Caring, Friendly Chapter 13 Bankruptcy Attorneys
Filing for Chapter 13 Bankruptcy in Camden County and Throughout Central and South Jersey
Are you overwhelmed by debt and need financial assistance? Bankruptcy might be the best way to get a fresh start.
There are different types of options available when it comes to filing for bankruptcy protection. Depending on your specific financial circumstances, it may be in your best interest to file for Chapter 7 or Chapter 13.
Chapter 7 bankruptcy can be helpful for many individuals facing debt, but Chapter 13 might offer a better alternative because it gives you time to pay back your debt and avoid foreclosure.
At the law firm of Brenner Spiller & Archer, LLP, our experienced, caring Chapter 13 bankruptcy lawyers can help you decide if Chapter 13 is the right option for your situation. If it is, we will provide the counsel and representation necessary to guide you through the process.
New Jersey bankruptcy attorney Brad Spiller is dedicated to helping clients throughout Central Jersey and Southern Jersey get a fresh financial start through Chapter 7 and Chapter 13 bankruptcies. We have four offices conveniently located to help you in West Berlin, Mt. Holly, Vineland, and Freehold.
Chapter 13 Bankruptcy Can Protect Your Assets
One of the main reasons to file for Chapter 13 bankruptcy is to prevent a home foreclosure. Instead of simply liquidating assets in Chapter 7, filing for Chapter 13 can exempt certain assets while setting up a payment plan to make good on outstanding debts, including mortgage arrears, taxes, and car payments. A major factor in determining the exact details of a Chapter 13 payment plan is a calculation of the debtor’s income and expenses.
Additionally, Chapter 13 is an option for people who don’t qualify for Chapter 7 bankruptcy through the means test. That’s because certain high-income individuals in New Jersey can only apply for Chapter 7 after passing a means test that determines whether they can currently pay back creditors and whether their unsecured debts ought to be paid back through Chapter 13 instead.
Benefits of Chapter 13 Bankruptcy
Chapter 13 bankruptcies offer many substantial benefits and have helped countless individuals get out from underneath the burden of debt. If you need time to repay your debts, Chapter 13 can help you protect both your short-term financial interests and your long-term financial interests. Some of the protections afforded by Chapter 13 bankruptcy include:
- Stopping foreclosure proceedings and keeping your home.
- You can pay back your outstanding debts over an extended period, which usually runs between three and five years. Once the payment plan is concluded, the debt you owe to your creditors will be discharged.
- You will only be required to pay back certain debts, such as income taxes and mortgage arrears, while credit cards, medical bills and other debts can potentially be wiped out.
- Mortgage lien stripping during Chapter 13 bankruptcy may allow you to “strip off” a second or third mortgage or “cram down” an unreasonable car loan.
It is important to be fully prepared for your bankruptcy before you file. Gathering income statements, copies of credit card statements, other bills and important financial documents right away will help save you time in the future. It is also crucial that you speak with a qualified NJ bankruptcy lawyer who specializes in this area of law.
Contact Our Camden County Debt Relief Lawyers to Discuss Chapter 13 Bankruptcy
At Brenner Spiller & Archer, LLP, we provide friendly, caring and affordable legal services. We serve clients throughout central and south Jersey with offices in West Berlin, Mount Holly, Vineland, and Freehold. If you need a bankruptcy attorney, call 856.963.5000 today to schedule your free consultation.