New Jersey Bankruptcy Attorneys
Giannantonio & Roth: Chapter 13 Bankruptcy Lawyers
Chapter 13 Bankruptcy is a good option for debtors who have regular, steady incomes and who wish to pay off their creditors over a scheduled time period, usually between 3 and 5 years. Chapter 13 bankruptcy transfers control of your debt from your creditors to the bankruptcy courts. The courts will then determine how and when your debts are to be paid, generally creating scheduled payments to one’s creditors for full-satisfaction of the debt. Many New Jersey residents choose Chapter 13 bankruptcy because it offers them the chance at repaying debts on better terms with little or no interest. Unlike Chapter 7 bankruptcy, which liquidates a person’s assets in order to pay off debts, Chapter 13 bankruptcy will allow the debtor to pay off debts over a scheduled period of time without having to forfeit any property.
Filing Chapter 13 Bankruptcy
In order to be eligible for Chapter 13 bankruptcy, a debtor must receive credit counseling from an approved credit counseling agency within 180 days of filing a petition for bankruptcy. A petition must be filed with a bankruptcy court which provides the following information:
-
Schedules of assets and liabilities.
-
A schedule of current income and expenditures.
-
A schedule of executory contracts and unexpired leases.
-
A statement of financial affairs.
-
A certificate of credit counseling and a copy of any debt repayment plan developed through credit counseling.
-
Evidence of payment from an employer.
-
A statement of monthly net income and any anticipated increase in income or expenses after filing.
-
A record of any interest the debtor has in federal or state qualified education or tuition accounts
The repayment plan proposal is one of the most important aspects of successfully filing Chapter 13 bankruptcy. In order to qualify for Chapter 13 bankruptcy, the repayment plan must follow specific guidelines. Here at Giannantonio & Roth, we will help you draft this plan and ensure it satisfies the requirements so that you can begin to regain control over your finances.
Contact an attorney at Giannantonio & Roth today to discuss your eligibility for Chapter 13 bankruptcy!