New Jersey Attorney Details How Bankruptcy Can Help Someone
New Jersey Bankruptcy law may possibly allow you to achieve the following: stop all creditors’ telephone calls and collection letters; stop bank and property levies; stop wage attachments; reinstate drivers’ license, if suspended solely due to fines or surcharges; stop utility shutoff; reinstate utility service; ease support arrears’ payments; stop automobile repossession; get back auto after repossession; pay taxes through the bankruptcy plan, and/or possibly eliminate all or a portion of a tax liability; and, stop law suits.
A New Jersey Chapter 7 bankruptcy filing is usually referred to in terms of obtaining a fresh start. In a Chapter 7 case, the court allows individuals to keep certain exempt property, while discharging all unsecured debt. Unsecured debt is debt that is not related to an interest in property, such as a house or an automobile Additionally, secured debt is also discharged, if the debt is not reaffirmed. A debtor must pay a secured debt, such as a mortgage or auto financing, if he wishes to keep the property. Similar to a chapter 13, there are specific criteria for filing a chapter 7, based on one’s financial situation and assets. There are no monthly payments in a chapter 7.
A New Jersey chapter 13 bankruptcy requires the debtor to make monthly trustee payments. A chapter 13 may permit a person to eliminate all or a portion of their debt, if she does not meet the chapter 7 criteria. Additionally, a chapter 13 plan may allow a person to save an auto from repossession and a house from foreclosure.
Under Chapter 13 bankruptcy protection, an individual is allowed the opportunity to payoff their mortgage arrears over a 36 to 60 month period. Saving your house by paying your mortgage arrears through the plan is your right and the law. The mortgage company must allow you to pay off the arrears in this manner, without their consent.
Typically, the longer the bankruptcy plan, the lower the monthly bankruptcy trustee payments. Under most circumstances, the individual must continue paying their regular monthly mortgage payments, in addition to making their monthly bankruptcy trustee payments. The monthly bankruptcy trustee payment may require disbursement to various creditors, depending on the type of creditors, your financial situation, and the kind of property owned.
You may contact Robert Manchel at 866 503 5644 to discuss the benefits of filing a bankruptcy case in New Jersey.