Are you unable to pay your debts? Learn what to do when filing for Chapter 13 bankruptcy here, then give us a call to get started on your case.
1) Choose The Right Attorney
When filing for Chapter 13 bankruptcy in South Jersey, it’s important to make sure that you have the right attorney. You need to look for an attorney who is experienced in Chapter 13 as well as Chapter 7 bankruptcy, has a background in mortgage remodifications and has experience in foreclosures. If you have any questions about whether you should file for a Chapter 7 or a Chapter 13, please contact our office.
2) Determine the Cost
Here in our South Jersey office, when clients come in, cost is often a major concern on their minds. They’re already having trouble paying their debts and they want to know, “How much is it going to cost me to file for Chapter 13 bankruptcy?” Generally, there’s a small upfront fee of $750 to $1,000, but the remaining balance can be wrapped into the Chapter 13 trustee repayment plan. If you have any questions about Chapter 13 costs and how it’s wrapped into your plan, or whether a Chapter 13 bankruptcy is right for you, please call our office.
3) Pay Off Debts In Full
A common question we get from our Chapter 13 clients here in our South Jersey office is, “Am I required to pay back all my debts in full? After all, Chapter 13 is a repayment plan.” It depends on what kind of debt it is. Some debts you’re required by federal law to pay back in full, while other debts can be paid for at pennies on the dollar. If you have any questions about what must be paid in full or what will be paid for pennies on the dollar, or if Chapter 13 bankruptcy is right for you, please call our office.
4) Create a Repayment Plan
Credit card debt is a big concern for a lot of our clients here in our South Jersey office, and they want to know, “If I file for Chapter 13 bankruptcy in South Jersey, will my credit cards be included in that debt?” The answer is, yes, they can be included in your debt. You will pay either pennies on the dollar or nothing at all, in some cases, for your credit cards. If you have any questions about how credit cards play into your Chapter 13 bankruptcy, please contact our office.
5) Enjoy Life After Chapter 13 Bankruptcy
Many of our Chapter 13 clients here in South Jersey want to know, “What is life like after Chapter 13 bankruptcy?” The answer is life will be easier because you’ll be able to better manage your monthly budget. You will have a monthly trustee payment that will be predictable and will be variable like it was when you were paying all those credit cards. You’ll actually be paying pennies on the dollar, which means you’ll probably have a little bit of extra money at the end of the month. The creditors will not be calling you. You will have the peace of mind of knowing that your home will not be foreclosed and that your car will not be repossessed.
A Chapter 13 is actually a new beginning and a new phase in your life. If you have any questions about how a Chapter 13 bankruptcy can help you, or if it’s a good fit in your situation, or even what some of your other options might be to manage your debt, please contact our office.
Are you or a loved one unable to pay your debts and have questions about what to do when filing for Chapter 13 bankruptcy? Contact experienced South Jersey chapter 13 bankruptcy attorney Andrew Carroll of All Jersey Bankruptcy today for a free consultation and case evaluation.
We are dedicated to giving you the answers that you need in order to make an informed decision about whether bankruptcy is the best decision option for you.
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