Saving Your Home And More Through Chapter 13
Chapter 13 Bankruptcy
Expert Guidance for Debt Relief in New Jersey
If you find yourself in debt and uncertain about your next steps, it's important to remember that you are not alone. Many individuals face similar challenges, and New Jersey has the highest rate of foreclosures in the country. The primary objective of Chapter 13 bankruptcy is to help individuals retain their homes and avoid foreclosure. The encouraging news is that your situation can improve. Filing for Chapter 13 bankruptcy could be an effective solution to protect your home and provide a fresh start.
In many cases we can also discharge old automobile insurance surcharges and enable clients to get their license back.
There are certain situations where even tax liability to the IRS and the state can be discharged in bankruptcy. If you have any tax debt, make sure to ask about whether it can be included in your proceedings.
At Lavery & Sirkis, we have helped thousands of clients find lasting debt relief solutions over the past few decades. From our headquarters in Hackettstown, we can assist you anywhere in the surrounding areas of New Jersey. Plus, you can rely on our attorney to treat you with understanding and respect, offering the stellar client service you deserve. Arrange a free consultation with Joan Sirkis Warren by calling 908-850-6161.
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What can Chapter 7 do for me?Chapter 7 offers many potential benefits. As soon as you file, creditors will no longer be allowed to call you, write you, sue you or garnish your wages. It will also put a temporary halt to any home foreclosure proceedings. When the bankruptcy is complete, your unsecured debts (such as medical bills, credit card debt and utility bills) will be erased.
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Will I lose everything I own?No. Chapter 7 almost never requires you to liquidate your assets to repay your creditors. Liquidation only occurs in certain unusual situations. Federal and state exemptions allow you to keep a certain amount of personal property.
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Will it ruin my credit score forever?Contrary to popular opinion, filing bankruptcy won't permanently destroy your credit score. In fact, it probably won't take nearly as long as you think to get approved for credit cards and loans again. Wiping out old debts through bankruptcy can actually improve your credit in some cases because you won't continually be behind in your payments.
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Does everyone qualify for Chapter 7?No, not everyone qualifies. You must pass a "means test" first to prove that your income and assets fall below a certain level. However, even if you make too much money to qualify for Chapter 7, you can file for Chapter 13 bankruptcy instead.
Frequently Asked Questions About Chapter 13 Bankruptcy
Learn More in A Free, Confidential Consultation
If you're ready to learn more about your options for protecting your home, stopping creditor harassment and getting your life back, don't hesitate to call us at 908-850-6161. You can also reach out to us to set up a free initial consultation in person or over the phone.