Chapter 13 Bankruptcy
Individuals and sole business proprietors can file for Chapter 13 Bankruptcy in New Jersey. By reorganizing your debt through a repayment plan, you can keep your property and force the Mortgage company or Bank to accept payments over a 3–5-year period.
You must make monthly payments to a trustee for 3-5 years after this, but your repayment plan can protect your assets and stop your home being foreclosed upon. You could also reduce medical and credit card bills, reorganize loan debt, unburden yourself from second mortgage, or better manage large payments like car payments or sometimes past tax debt.
Services Offered for Representation in Bankruptcy Filing of Chapter 13 Bankruptcy
Basically, the same as the services provided in the Chapter 7 listed above, but in addition the preparation of a specific Chapter 13 Plan that will et out the trustee payments you must make over the 3-5 period you are entitled to force the Bank or mortgage company to accept under the Bankruptcy Code.