16 W. Blackwell St. Dover NJ, 07801 973-889-1116
Struggling to pay bills every month, whether through loss of a job, illness or simply falling behind can be very stressful. Many unsecured debts, such as credit card debt, medical bills, some older taxes and personal loans are dischargeable in Chapter 7 Bankruptcy.
In many cases, the debtor is able to retain his/her car or home (depending on the amount of equity in the home) or other secured items. In addition, your retirement account may be exempt during the process of bankruptcy. This means you will be able to retain some or all of your retirement savings.
There are certain forms of debt that cannot be discharged in Chapter 7. These include child support and/or alimony. Student loans are generally not dischargeable, but may be in certain circumstances. You may have some debt that will not go away with Chapter 7. This can be determined by discussing your individual situation with Mr. Bronson.
In some situations, the debtor may have too much equity in his/her home, but is still unable to keep up with month-to-month payments for his/her mortgage and other bills. In such a situation, the debtor may qualify to file for Chapter 13 Bankruptcy protection.
In this situation, the debtor pays his monthly mortgage in order to retain the home. In addition, a monthly payment amount is determined from the remaining income each month. This payment is used to pay a portion of the other outstanding bills and any arrearage due on the mortgage.
Chapter 13 can help you save your home from foreclosure.
Do not spend another day worrying about your financial situation - Call our office today to arrange for a free consultation to discuss whether Bankruptcy is an option for you.
16 W. Blackwell St.
Dover NJ, 07801
M - F 10:00AM - 5:00PM
(After hours by request only)
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