New Jersey Chapter 13 Bankruptcy Attorney

Filing for Chapter 13 in New Jersey

Bankruptcy is a difficult decision for anyone to make, but in these uncertain economic times, you may be even more worried about any drastic changes to your finances or credit. While it is understandable to be concerned, it is more important to be informed. There are many different forms of bankruptcy, and you should be talk with a  New Jersey bankruptcy lawyer from Liberty Credit Law, P.C. in order to ascertain which is the right fit for you.

Chapter 13 bankruptcy is very different from Chapter 7 bankruptcy, for example. With Chapter 13, your debts are not completely eliminated, but instead consolidated into one manageable monthly payment which you will make for three to five years. This repayment plan generally involves about 60% of your debt; the rest is forgiven, or eliminated.

The Benefits of Chapter 13 Bankruptcy

There are quite a few different reasons to file for Chapter 13 instead of Chapter 7. Chapter 7, for one, requires passage of the means test, which calculates your income and allowed expenses and determines whether you are eligible for complete debt relief. The main benefit of Chapter 13 is that it does not require that you liquidate any of your assets. Although you will still be repaying most of your debt, you will not lose any of your belongings.

The New Jersey bankruptcy attorneys at our firm are dedicated to helping our clients make their way to a more stable and secure future. We understand how troubling these times are, and we are ready to offer all of the legal and financial services we can.

Contact a New Jersey Chapter 13 Bankruptcy Lawyer at our office if you are feeling crushed by debt and you don't know how to get out of it.