{"id":478,"date":"2013-07-16T22:16:17","date_gmt":"2013-07-16T22:16:17","guid":{"rendered":"http:\/\/site13.webstuff.net\/?page_id=478"},"modified":"2019-06-04T05:40:22","modified_gmt":"2019-06-04T05:40:22","slug":"keeping-real-property-and-personal-property-in-chapter-13-bankruptcy","status":"publish","type":"page","link":"https:\/\/www.bankruptcylawyer-nj.com\/keeping-real-property-and-personal-property-in-chapter-13-bankruptcy\/","title":{"rendered":"Keeping Real Property and Personal Property in Chapter 13 Bankruptcy"},"content":{"rendered":"<p><em>Click here for information about <a href=\"\/keeping-real-property-and-personal-property-in-chapter-7-bankruptcy\/\">keeping property in a chapter 7 bankruptcy<\/a><\/em><\/p>\n<p>In a chapter 13, the New Jersey Bankruptcy Trustee will never sell a debtor&#8217;s property. However, if an asset or property has substantial unexempt equity, the debtor will be required to pay additional funds to the trustee towards the general unsecured debt. In other words, the general unsecured creditors are required to be paid the same amount that would be required if the debtor filed a chapter 7.<\/p>\n<p>The analysis regarding each and every piece of property is the same as if the debtor filed a chapter 7. In a chapter 13, the debtor may subtract from the residence&#8217;s fair market value, the appropriate exemption, plus 10% for the cost of sale, as in the following example:<\/p>\n<ul class=\"null\">\n<li>Fair market value of the residence;<\/li>\n<li>Mortgage payoff:<\/li>\n<li>Balance after subtracting the payoff<\/li>\n<li>Residence exemptions<\/li>\n<li>Approx. costs of sale<\/li>\n<li>Balance after subtracting exemptions and costs of sale<\/li>\n<\/ul>\n<ul class=\"null\">\n<li>$270,000.00<\/li>\n<li>$190,000.00<\/li>\n<li>$80,000.00<\/li>\n<li>$22,500.00<\/li>\n<li>$30,000.00<\/li>\n<li>$27,500.00<\/li>\n<\/ul>\n<div class=\"clear\"><\/div>\n<p>Based on the above example, a single debtor will be required to pay at least $27,500.00 of their general unsecured debt in a chapter 13. Please note that there are others factors that determine the total amount that must be paid to general unsecured creditors.<\/p>\n<p>The debtor must have the financial ability to make their monthly trustee payments, which must include the amount of $27,000.00 to be disbursed to their general unsecured creditors over the life of the bankruptcy plan. If the debtor is unable to make the trustee payments, he will be unable to continue with the <a href=\"\/nj-chapter-13-process\/\">chapter 13 bankruptcy case<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Click here for information about keeping property in a chapter 7 bankruptcy In a chapter 13, the New Jersey Bankruptcy Trustee will never sell a debtor&#8217;s property. However, if an asset or property has substantial unexempt equity, the debtor will be required to pay additional funds to the trustee towards the general unsecured debt. In [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"class_list":{"0":"post-478","1":"page","2":"type-page","3":"status-publish","5":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Jersey Property Bankruptcy Lawyers - New Jersey Chapter 13 Bankruptcy Attorneys<\/title>\n<meta name=\"description\" content=\"Contact NJ bankruptcy lawyer Robert Manchel at the Law Offices of Robert Manchel to discuss keeping property in a Chapter 13 bankruptcy in New Jersey.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bankruptcylawyer-nj.com\/keeping-real-property-and-personal-property-in-chapter-13-bankruptcy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Jersey Property Bankruptcy Lawyers - New Jersey Chapter 13 Bankruptcy Attorneys\" \/>\n<meta property=\"og:description\" content=\"Contact NJ bankruptcy lawyer Robert Manchel at the Law Offices of Robert Manchel to discuss keeping property in a Chapter 13 bankruptcy in New Jersey.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bankruptcylawyer-nj.com\/keeping-real-property-and-personal-property-in-chapter-13-bankruptcy\/\" \/>\n<meta property=\"og:site_name\" content=\"New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Law-Offices-of-Robert-Manchel-107436425946369\/\" \/>\n<meta property=\"article:modified_time\" content=\"2019-06-04T05:40:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bankruptcylawyer-nj.com\/wp-content\/uploads\/2021\/07\/social_share.png\" \/>\n\t<meta property=\"og:image:width\" content=\"950\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@ManchelLaw\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.bankruptcylawyer-nj.com\/keeping-real-property-and-personal-property-in-chapter-13-bankruptcy\/\",\"url\":\"https:\/\/www.bankruptcylawyer-nj.com\/keeping-real-property-and-personal-property-in-chapter-13-bankruptcy\/\",\"name\":\"New Jersey Property Bankruptcy Lawyers - New Jersey Chapter 13 Bankruptcy Attorneys\",\"isPartOf\":{\"@id\":\"https:\/\/www.bankruptcylawyer-nj.com\/#website\"},\"datePublished\":\"2013-07-16T22:16:17+00:00\",\"dateModified\":\"2019-06-04T05:40:22+00:00\",\"description\":\"Contact NJ bankruptcy lawyer Robert Manchel at the Law Offices of Robert Manchel to discuss keeping property in a Chapter 13 bankruptcy in New Jersey.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.bankruptcylawyer-nj.com\/keeping-real-property-and-personal-property-in-chapter-13-bankruptcy\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.bankruptcylawyer-nj.com\/keeping-real-property-and-personal-property-in-chapter-13-bankruptcy\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.bankruptcylawyer-nj.com\/keeping-real-property-and-personal-property-in-chapter-13-bankruptcy\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.bankruptcylawyer-nj.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Keeping Real Property and Personal Property in Chapter 13 Bankruptcy\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.bankruptcylawyer-nj.com\/#website\",\"url\":\"https:\/\/www.bankruptcylawyer-nj.com\/\",\"name\":\"New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law\",\"description\":\"New Jersey bankruptcy attorney Robert Manchel, Esq. with 4 offices can help you now with Chapter 7 or Chapter 13 bankruptcy protection. 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