Bankruptcy is a legal option that offers financial relief for New Jersey residents. If you have overwhelming debt, Chapter 13 provides a way to deal with it on your terms. Many people wait too long before taking action due to the effect bankruptcy has on their credit....
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3 advantages of Chapter 13 bankruptcy
Bankruptcy in general offers you a lot of advantages. For example, once you file, collection actions against you stop immediately due to the automatic stay. Depending on your financial situation, you may have several bankruptcy options available to you. Chapter 13 is...
How long may a payment plan last with a Chapter 13 bankruptcy?
The length of a payment plan established by a Chapter 13 bankruptcy typically lasts between three and five years. If you earn less than New Jersey's average income, you may enter a plan for as little as three years. A higher-than-average monthly income, however, may...
What information do I need for my bankruptcy forms?
Once you decide to file bankruptcy, you will need to complete your bankruptcy petition. The forms that make up your petition require a vast amount of information about you and your financial situation. It is imperative that you fill out the forms completely and...
Managing student loan debt after bankruptcy
When debt gets out of control, filing for bankruptcy is a way out for many people in New Jersey. While declaring bankruptcy can affect someone's credit, it may be better in the long term to discharge debts before they default. It is thus wise to stop focusing on any...
Is bankruptcy the answer for your small business?
America’s recent economic decline has wreaked havoc with many small businesses and leaving their owners with increased debt and facing bankruptcy. Forbes notes that a recent U.S. Census Survey shows nearly 80% of small business owners are struggling with the changes...
Mortgage loan modification options may prevent foreclosure
If you are one of the many homeowners in New Jersey who are falling behind on their mortgage payments and facing foreclosure, you are likely looking for a way to keep your house. While Chapter 13 bankruptcy may be the answer for some, it may not be your only option. ...
The benefits of Chapter 13 bankruptcy
Bankruptcy is the last resort for most individuals in New Jersey. If if you struggle financially, it can help you get a handle on debt and improve your long-term situation. We often help clients create a plan and file for personal bankruptcy. According to the United...
Can you afford to file Chapter 13 bankruptcy?
It may seem odd to think that you cannot afford to file Chapter 13 bankruptcy, but that may happen to some people. Chapter 13 requires you to create and follow a repayment plan, so you must have enough money to honor the plan through completion, which is about three...
Restructure debt and eliminate a second mortgage with Chapter 13
Perhaps you have a steady income, but you are falling behind on many of your financial obligations. We often help people determine whether they may be able to file Chapter 13 bankruptcy and restore their financial equilibrium. According to the U.S. Bankruptcy Court,...
