Are you dealing with financial challenges that leave you unable to repay your debts? Find out how chapter 13 bankruptcy can help you manage your debt and get back on your feet.
If the idea of filing for bankruptcy fills you with anxiety or shame, you are not alone. Bankruptcy is still associated with stigma, and many Americans have a negative view of bankruptcy. However, many people who have successfully completed the bankruptcy process have a different perception, associating bankruptcy with new found financial freedom and relief.
Because bankruptcy involves extensive financial disclosures in the preparation of a case and complex procedures, finding a reliable chapter 13 bankruptcy lawyer assistance is essential. At the Law Offices of Michael McLaughlin LLC, we focus exclusively on assisting our clients with financial issues that may require the filing of a bankruptcy, and we have experience handling all types of bankruptcy cases.
If you need a chapter 13 bankruptcy attorney in Basking Ridge, NJ, or you have questions about the bankruptcy process, our firm is ready to serve you. Our team understands the immense stress that debt and financial insecurity can cause, and we are committed to helping our clients find solutions. For knowledgeable and dedicated legal guidance for your chapter 13 bankruptcy, contact Michael McLaughlin LLC today.
Chapter 13 bankruptcy allows individuals who are earning income but still can not maintain payments to their creditors without assistance to formulate a Plan to reorganize their debts by creating a payment structure. The chapter 13 bankruptcy process usually involves a plan that will result in the discharge of some debts and repay a pro rata or 100 distribution to creditors over a three to five years term. The exorbitant credit card interest rates that are charged can be eliminated through Your Chapter 13 repayment plan. The Plan must be financially feasible and approved by a bankruptcy judge or trustee during a hearing before you can move forward.
The main benefit of bankruptcy is that it allows many of your debts to be forgiven. Some types of debt that cannot be discharged in chapter 7 bankruptcy, such as tax debts or debt related to financial obligations agreed to a Property Settlement Agreement or as Ordered by a matrimonial Court
Furthermore, creditors are prevented from initiating lawsuits or attempting to collect on judgments after a bankruptcy case is filed. Rather than making payments directly to creditors, you will pay a bankruptcy trustee who will then make periodic distributions to your creditors. This means your counsel and the trustee take on the responsibility of interacting with your creditors for you.
In comparison with chapter 7 bankruptcy, chapter 13 gives you the option to retain more of your assets, such as equity in your home. If you are dealing with a foreclosure case, chapter 13 can help you put an end to the foreclosure process and may resolve your loan arrears.
One important step to filing bankruptcy is making sure you qualify for the particular chapter you will be filing. To qualify for chapter 13, you must have a regular source of income so that you are able to make payments toward your debts in accordance with the bankruptcy repayment plan.
To file for chapter 13 bankruptcy, your total debts must not exceed a very substantial calculation of secured and unsecured debt. If you have had a bankruptcy dismissal in the last year, there are some limitations and you must be able to demonstrate changed circumstances. Like other forms of bankruptcy, you are required to complete credit counseling prior to filing and a financial management course during the case.
However, just because you are eligible for chapter 13 bankruptcy does not result in a conclusion this is the best remedy for your situation. Contact Michael McLaughlin LLC in the Basking Ridge, NJ, area to fully understand your options for financial resolution through bankruptcy.
Bankruptcy is complicated and the process can be confusing and challenging. Incomplete disclosure and errors on your part could lead to your debts not being discharged that can worsen your financial situation. A chapter 13 bankruptcy lawyer can help ensure that your bankruptcy case is filed properly and completed successfully with an outcome you desire.
Because you will be disclosing detailed information about your personal finances and challenging life events and circumstances, it is crucial to work with a chapter 13 bankruptcy attorney you can trust. At the Law Offices of Michael McLaughlin LLC, we have decades of experience assisting clients just like you benefit the bankruptcy process. Our goal is to create an environment where you feel comfortable and secure knowing that we share your privacy concerns.
Michael McLaughlin LLC | Basking Ridge, NJ
Are you struggling with your bills, credit card debt, or mortgage payments, despite earning a wage? With the help of a trained bankruptcy attorney from Michael McLaughlin LLC, your financial troubles can be a memory of the past. You can rely on our firm to provide you with exceptional legal guidance throughout the entirety of your bankruptcy proceedings.
Schedule your bankruptcy lawyer consultation for chapter 13 with us today to find the debt relief you have been searching for. The sooner you reach out to us, the sooner you can move towards a fresh fiscal start.
For more information about our chapter 13 bankruptcy attorney services, call the Law Offices of Michael McLaughlin LLC at (908) 373-8500. Find your financial solution today!
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