Deciding if you should file a Chapter 13 bankruptcy case is a very important decision that you should not enter into lightly. Chapter 13 bankruptcies require a commitment from you of monthly bankruptcy payments for the next three to five years. During this time, you are prohibited from selling assets or going into debt.
While the advantages of filing a Chapter 13 case far exceed these minimal requirements, deciding to file a Chapter 13 bankruptcy case is still a big decision that you should not make alone.
The Law Office of Travis J. Richards has been helping individuals just like you decide whether filing bankruptcy is their best option to resolve their financial problems. We explore all of your options, including filing a Chapter 13 bankruptcy case, before we offer our expert legal advice as to what debt resolution option is best for your financial situation. Travis J. Richards is committed to finding not only an affordable solution but the best solution to your debt problems.
Why Should I File A Chapter 13 Bankruptcy Case?
Below are several situations in which you may find filing a Chapter 13 case to be the most expedient way to solve your debt problems. However, keep in mind that these are not all of the reasons why you may need a Chapter 13 case and each individual’s situation is different.
- Am I facing foreclosure or repossession? If you are behind on your house payments or your car payments, filing a Chapter 13 case will stop all collection efforts so that you can keep your home and your car. You will be able to catch up the past due payments through your bankruptcy plan.
- I do not qualify for a Chapter 7 case. Some debtors earn too much money to qualify for a Chapter 7 case; however, they can still reorganize their debts and find relief from financial problems in a Chapter 13 bankruptcy. Instead of paying the full amount you owe to your unsecured creditors, you can pay pennies on the dollar to resolve your debt problems. This allows you to recover from a financial crisis and protect what you have worked so hard to earn.
- I owe spousal or child support arrearage. If you are facing jail time, you may be able to avoid jail by filing a Chapter 13 case to catch up your domestic support arrearage. You must make all future payments on time; however, you may avoid jail time and clean up your financial problems all with one solution.
- My wages are being garnished. If a creditor is garnishing your wages (i.e. tax liens), filing a Chapter 13 will stop those garnishments and allow you to pay the debts back through your Chapter 13 plan.
Schedule A Free Consultation With An Experienced New Jersey Bankruptcy Attorney
Deciding what chapter of bankruptcy to file can have a huge impact on your financial future. Before making any decisions or making changes to your financial situation, you need the advice of an experienced Mount Holly bankruptcy attorney.
Travis J. Richards and his staff are here to assist you with your financial problems. We focus our services on bankruptcy, debt consolidation and credit repair. We offer free bankruptcy consultations during normal business hours as well as on weekends and after-hours.
Call our office at 609-267-5297 or use our convenient online contact form to schedule an appointment today.
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