Law Offices of Kirsten B. Ennis, LLC New Jersey Consumer Law Attorneys Providing Options and Answers Since 1997

Call Now For a Free Legal Consultation Office: 908-713-0345 Toll Free: 877-226-5877

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Chapter 13 Bankruptcy Under Chapter 13 Bankruptcy, a debtor can protect all of their assets from creditors and establish a workable repayment plan to cure arrears on secured loans over 3-5 years.  Like other options we help provide, this option gives immediate protection from creditors. Homeowners can benefit from Chapter 13 protection if their home is under threat of foreclosure or their car is close to being repossessed.  If you are an individual or a sole proprietor, you can file a Chapter 13 bankruptcy to pay off all or part of your debts over 3 - 5 years. Instead of wiping out debts immediately, this option allows you to reorganize them so you have time to pay. For a Chapter 13 bankruptcy, you will need a stable income with disposable income (income left over after paying bare necessities) to fund the plan. You must have no more than $1,010,650 in secured debt and $336,900 in unsecured debt. The filing of the Chapter 13 petition must be accompanied by a proposed payment plan extending over 3 - 5 years. The proposed payment plan must provide for the payment of all priority claims in full.  The bankruptcy trustee appointed by the Bankruptcy Court must review the proposed plan which is then distributed to creditors, who have the right to object to the plan if it is unreasonable. If the plan is approved, you can keep your assets during the period of the plan. You make monthly payments to the bankruptcy trustee, who distributes the funds to the creditors according to the plan. If the plan is completed as agreed upon, your unpaid debts will be discharged. Contact us for help with a Chapter 13 bankruptcy at 908.713.0345 or toll free at 877.226.5877 (877.BANK.877).