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Understanding Chapter 13 Bankruptcy

There is a way to keep your assets, stop foreclosure and get the debt relief you deserve. With the help of an experienced lawyer, Chapter 13 bankruptcy will let you establish a debt payment plan you can afford, allowing you to maintain your mortgage and other assets while making strides to get out of debt.

Whether you have just gone through a difficult divorce or you have substantial credit card debt, you are looking for a way to take control of your financial future. Filing for personal bankruptcy could provide you with options you didn’t even know were available. By filing for Chapter 13 bankruptcy, you can keep the assets you value most by paying back what you can afford.

What Is Chapter 13?

Quite simply, Chapter 13 bankruptcy is a payment plan. You will get the chance to work with your creditors to create a three- to five-year payment plan that you can afford, based on your income and expenses. After the predetermined length of the plan is finished, your remaining debt is forgiven. By making a good faith effort to pay back what you can realistically afford, you can avoid foreclosure, as long as you pay back your arrears and stay regular on your monthly payments.

Chapter 13 And Your Home

Through Chapter 13 bankruptcy, you can sell your property and save equity, refinance your home, strip second mortgages, or maintain your mortgage as it stands. You can also use Chapter 13 bankruptcy to stop a foreclosure. At Minion & Sherman, we can help you determine whether you have the ability to make payments and put a plan together that works for you to help you achieve long-term economic stability.

Contact Us Today To Learn About Your Debt Relief Options

Filing for personal bankruptcy represents a major change. Before you make a decision of such magnitude, you should consider all your options and talk to an attorney about which one is best for you. At the West Caldwell and Newark law offices of Minion & Sherman, we offer free initial consultations and night/weekend appointments for clients considering bankruptcy. Contact us today at 973-559-5791 and find out if we can help you get the debt relief you deserve.

We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.