People who do not meet the means test for filing under Chapter 7 could likely be eligible for Chapter 13 bankruptcy protection. Under Chapter 13, commonly known as "repayment bankruptcy," "wage-earner bankruptcy," or "debt reorganization," you will be repaying a portion of your debt during a specific time, typically ranging from three to five years.
This plan is drafted by your attorney, working in conjunction with the bankruptcy trustee (who represents your creditors); we will handle any negotiations with the trustee or other creditors regarding terms of the repayment plan and the nature or amount of any debt prior to its confirmation by the judge. Once you successfully execute the terms of your repayment plan, however, any remaining debt will be discharged by the court.
At the law firm of Tomes & Hanratty, P.C., we represent people interested in filing for Chapter 13 bankruptcy. We can evaluate your financial situation, prepare all necessary paperwork and represent you in any interactions with the court or creditors.
To schedule a meeting to discuss your case, contact the New Jersey Chapter 13 bankruptcy attorneys at Tomes & Hanratty, P.C. today. E-mail us or call us at 732.257.0601 or 1.866.NJLAWFIRM.
Home Foreclosure and Chapter 13 Bankruptcy
Chapter 13 allows you to restructure your preexisting debt, thus rolling past due amounts on things like your mortgage and car payments into the debt organization/repayment plan. You still need to make current and future payments, of course, since those are not included in your debt restructuring under the bankruptcy filing.
Meeting With Your Creditors - The 341 Meeting
After filing for either Chapter 7 or Chapter 13 bankruptcy, you are required to attend a meeting with your creditors. This meeting, often referred to as the " 341 meeting" after the bankruptcy code section that mandates it, provides an opportunity for creditors to ask you questions while you are under oath. Our attorneys will accompany you, advising and conferring with you should you need assistance.
Contact Chapter 13 Bankruptcy Attorneys at Tomes & Hanratty, P.C. Today
While you may have some reservations about filing for bankruptcy, it is an effective way to get out from under crushing debt, regain your financial footing, and get a fresh start. Because of the automatic stay provisions, you will also see an end to harassing phone calls and threatening letters from credits and collection agencies.
To learn more about Chapter 13, contact New Brunswick bankruptcy attorneys at Tomes & Hanratty, P.C. today to schedule an appointment and discuss your case.
