Filing for NJ Chapter 13 Bankruptcy

What is Chapter 13 Bankruptcy?

Bankruptcy PetitionChapter 13 is a section of the Bankruptcy Code.  If a debtor decides to file a Chapter 13 bankruptcy petition, he or she will be committing to repay their debts over a 3 to 5 year period according to a negotiated plan determined by the debtor, the creditors and the trustee appointed to the case.  It is important to note that the debtor will only make 1 payment per month to the trustee who will then pay all of the creditors.  This means that the debtor will not have any contact with his or her creditors.  Also, under Chapter 13 bankruptcy, your debts will be significantly reduced, late fees may fall off and interest rates may be reduced, resulting in significantly lower monthly payments.

Chapter 13 as the Wage Earner’s Repayment Plan

Filing for NJ Chapter 13 Bankruptcy  is an excellent solution if you have regular and predictable income, as you will be agreeing to pay back your creditors over time and with lower payments.  It is also very beneficial if you have been receiving foreclosure warnings or notices.  Filing for NJ Chapter 13 Bankruptcy petition will stop foreclosure proceedings and bring the mortgage company to the table to negotiate a more sustainable payment plan.  In some cases, repayment to creditors may be interest-free, which could drastically reduce monthly payments.

Call for a Free Consultation on Chapter 13 Bankruptcy

If you believe that you would be interested in Filing for NJ Chapter 13 Bankruptcy petition, don’t do it alone.  Call an experienced bankruptcy attorney from Villani & DeLuca, P.C. today at 732-965-3390 to set up your free initial consultation to discuss your options and formulate a plan to help you get back to good financial health.

Filing for NJ Chapter 13 Bankruptcy in Monmouth & Ocean County, New Jersey

We represent individuals Filing for NJ Chapter 13 Bankruptcy throughout Ocean County and Monmouth County, New Jersey.  If you are considering Filing for NJ Chapter 13 Bankruptcy and you are a resident of a town such as Long Branch, Asbury Park, Red Bank, Freehold, Manasquan, Belmar, Point Pleasant, Beachwood, Toms River, Seaside Heights, Lakehurst or Lavallette, call Villani & DeLuca at 732-965-3390 for your free initial consultation.