Barrington Chapter 13 Bankruptcy Attorneys
Camden County Chapter 13 Lawyers
When you are struggling under a crushing debt burden, it is hard to make good decisions. Your debt burden not only impacts your finances but can also affect your relationships with loved ones and your physical well-being. Having a debt burden is like having a 50 pound weight on your back. For a while it can be tolerable, but after long enough, the stress from carrying all the additional weight will wear you down. Many of our clients’ relationships have become strained because of their debts.
Chapter 13 bankruptcy offers a way to regain control of your financial situation and get back on the path toward financial freedom. Chapter 13 bankruptcy is essentially a reorganization of all your debt into a reasonable repayment plan that you can afford.
Talk your situation over with an experienced debt-relief attorney at the law office of John Hargrave and Associates. Call for a free initial consultation at (856) 547-6500. You can also e-mail us. We serve clients throughout southern New Jersey and Philadelphia, Pennsylvania.
How Does the Chapter 13 Payment Plan Work?
Debt repayment in a Chapter 13 bankruptcy rolls all your debt into one workable payment plan. You repay your creditors through the bankruptcy trustee. The trustee supervises your case and pays your creditors over the course of three to five years’ time. You do not need to pay your creditors 100% of what they are owed in a Chapter 13 plan.
Your payment plan will take into account your living expenses. All your basic needs will get paid out first, and your creditors will get paid after that. Remember, the goal of bankruptcy is to help you get back on solid financial ground and get a fresh start. It is not to punish you. Most people experience a good life after bankruptcy. Some, like Walt Disney, for example, go on to achieve success beyond their wildest imaginings.
No More Creditor Harassment
One of the many immediate benefits of filing for bankruptcy protection is that you are protected, literally, from creditor harassment. Creditors may not call you anymore. All efforts to collect on your debt are frozen. This alone can provide significant relief. If a creditor continues to harass you, they can be held in contempt of court.
Stop Foreclosure and Stop Repossession
Bankruptcy will immediately stay or temporarily stop foreclosure on your home. It can also stop repossession of a car.It also will end wage garnishment.
If you intend on keeping your home, you will need to catch up with your mortgage arrears and find a way to pay the mortgage going forward. To keep your car, you will need to negotiate a payment plan with your car loan holder.
Documents Needed for Bankruptcy
If you are the person filing for bankruptcy, you must provide your bankruptcy attorney with a comprehensive list of all assets and their values, all liabilities, creditors, income and expenses looking back for six months.
Additional documents you need include pay stubs, child support orders, federal tax returns for the two past years, your credit report, bills and all financial-related notices.
We have developed an easy to use checklist which will make collecting the documents easy for you.
Credit Counseling and Financial Management Courses
You as the debtor will be required by law to take and complete a credit-counseling course prior to filing for bankruptcy. The certification of completion must be filed along with the bankruptcy. The course can be taken by phone or over the Internet, and can be completed in about an hour.
You will be also required to take a financial management course before you receive your debtors’ discharge. This is an informational course and takes from one to three hours.
Are You Eligible for a Chapter 7 Bankruptcy?
Depending on your financial circumstances, you may be eligible for a Chapter 7 bankruptcy. If this is the case, most if not all of your unsecured debt will be eliminated. You will not have to reorganize your debt into a repayment plan. An attorney can help you take what is called the “means” test, which will determine whether you qualify for a Chapter 13 or a Chapter 7 bankruptcy.
Overcome Debt Problems — Relief with Chapter 13 Bankruptcy
Speaking with an experienced debt-relief attorney can help clarify your options. Take back control of your financial life, starting today. Schedule a free initial consultation at the law firm of John Hargrave and Associates, in Barrington, NJ. We can help you understand whether bankruptcy is the right choice for you.
Call (856) 547-6500 or (866) 662-3191. You may also contact us online. We help people get back on the path to financial freedom, one client at a time.
We are a debt-relief agency. We help people file for bankruptcy relief under the bankruptcy code.
