Are you struggling with debts that you cannot pay? Are you facing a foreclosure sale or the repossession of your vehicle? If so, filing a Chapter 13 bankruptcy case can save your home, protect your assets and solve your debt problems. However, filing a Chapter 13 bankruptcy and entering a repayment plan is something that you should do only after consulting with a New Jersey bankruptcy attorney. Your bankruptcy attorney will review your financial situation, discuss the pros and cons of filing bankruptcy and advise you of your best options for solving financial problems.
If filing Chapter 13 and proposing a repayment plan is your best alternative, Travis J. Richards and his team of legal professionals will help you through every step of the bankruptcy process. From working together to gather the necessary information to file bankruptcy to preparing the bankruptcy filing and attending court with you, our team is here to offer you support as your work to resolve your debt problems. We have filed hundreds of Chapter 13 cases to help people just like you. If you have questions about filing bankruptcy, contact our office at 609-267-5297 for a free consultation.
The Chapter 13 Repayment Plan
Chapter 13 is also referred to as a “wage earner’s plan” because the debtor is required to have a reliable income to qualify to file under Chapter 13. Each debtor must file a proposed repayment plan as part of his or her bankruptcy. The repayment plan outlines how the debtor intends to reorganize debts into a reasonable, affordable payment. A repayment plan can be fairly complex depending on the debtor’s financial situation; however, it must contain certain provisions as outlined in the Bankruptcy Code. Your bankruptcy attorney will draft the plan, review it with you and make sure that you understand each requirement before you sign the plan.
The repayment plan will require you to make monthly payments to a bankruptcy trustee for a specific number of months. Most plans are 60 months in length but there are some plans that are 36 months. The repayment plan addresses how your debts are to be paid (the amounts each creditor or group of creditors will receive), any debts that you will pay outside of the plan (i.e. your mortgage payments, future domestic support obligations, etc.) and any property you intend to surrender as part of your plan. It also contains several motions that your attorney may file to value property and avoid liens.
The Bankruptcy Discharge
Once you have paid all of the payments due under your repayment plan, the bankruptcy trustee will prepare a final accounting for the court. The court will then issue a bankruptcy discharge and close the case. The remaining balance owed for unsecured debt, with the exception of student loans and a few other rare types of unsecured debt, will be discharged and you will no longer be legally required to repay these debts.
Contact an Experienced Mount Holly Bankruptcy Attorney
Personal Approach, Professional Service, Affordable Payment Plans
The Law Office of Travis J. Richards, LLC is a full-service Mount Holly bankruptcy law firm focused on Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, debt consolidation, credit repair, tax liens, student loans and foreclosure. We represent clients in Burlington County and throughout South Jersey.
Contact our office at 609-267-5297 to schedule your free consultation to discuss bankruptcy and non-bankruptcy alternatives. You may also use our convenient online contact form and one of our friendly, professional staff members will contact you to answer your bankruptcy questions and/or schedule a free consultation with Travis J. Richards.
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