The Law Offices of Jonathan Stone
Hackettstown law firm serving clients throughout New Jersey
Call Today 800-491-5622
Areas & Topics

chapter 13 Archives

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.

Can I discharge a student loan through bankruptcy?

Many college graduates in New Jersey find themselves unable to pay back their student loans, which can sometimes be exorbitant. However, unlike other types of debt student loans are not typically able to be discharged in bankruptcy. According to Forbes, this trend could be changing, which might help students get a handle on debt and prevent future financial hardship.

What are some benefits of Chapter 13?

When it comes to filing for bankruptcy, you may have a number of options in front of you. Some people move ahead with a Chapter 11 bankruptcy, while others turn to Chapter 7 or Chapter 13. It is vital to understand the benefits and possible drawbacks of each option and find out which makes the most sense for your personal financial circumstances. In this post, we will take a closer look at some of the reasons why Chapter 13 can be advantageous. As with any form of bankruptcy, it is essential to have a good understanding of the ins and outs of the process before filing a petition.

How can budget my finances?

If you’ve recently filed for bankruptcy in New Jersey, you may be concerned about rebuilding your finances once again. Creating a solid budget is crucial in this case, as it can help you cover recurring expenses while also putting money aside for the future. Because budgeting can be difficult for many people , Bankrate.com offers the following advice.

Contact

The Law Offices of Jonathan Stone
490 Schooley's Mountain Road
Building 3A
Hackettstown, NJ 07840

Toll Free: 800-491-5622
Map & Directions