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Chapter 13 Bankruptcy in Edison

Bankruptcy proceedings are comprised of dischargeable and nondischargeable debts. In a u201cstraightu201d Chapter 7 case, you are not required to pay back nondischargeable debts, and creditors may not demand payment. To help you learn more about the Loss Mitigation process and whether it can help you, For more information contact our lawyers and call us today at 908-795-8249.

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Chapter 13 Bankruptcy in Edison

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  1. Chapter 13 Bankruptcy A Chapter 13 bankruptcy is also known as a “wage earners plan.” This form of bankruptcy allows individuals with regular incomes to establish plans to repay their debts. During the course of a Chapter 13 case, creditors may not, without prior permission from the Bankruptcy Court, start or continue their collection efforts. What are the requirements for a Chapter 13 bankruptcy? Under Chapter 13 of the Bankruptcy Code, debtors propose an installment plan to repay all or some of their debts during a period of either three or five years. As these amounts change periodically, it is critical to discuss these thresholds with your attorney. Chapter 13 is for individuals only; business entities, corporations and partnerships do not qualify for Chapter 13 bankruptcy. Ask your New Jersey bankruptcy attorney to help you learn more about the Loss Mitigation process and whether it can help you. Contact Us Karina Lucid Law 510 Thornall St Suite 270, Edison, NJ 08837, United States klucid@karinalucidlaw.com 908-795-8249 www.karinalucidlaw.com

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