Chapter 13

NJ Bankruptcy – Chapter 13

There are different types of bankruptcies.  Consumers usually file either a Chapter 7 or Chapter 13 bankruptcy.

A Chapter 13 Bankruptcy is a personal reorganization of your financial affairs.  It is most typically a monthly payment plan.  In some cases a Chapter 13 debtor will be required to pay very little back to his/her creditors while other debtors may be required to pay back as much as 100% of what they owe to their creditors.  The two most common factors in determining the amount you need to pay back is your median/annual income and the value of your assets.

It used to be that people filed Chapter 13 Bankruptcy in order to simply catch up on mortgage arrears.  Since the market crashed and so many cannot afford their mortgage due to unemployment or simply the type of mortgage they took out (i.e., adjustable rate mortgages or interest only mortgages) most people are not finding it helpful to just be given a chance to catch up on their mortgage arrears.  In New Jersey, it is quite common now for Chapter 13 debtors to file bankruptcy in order to stop a foreclosure while they file for a loan modification.

Call 911 for your NJ bankruptcy emergency

NJ Bankruptcy Lawyer, Virginia E. Fortunato
One Kinderkamack Road

Hackensack, NJ 07601

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