Control Your Debt With Chapter 13 Bankruptcy
When job loss, medical emergencies, divorce or other events clear your savings and leave you overwhelmed with debt, it can feel like getting things under control is impossible. Instead of assuming that you will need to find a way to pay all the debt, Chapter 13 bankruptcy can give you the chance to reorganize it into a plan that works for you.
At Law Offices of Sklar Smith-Sklar, we provide our clients throughout New Jersey with the representation they deserve in their bankruptcy needs. We treat our clients with respect and compassion as we lead them through their bankruptcy plan. One of the many ways our attorneys help our clients is by explaining the details of Chapter 13 bankruptcy and how it can benefit them.
What Chapter 13 Bankruptcy Offers
Instead of selling off all your assets to pay off your debts through Chapter 7 bankruptcy, Chapter 13 bankruptcy allows you to reorganize your debt into a new repayment plan. This plan usually has a repayment timeframe between three and five years. If the debtor makes all of their payments during this time, any remaining debt will be discharged. The size of the monthly payment depends on the debtor’s available disposable income and the value of their nonexempt assets.
Another added benefit of bankruptcy is the automatic stay that happens once you file a petition. This stay will prevent any efforts from collection agencies to collect your debt. During the length of the repayment plan, creditors will not be able to harass you about the debt and can suffer legal consequences of they do.
This bankruptcy option lets applicants keep their major assets like their homes and cars, and give them a fresh start once they have finished their repayment. No matter what stage of the bankruptcy process you are in, we are here for you at any time, and prepared to guide you through the rest of it. We can also help you file other forms of bankruptcy beside Chapter 13.
We Are Here To Help
Bankruptcy is not a sign of failure or bad money skills. Anyone can find themselves in need of the benefits of bankruptcy even with the best financial planning, and we want to be the ones who help them through it. If you are ready to meet with an experienced lawyer that you can count on, call us at 609-568-7877 or email us here to schedule your initial consultation today.