Are your expenses exceeding your earnings? NJ’s best bankruptcy attorneys see this problem all too often. In the midst of building the best life for your family, or getting your small business off to a good start, you overestimated your earnings and underestimated your expenses—and financed a lot of it with debt. That means that you’re stuck with a mortgage, car payment, business loan, or other expense that you can’t handle. If the bank is knocking on the door for foreclosure, you have a better choice: Chapter 13 bankruptcy can save your home!

NJ’s Bankruptcy Attorney Explains Chapter 13 Bankruptcy
Unlike Chapter 7 bankruptcy, where most debt is discharged, most people who work with attorneys in NJ to file for Chapter 13 bankruptcy will end up paying back their debt. However, they may pay less than originally agreed, and almost always find ways to spread this debt out over a manageable timeframe that is more in line with earnings. Even better? You get to keep your property—as soon as your attorney helps you file for bankruptcy, foreclosure actions are halted while you plan and reorganize your debt to be repaired in 3-5 years.
Why Choose Chapter 13 Bankruptcy Instead of Debt Consolidation? If you still have to pay back debts after filing for bankruptcy, why bother? To many people, this sounds a lot like debt consolidation, but the subtle differences are important. When you file Chapter 13, many of your debts may be reduced, and your interest rates during the repayment period could be as low as 0%. Since this is offered exclusively to those filing for Chapter 13 bankruptcy, you won’t get as good a deal with a debt consolidation plan. Further, by the time your financial situation is serious enough to consider bankruptcy, your credit is likely already affected and new borrowing will likely be limited.
How Does Filing for Bankruptcy Affect My Credit?
Just like any bankruptcy, Chapter 13 bankruptcy is not the best thing for your credit report—but it’s better than default payments. Your bankruptcy will show on your credit report for 7 years from the date of filing—and, since your repayment plan will typically last from 3-5 years, this means that you may only have a few years that this shows up after the plan ends. Bankruptcy lawyers in NJ can help get the debt restructured, but you would be wise to not take out more debt soon in the future. Don’t let those bills keep piling up until you lose your home! Call an experienced bankruptcy lawyer in NJ today to file for Chapter 13 bankruptcy and stop foreclosure on your home.
Consumer Bankruptcy Law and Residential Real Estate. With specialized expertise in the practice of Bankruptcy Law in New Jersey, Robert Wachtel will assist you in a process that will free you from the prison of credit card debt and give you a fresh start on your road to financial freedom.
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Legal disclaimer: This web site has been prepared by the Law Offices of Robert Wachtel in the hope that it will assist you in becoming debt free through the Bankruptcy process. It gives information of a general nature and is not a substitute for competent legal advise. The viewer is advised to consult an attorney-at-law for legal advise as to his / her specific situation.

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