment
Comment Information

Get A Free Lawyer Consultation

With offices in Toms River and Neptune, attorney William H. Oliver is ready to answer your questions and help you find the right debt relief solution. Evening and Saturday appointments are available. Call local: 732-988-1500 or fill out our contact form.

Email Us For a Response

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Toms River Office
609 Main Street
Toms River, NJ 08753

Fax: 732-775-7404
Toms River Law Office Map

Neptune Office
2240 State Route 33
Neptune, NJ 07753

Phone: 732-341-1550
Fax: 732-775-7404
Neptune Law Office Map

visa, master card, american express, discover network