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chapter 13 Archives

Chapter 13 bankruptcy can effectively clear credit card debt

Major credit card debt can build over time. For New Jersey residents who are confronted with this issue and the inevitable problems associated with it, it is important to understand the potential solutions that a Chapter 13 bankruptcy may provide. Before filing, there are common missteps that contribute to the accruing of debt.

Many Americans can't pay medical bills

A survey focused on health care costs in New Jersey and across the country found that only 45% of respondents had the money in savings or other sources to cover medical expenses during the prior year. The survey was conducted by Freedom Debt Relief and also found that 42% of respondents had to charge medical bills to a credit card in order to cover them. Nineteen percent had to borrow money from friends or family to cover medical expenses.

Dealing with debt collectors' harassment

People in New Jersey dealing with overwhelming debt may find that the experience is even more stressful due to constant calls from debt collectors. Whether people have medical bills, overdue credit card debt or an unpaid car loan, collection agencies may call frequently demanding payment. People struggling with debt do have rights under the law, and debt collectors are required under the law to follow certain rules. They may not call debtors before 8 a.m. or later than 9 p.m. In addition, if a person makes a written request to stop the phone calls, the collection agency is required to do so.

Three types of creditor claims in Chapter 13 bankruptcy

When a person files for Chapter 13 bankruptcy in New Jersey, part of the process is a requirement that the filer, also called the petitioner, submit a repayment plan to the bankruptcy court. Unless the court grants the petitioner an extension, he or she must submit the repayment plan within 14 days after the petition is filed. The repayment plan may be submitted at the same time as the petition. The submitted plan must provide for payments to be made to the bankruptcy court in fixed amounts on a regular basis.

Individuals may file for bankruptcy separately, even if married

It is possible for one spouse to file for bankruptcy in New Jersey even if the other does not. In cases where the spouses do not own property together and their assets and debts are generally not commingled, the individual filing of one spouse may not be overly complicated. In other cases, however, one spouse filing for bankruptcy under Chapter 7 or Chapter 13 of the Federal Bankruptcy Code might have ramifications for the other spouse. The facts of the case will determine whether one spouse can file without impacting the other.

How can I stick to my bankruptcy budget?

Chapter 13 bankruptcy allows you to get control of your finances once again. Budgeting is crucial in this case, as you must adhere to the repayment plan provided by the court or your bankruptcy may be revoked. Because sticking with a budget can be difficult for even the most well-intentioned people, The Balance offers the following helpful tips to ensure a bright financial future ahead of you. 

Should I file for chapter 13?

If you're faced with massive debt that you can't seem to get a handle on, bankruptcy may be the best option for you. Most individuals file for chapter 7 or chapter 13, each of which entails different methods of relieving debt and satisfying creditors. Debt.org explains how chapter 13 works so you can determine whether it's the best option for you. 

What bankruptcy mistakes should I avoid?

Filing for bankruptcy is a good option for people faced with exorbitant debt. Whether filing for chapter 7 or chapter 13, you must adhere to the specific laws regarding eligibility and your financial actions. Debt.org explains some of the common mistakes people make when filing, and what you can do to avoid them.

Avoiding foreclosure through bankruptcy

If you find yourself facing foreclosure on your home in Hackettstown, then people may begin to advise you that filing for personal bankruptcy is the easiest way to ensure that you keep it. Several of those that we members of our team here at Jonathan Stone Attorney at Law have worked with in the past have been given similar advice, only to later discover that bankruptcy is not the automatic answer to foreclosure that it has been made out to be. Before you make this decision, it is important that you understand exactly how bankruptcy can affect foreclosure. 

How can I prevent overspending during the holidays?

Do you spend too much money over the holidays? If so, you’re not alone. Many people find themselves overspending on gifts, food, and entertainment this time of year. Fortunately, there are steps you can take to prepare for the next holiday season right now, as explained by U.S. News & World Report.

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