New Jersey Chapter 13 Bankruptcy Attorney | Karina Lucid Law

1. NEW JERSEY CHAPTER 13 BANKRUPTCY ATTORNEY 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. REQUIREMENTS FOR CHAPTER 13 BANKRUPTCY If your monthly income is under the current New Jersey state median and you do not own any real property with equity, your installment plan will typically be three years. Individuals with real property or incomes greater than the state median must have five-year repayment plans. As these amounts change periodically, it is critical to discuss these thresholds with your attorney.  Chapter 13 is for individulas only; business entities, corporations and partnerships do not qualify for Chapter 13 bankruptcy. Under federal law, any individual, even those self-employed or running an unincorporated business, may qualify for Chapter 13 relief as long as their secured and unsecured debts do not exceed the amounts permitted by the Bankruptcy Code. CAN I KEEP PROPERTY? In a Chapter 13 arrangement, you may be able to keep the property you own, as long as you are making satisfactory payment arrangements.  This includes real estate, your car, tools for your business, and household furnishings. Lucid Law can help you get control over your finances. Karina Pia Lucid is an experienced and dedicated New Jersey bankruptcy attorney. From a giant corporation to a single person with financial trouble, we provide the highest quality New Jersey bankruptcy representation available. KARINA LUCID LAW 3640 Valley Road, Suite 2A PO Box 230 Liberty Corner, New Jersey 07938 (908)350-7505 https://www.karinalucidlaw.com/