Chapter 13 Bankruptcy Explained in New Jersey

Photo of a bankruptcy formSometimes you just can’t get ahead despite your best efforts. You work hard but your income just does not seem to cover even the basic necessities, much less your home mortgage or that toy your son or daughter really wants for his or her birthday. If you have too much debt, bankruptcy may be the right option for you.

Contact the Monmouth County, New Jersey law firm of Garland & Mason, L.L.C. to learn if filing for Chapter 13 bankruptcy is the best solution to your financial problems. Call (732) 358-2028 or e-mail us to schedule a free initial consultation with experienced bankruptcy lawyers.

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is commonly known as the wage earner bankruptcy. This option allows individuals additional time to pay creditors through a court-approved debt reorganization plan. Usually the debtor has three to five years, depending on circumstances, to pay back a portion of accumulated debt. At the time of filing, you receive an automatic stay, immediately stopping foreclosures , wage garnishments, and other collection actions. At the end of the repayment plan, you will receive a discharge from the debts addressed in the plan.

Is Chapter 13 Bankruptcy Right for Me?

Many times Chapter 13 bankruptcy is the best choice for debtors with significant equity in real property and/or other valuable assets. In some cases, a person may qualify for Chapter 7 bankruptcy, but it may be more advantageous to file for Chapter 13 bankruptcy — especially if the person has built significant equity in a home. As an experienced Chapter 13 bankruptcy lawyer, Gary L. Mason can explain the types of bankruptcy to determine which is right for you.

We Provide Chapter 13 Bankruptcy Information to Guide You to a Fresh Financial Start

Are you ready for a fresh start? Contact Garland & Mason, L.L.C. today to start your journey toward financial freedom. We offer a free initial consultation with experienced bankruptcy lawyers. Our office is handicap-accessible and is just fifteen minutes from the New Jersey Turnpike and the Garden State Parkway. Parking is free.