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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.

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At the law offices of William H. Oliver, Jr. & Associates in Toms River and Lakewood, New Jersey, we represent clients in Toms River, Neptune, Trenton, Middletown, Red Bank, Wall, Lakewood, Lakehurst, Manchester, Asbury Park, Old Bridge, Jamesburg, Barnegat, Forked River, Manahawkin, Ocean Township, Brick, Manasquan, Howell, Freehold, Hazlet, Bradley Beach, Brown Mills, Long Branch, Keansburg, Marlboro, Bayville, Beachwood, Whiting, Sayreville, South River, East Brunswick, Monmouth County, Ocean County, Middlesex County, Burlington County and Mercer County.