How a Lawyer Can Help You With Chapter 13 Bankruptcy

There are a variety of different types of bankruptcy which serve to help individuals have a clean slate, financially. In most bankruptcy scenarios, debtors will have the ability to walk away from their debts that get discharged. The two most common types of bankruptcy are Chapter 7 and Chapter 13, and these methods apply to individuals; not corporations of partnerships. Bankruptcy can get complicated, and each case is examined individually, so it is important to know that discharge of all debt is not guaranteed for everyone, in every situation.

Filing for bankruptcy is never a simple decision to come to; it is very severe, and it offers relief for those in dire situations. If you are considering filing for Chapter 13 bankruptcy, it is strongly advised that you discuss your case with a bankruptcy attorney prior to filing to ensure it is the best course of action, and to ensure every aspect of your case is handled with utmost professionalism to ensure the best outcome for you.

Chapter 13 Bankruptcy is an option for filing for bankruptcy for those who will not benefit best from Chapter 7 bankruptcy. This type of bankruptcy usually applies to people who have a steady source of income, who need assistance with handling their amount of debt. Chapter 13 bankruptcy enables them a way to repay debt, without having to deal with creditors. There are limitations to Chapter 13 and the types of debt that are exempt.

The greatest benefit of Chapter 13 is that it enables people to prevent their homes from going into foreclosure. With a Chapter 13 filing, foreclosure proceedings can be halted, and this may even help the filer with the possibility of getting extensions on late mortgage payments with the ability to pay them over time. All mortgage payments due during the case will be required to be paid on time, however. Additionally, this form of bankruptcy will require the debtor to repay certain debts, with the possibility of extending them through a plan with the Chapter 13 filing. Most plans in a Chapter 13 plan will be somewhere between a minimum of 36 months long, to a maximum of 60 months. The aim of a plan is to lower payments overall to satisfy the debts.

One of the main benefits of Chapter 13 bankruptcy is that it serves as a loan for consolidation, enabling individuals to pay off debt through their Chapter 13 plan. The payments are made to a Chapter 13 trustee, who works as a middleman between the payer and the creditors. The trustee is responsible for distributing the payments made to the creditors, ensuring that the filer will have no contact with their creditors as part of the protection awarded by Chapter 13.

If you are considering filing for Chapter 13 bankruptcy, contact the Law Office of Stuart M. Nachbar for more information and to schedule a consultation. Having an experienced bankruptcy lawyer is one of the best things you can do for your situation. Because legal matters tend to be complex, it is best to have the guidance of a legal representative to help ensure every detail is covered, and all paperwork is accurately completed and submitted according to the legal guidelines. Improperly filing can be devastating, so do not take the risk.


You can reach the Law Office Stuart M. Nachbar at:

The Law Office of Stuart M. Nachbar, P.C.

354 Eisenhower Pkwy, Plaza 1 Suite 2025

Livingston, New Jersey 07039



By |2018-05-18T19:51:00+00:00May 18th, 2018|Bankruptcy|0 Comments

About the Author:

I have been representing clients of all types for over 20 years, working with personal injury clients, representing people before numerous Municipal courts throughout Bergen, Essex, Morris, Union, and Passaic Counties and assisting persons in the Superior Court in complex litigation throughout the state.

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