Achieving Debt Relief Through Chapter 13 Bankruptcy
Chapter 13 of the Bankruptcy Code helps people who, through circumstances outside of their control, fell behind on financial obligations such as mortgages, rent, auto payments and other obligations. It also applies to people who have substantial debt but do not qualify for Chapter 7 since they are above the median income. Also, due to other complex legal issues, Chapter 13 may be a better option for you than Chapter 7.
In New Jersey, the median income is $68,349 for a family of one, $82,283 for a family of two, $103,634 for a family of three, $125,465 for a family of four, and $9,000 for each additional person in excess of a family of four.
Over the last 35 years, Taieb Law has helped over 7,000 people get rid of crushing debt and get their lives back under control. We have helped clients stop the foreclosure of their homes by reorganizing the money they were behind on their mortgage; prevent repossession, get back vehicles that were already taken and/or lower outrageous auto payments; and stop an eviction by doing a prompt cure under a Chapter 13 plan.
What Chapter 13 Bankruptcy Can Do For You
Chapter 13 is a reorganization for individuals. It allows you to save your house or apartment and vehicle by preventing creditors from foreclosing on your home, repossessing your vehicle or trying to evict you. It also allows you to restructure any other debt that you may have, including taxes and motor vehicle surcharges.
Chapter 13 gives people with financial problems numerous options to restructure their debt. They can create a plan to catch up on mortgage arrears, propose a plan for a loan modification, pay the balance of an auto loan to lower the auto payment, and substantially reduce their interest rate. Also, if your auto loan is over 910 days old, you can propose a plan to pay back the replacement value of the vehicle plus pay a reduced interest rate which can really help you lower your payment. Another option is to sell the property. These are just a few examples of the different options that Chapter 13 offers.
Also, some clients file Chapter 13 because they have too much disposable income, if they no longer have to make huge credit card payments, they are above the median income, or they would lose property in Chapter 7 since they have nonexempt property that a Chapter 7 trustee would sell.
Contact Us To Learn More
Taieb Law helps clients find the right financial plan for their current and future needs. Our founding attorney, Steven N. Taieb, has been a South Jersey bankruptcy attorney for over 35 years and is board-certified in consumer bankruptcy law. His experience and knowledge are beneficial when advising and guiding clients through their bankruptcy issues.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.