What Are The Eligibility Requirements To File For A Chapter 13 Bankruptcy?
There must be some form of income in order to qualify for a Chapter 13 bankruptcy, because payments will have to be made to the Chapter 13 trustee.
Does Filing Chapter 13 Bankruptcy Affect Any Lawsuits And Attachments Already Filed Against Me?
Filing a Chapter 13 bankruptcy will immediately put a stop to any pending lawsuits or attachments filed against a debtor.
How Long Does A Chapter 13 Bankruptcy Typically Take?
A Chapter 13 bankruptcy will take a minimum of 36 months and a maximum of 60 months, which means that a typical Chapter 13 bankruptcy will include a three to five years repayment plan. There are many different strategies that can be utilized in order to take advantage of that timeframe, but that is a topic that would be discussed down the road.
If I Am Not Eligible For A Chapter 13 Bankruptcy, Is There Anything Else I Can Do?
If someone is not eligible for a Chapter 13 bankruptcy, it might be because their debts exceed the amount permitted under the requirements of the United States bankruptcy code. At that point, we would determine whether or not they could qualify under a Chapter 11 bankruptcy. However, Chapter 11 bankruptcies are typically designated for corporations and involve a more expensive process. Alternatively, a person may be better off filing for a Chapter 7 liquidation bankruptcy in order to eliminate all of their unsecured debt and move forward in life with a fresh start.
Do I Need An Attorney To Assist Me With A Chapter 13 Bankruptcy? Can I Do It On My Own?
An individual can handle a Chapter 13 bankruptcy on their own, but that is not recommended. Having worked as a staff attorney for a Chapter 13 trustee for almost five years, I witnessed many pro se filings, or filings without the assistance of an attorney. From my experience, the likelihood of success when filing a pro se bankruptcy is less than one percent.
For more information on Eligibility For Chapter 13 Bankruptcy In NJ, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (877) 606-1222 today.
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