Chapter 13 Bankruptcy

New Jersey Lawyer Explains Bankruptcy Modifications After Filing The chapter 7 process in New Jersey lasts about 4 months. After approximately 4 months, the debtor is completely out of the bankruptcy case with an order eliminating certain debt. No payments are required like a chapter 13 case. … [Read more...] about Can I Make Changes To A New Jersey Bankruptcy After The Filing?

Auto Financing in a Chapter 13 Bankruptcy Sometimes in a chapter 13, the debtor’s lease expires or the individual needs to purchase an automobile. In general, it is possible to obtain a lease or financing if the debtors meet the criteria. However, the criteria may be different depending on the … [Read more...] about New Jersey Bankruptcy Lawyer Advises On Obtaining A Lease Or Auto Financing In A Chapter 13

Your monthly payments in a chapter 13 are based on numerous criteria. A debtor must pay all of their monthly household disposable income through a chapter 13 plan or trustee payment, under virtually all circumstances.  Certain debt, such as priority (certain taxes) and secured debt (mortgage … [Read more...] about NJ Bankruptcy Lawyer Explains What happens If Income Changes After Filing A Chapter 13

In a chapter 13, a debtor may be able to cramdown the financing on personal property other than an automobile if the property was purchased by financing more than one year prior to the bankruptcy filing. This issue typically relates to financing on furniture. However, this code section generally … [Read more...] about Options For A Cramdown Of Personal Property Other Than An Auto in a NJ Bankruptcy

What is an automobile cramdown? A cramdown is applied in a chapter 13 case. In general, a secured creditor must be paid in full if a debtor is keeping the collateral (property). In other words, typically, someone who wishes to keep an auto, whom is behind with their finance payments, must pay the … [Read more...] about NJ Bankruptcy Lawyer Explains A Cramdown Of An Auto Finance Payment

Can I Keep luxury personal property in a chapter 13. A chapter 13 requires a debtor to pay monthly payments to a trustee for 36 to 60 months. A chapter 13 bankruptcy trustee will never sell a debtor’s luxury property. However, if the value of the property cannot be totally exempt, the debtor will … [Read more...] about Bankruptcy Lawyer Explains If Someone Can Keep Luxury Property In A New Jersey Chapter 13 Filing