chapter 13 Archives

Is filing Chapter 13 better than Chapter 7?

Filing any type of bankruptcy is best avoided if at all possible, but if you find yourself in a bad situation where bankruptcy is the only option, then you may have no choice. The next consideration you have to make is which type of bankruptcy to file. There are good and bad points to filing both Chapter 7 and Chapter 13, but you may find filing Chapter 13 is better in the long run.

Paying priority debts in Chapter 13 bankruptcy

One of your duties as part of filing for Chapter 13 bankruptcy is to prepare a repayment plan to cover claims by your creditors. Not all debts will be treated the same, though. As the U.S. Courts website explains, some debts fall under the secured debt category, which are backed by collateral. There are also unsecured debts that may end up being partially paid. The most pressing debts for a New Jersey bankruptcy filer, however, are priority debts.

What mistakes should I avoid when filing for bankruptcy?

If you feel as if you have hit rock bottom and are so deep in debt that you cannot dig your way out, you might be thinking about filing for bankruptcy. Many people in the East Orange area fall on hard times and rely on bankruptcy to give them a fresh financial start. As tempting as it may seem for you to rush and submit your petition to the courts, you do not want to make mistakes. 

How does Chapter 13 bankruptcy work?

If you are considering filing for bankruptcy in New Jersey, then it is a good idea to consider your options. You have two types of bankruptcy that you can file: chapter 7 and chapter 13. Due to the latest changes in bankruptcy law, chapter 7 can be difficult to file unless you have a lower income. Most people end up having to file chapter 13. 

Chapter 13 may help you defend against foreclosure

The idea of losing your home can fill you with a considerable sense of despair. Unfortunately, you may find yourself among numerous other individuals who face foreclosure due to falling behind on your mortgage. This type of financial struggle can affect anyone, and many factors could add up that lead to your inability to make your payments. Though you may do your best to get your finances in order, you may still stare down the possibility of foreclosure.

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