New Jersey Attorneys Assist Clients with Chapter 13 Bankruptcy in Toms River, Wall, Brick, Freehold, and Throughout Ocean and Monmouth Counties
Toms River Bankruptcy Lawyers Experienced with Reorganization
Chapter 13 bankruptcy is not right for everyone, but if you have regular income and want to keep your property, it could be the answer for you. Chapter 13 bankruptcy, also known as a personal reorganization, allows you to keep assets that you owe money on by paying these creditors though a Chapter 13 Trustee over a 3-to-5-year period. Many times, unsecured debts, including credit cards and medical bills, can be eliminated or drastically reduced.
Chapter 13 Bankruptcy Process
To be eligible for Chapter 13, you have to prove to the Court that you can afford to meet the payment obligations (to the Trustee and creditors that require payments).
A filing fee of $313 is required (either up front or in installments), and numerous forms must be completed and filed. You will also need to create a repayment plan outlining how and how much you will pay to your creditors. Certain debts, called priority debts, must be paid in full. These include:
- Alimony
- Child support
- Wages owed to employees (in the case of business owners)
- Certain tax obligations
The reorganization plan must include regular payments on secured debts, such as a car loan or mortgage, and any disposable income left after making the required payments will go toward paying off unsecured debt, like credit card payments and medical bills. Generally, you will not be required to totally pay off unsecured debt – you only have to show in your repayment that you plan to use any remaining income to pay it.
Contact Our Toms River Chapter 13 Bankruptcy Law Firm Today
If reorganization of debt is the answer to your financial problems, the Ocean County bankruptcy attorneys at Jenkins Law Group will guide you through the entire process. Contact our firm online, or call 877-401-9001 to schedule your free initial case evaluation today.