WHAT TYPE OF BANKRUPTCY SHOULD I FILE IN NEW JERSEY
A New Jersey Bankruptcy filed under either Chapter 7 or Chapter 13 can be complicated and difficult. Not all debts are dischargeable, meaning that they will survive a bankruptcy filing. If you have any questions as to whether your debts can be eliminated by a New Jersey Bankruptcy filing please contact our office to discuss you case with a New Jersey Bankruptcy attorney.
New Jersey Bankruptcy Lawyer
New Jersey Bankruptcy Law
Our firm specializes in New Jersey Personal Bankruptcy Law. We assist people through the complicated and confusing Bankruptcy process. Whether you need to file a Chapter 7 or Chapter 13 Bankruptcy we can help you obtain a fresh start and gain relief from your creditors. As New Jersey Bankruptcy Lawyers we can assit you through the process of obtaining debt relief.
New Jersey Chapter Seven Bankruptcy requires that you are eligible for the relief under this portion of the Bankruptcy Code. To qualify you must earn under the state median income for individuals and family size. The current 2014 limits are $60,317 for single filers, $70,150 for two family member households, $85,575 for Three member households, and $103,946 for four member households. These limits also require that you earn more than a certain percentage of your unsecured debt and are subject to other requirements. Please call for an opinion as to whether you can qualify for relief under Chapter 7. Find out more here on Chapter Seven Bankruptcy.
New Jersey Chapter Thirteen Bankruptcy requires that you file a Plan to repay some or all of your debts. The amount of your repayment is dependent on your income and expenses. You must pay back your creditors at least what they would have received under a hypothetical Chapter 7 test and all of your disposable income. Chapter 13 Plans range from 36 months to 60 months maximum. Find out more here about Chapter Thirteen Bankruptcy.
Credit Counseling Requirements under the 2005 Code amendments you are now required to complete two counseling courses for either a Chapter 7 or 13 case. The first is a pre-filing class that takes approximately 1/2 hour to complete. The class must be completed prior to any bankruptcy filing. The second class is a Debtor Education Course and takes approximately two hours to complete. A list of New Jersey Approved Prefiling and Debt Counseling Facilities is provided in the link.
Modifying Your New Jersey Mortgage in Bankruptcy The New Jersey Bankruptcy Court has authorized a Mediation Home Loss Prevention Program to help consumers in jeopardy of losing their homes, whether or not the homes are in foreclosure at the time of filing bankruptcy, modify their home mortgages. The requirements are that the debtor apply for the program at least three days prior to the first 341 (a) Meeting of Creditors hearing date. A creditor can apply at any time. The court also needs to approve any compromise reached by the parties. A New Jersey Bankruptcy Lawyer can assit you with all Bankruptcy matters.
We are a debt relief agency we help people file for relief under the Bankruptcy Code
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