At Helfand & Associates our Chapter 13 attorneys, provide individuals with help filing bankruptcy in Morris, Sussex, and Essex Counties. Our bankruptcy lawyers frequently handle Chapter 13 cases for clients in towns all over northern New Jersey including Rockaway and Lake Hopatcong.
The main purpose of Chapter 13 is to give the individual debtor greater options to deal with secured and unsecured debt and encourage repayment. In a Chapter 13, a person can save non-exempt assets that would otherwise be surrendered in a Chapter 7. If a home is in arrears, and you want to keep the home, the plan must provide for curing the arrears and paying the mortgage at the same time.
Only an individual can file Chapter 13. Individuals must have regular income and the plan must be feasible. Secured debt (mortgages, car loans, etc.) cannot exceed $1,081,400 and unsecured debt cannot exceed $360,475. (These figures periodically change.) If your debts exceed these amounts, Helfand & Associates can assist you with a Chapter 7 or Chapter 11 bankruptcy instead.
When you have debt problems, please come in to talk to us at Helfand & Associates. There are often options that you have not thought about or know about to make your life easier and to have a brighter future.
Chapter 13 is completely voluntary. A debtor may convert to Chapter 7 if he/she cannot complete the 13, as long as it is in good faith and not a previously converted case.
The filing of the Chapter 13 (as well as Chapters 7 and 11) causes the automatic stay to take effect, preventing new or continuation of judicial or administrative action or enforcement of judgment, lien or collection proceedings. The filing of bankruptcy does not stay a criminal action or divorce or collection of a domestic support obligation.
Chapter 13 gives debtors excellent relief from debt collection and foreclosure. At Helfand & Associates, our Chapter 13 bankruptcy attorney can properly evaluate your case and advise you of your options to get a fresh start.
Give Helfand & Associates a call at (973) 428-0800 or contact us online for a free 1/2 hr. consultation.