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Chapter 13

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Chapter 13 Bankruptcy

 (Reorganization Case)

In a chapter 13 bankruptcy case you file a “plan” showing how you will pay off some of your past-due and current debts over three to five years. The most important thing about a chapter 13 case is that it will allow you to keep valuable property — especially your home and your car — which might otherwise be lost, if you can make the payments which the bankruptcy law requires to be made to your creditors. In most cases, these payments will be at least as much as your regular monthly payments on your mortgage or car loan, with some extra payment to get caught up on the amount you have fallen behind.

You should consider filing a chapter 13 bankruptcy plan if you:

  1. Own your home and are in danger of losing it because of money problems;
  2. Are behind on debt payments, but can catch up if given some time;
  3. Have valuable property which is not exempt, but you can afford to pay creditors from your income over time.

You will need to have enough income in chapter 13 bankruptcy to pay for your necessities and to keep up with the required payments as they come due.

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Middlesex, NJ 08846
Tel 732.302.9600
Fax 732.302.9066
* Licensed in NJ & PA

Email Bruce C. Truesdale