Chapter 13 Attorney
Chapter 13 bankruptcy allows people with a regular income to develop a wage earner's plan to repay their debts.
There are many advantages to choosing chapter 13 bankruptcy over the more common chapter 7 option.
Bankruptcy attorney Adam C. Brown Esq., helps Middlesex County, NJ, and Cherry Hill, NJ, understand and complete chapter 13 bankruptcy.
What Is Chapter 13 Bankruptcy?
A chapter 13 bankruptcy repayment plan allows debtors to repay all or parts of their debts. If your monthly income is over the New Jersey state median, you will generally have a 5-year plan to repay creditors. If your income is less, your time limit will be three years. Once you have successfully filed for chapter 13, bankruptcy courts restrict creditors from continuing or beginning new collection efforts from debtors. If you complete your payment plan, your debts will be eliminated even if they are not fully paid off.
Chapter 13 offers many benefits over chapter 7 bankruptcy. Chapter 13 is highly popular because it allows people to stop foreclosure proceedings and in some cases even resolve delinquent mortgage payments. This allows individuals who have significant debts but enough income to make their monthly home payments and pay creditors to keep their homes.
Chapter 13 can also be used to protect third-party co-debtors from being pursued by creditors. It also creates necessary space between a debtor and a creditor by assigning a trustee to distribute debt payments so you have no contact with your creditors.
Additional Uses of Chapter 13
Lien Stripping
Lien stripping lets qualified debtors eliminate unsecured property liens if their mortgage is greater than the fair market value of their home. This option is unavailable in chapter 7, making it unique to chapter 13.
Cram Down
With chapter 13, you can do a "cram down" to lessen monthly payments owed on a loan by extending the loan payment period. This can be used for car loans, investment property mortgages, and more, but not for your principal residence.
Reach Out to Our Bankruptcy Attorney Schedule a Free Consultation Today
Our bankruptcy lawyer is here to explain bankruptcy law and make clear what your responsibilities as a debtor would be to creditors under chapter 13 bankruptcy. Once you are ready to confidently file, he can handle all necessary aspects of your chapter 13 plan in bankruptcy court.
Bankruptcy law is one of Adam Brown's primary focuses. He knows his Middlesex County, NJ, and Cherry Hill, NJ, clients are under significant stress. To help ease their financial burdens, he offers free consultations. Our bankruptcy lawyer can also schedule a virtual consultation from our New Brunswick or North Bergen office for added convenience. Contact him today to find your fresh start with a chapter 13 plan.
(973) 281-2388
5-Star Reviews From Middlesex County, New Jersey
Amber J.
2023
After consulting with a few lawyers, Mr.Brown was, by far, my top pick, and I was glad to have him represent me. He was extremely professional, knowledgeable, realistic about my options, and a pleasure to work with. I was very happy with how he handled my case, listened to my wants and needs, and acted on my behalf.
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Jazmin Peralta
2023
Adam was tremendous help. He ensured I understood what was going on, share my concerns and provided space to address concerns and explain best next steps. He was timely and communicated effectively. Truly thankful for all your help! Would definitely recommend.
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Chapter 13 Bankruptcy Has Debt Limitations
It is important to understand there is a maximum debt limit for filing chapter 13 bankruptcy. Your combined secured and unsecured debts must be less than $2,750,000.
What Is Secured Debt?
Secured debt is debt backed by collateral that a lender has a lien on. Examples of secured debt include a home mortgage or car loan.
What Is Unsecured Debt?
Unsecured debt is not backed by collateral. Examples of unsecured debts include personal loans, student loans, and traditional credit cards.
Major Chapter 13 Milestones
A chapter 13 repayment plan involves many complex steps. Our bankruptcy attorney in New Brunswick and North Bergen can help handle each for you so you do not have to worry about confusing legal details.
Adam Brown can handle each aspect of your case so you can focus on other areas of your life.
More 5-Star Reviews From Middlesex County, New Jersey
Jonathan Lloyd
2023
Adam was a great source of knowledge and information, and make me and my fiancé very comfortable discussing typically uncomfortable matters and situations. Highly recommend his services and time!
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Kimberly Taylor
2023
I have had the absolute most pleasure of working with Mr.Brown. Work with integrity;
He is kind and caring. I have nothing negative to say about Mr.Brown. Highly recommend!
