Get Legal Help With Chapter 13 Bankruptcy
Are you having trouble paying the mortgage and facing foreclosure? Do you have other secured debts that you cannot pay? Chapter 13 bankruptcy may be a way to resolve the issue without losing your home, car or other possessions.
At John H. Anlian, Attorney at Law, in Fairview, our Chapter 13 bankruptcy attorney John H. Anlian brings more than 40 years of experience in bankruptcy law. He has the knowledge necessary to determine whether you qualify for Chapter 13 or whether Chapter 7 is a better fit. Learn more about whether Chapter 13 bankruptcy is the appropriate solution for you today by contacting our firm.
How Does Chapter 13 Work?
Chapter 13 bankruptcy is also known as the “wage earner’s plan” and applies mostly to secured debts such as your mortgage and car loan. Certain other debts may be included in the plan if they are eligible. Attorney Anlian will review your income and debts when discussing this option with you.
Chapter 13 involves extensive negotiations with creditors to create a repayment plan and allows you to keep your property under certain conditions. All debts are consolidated into a single monthly payment scheduled for repayment over three to five years.
A trustee appointed by the court manages your bankruptcy and distributes payments to your creditors on your behalf. However, if you fail to cover your monthly installments, you may not be able to renegotiate the terms of your debt and will return to the payment conditions you were subject to before filing for bankruptcy.
Other Benefits Of Chapter 13 Bankruptcy
As with Chapter 7, Chapter 13 also provides the protection of the automatic stay. When you file, creditors cannot contact you about the debt or garnish your wages, in most cases. They may not call you, harass you, send you letters, or come to your house or your workplace. Any collection activities must halt while the bankruptcy is in progress, although foreclosure may only be halted temporarily.
Can You Keep Your Home And Car If You File Chapter 13 Bankruptcy?
Yes, you can keep your home and car as long as you continue to make the payments according to the repayment plan. If you cannot make the payments, however, the plan will fail and you may lose these assets to foreclosure or repossession.
Contact Our Chapter 13 Bankruptcy Lawyer In New Jersey Today
Attorney Anlian can discuss your bankruptcy needs in a free, confidential consultation. Call our Fairview law office at 201-942-5002 or fill out this online contact form to schedule an appointment.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.