Morristown New Jersey Chapter 13 Bankruptcy Attorney

Also known as a wage earner plan, Chapter 13 bankruptcy is for individuals who want to reorganize their debt with creditors into a repayment plan. This type of bankruptcy is extremely helpful to homeowners facing foreclosure on their homes. If you are able to qualify for Chapter 13, this will stop possible foreclosure and creditor actions, although you will be required to continue making some kind of monthly mortgage payment. While Chapter 13 is more expensive than Chapter 7, requiring people to pay off between 80% and 100% of their debt, it has the advantage of allowing the court to determine a repayment plan regardless of whether creditors agree with it or not.

You will also have to participate in a credit counseling and financial management program. When you visit the law offices of David Alan Ast to discuss this option, we can discuss the changes in the law regarding auto loans and help you calculate your debt repayment schedule.

For more information regarding Chapter 13 bankruptcy, contact bankruptcy lawyer David Alan Ast today to schedule a free consultation.

Discharging Debt Under Chapter 13 Bankruptcy

Since Chapter 13 involves a restructuring of debt, a detailed plan, known as a "Chapter 13 plan," indicating how your debt will be paid is required by the court. While the plan may have lower interest rates, it is subject to approval by the court and you will be required to adhere to the terms of the plan for a period of between 3 and 5 years. As your Chapter 13 bankruptcy attorney, David Alan Ast reviews the terms of a repayment plan in order to ensure it is in accord with your resources and ability to repay the debt owed. If you wish, you may also use a trustee to handle all monies and payments involved.

For More Information, Contact David Alan Ast

If you're facing harassing phone calls from collection agencies and mounting debt, contact the law offices of David Alan Ast. We will evaluate your current financial situation and determine how best to structure a repayment plan that allows you to get out from under crushing debt while allowing you to gain your financial footing again. To schedule a confidential, free consultation regarding the legal options available to you, contact Chapter 13 bankruptcy attorney David Alan Ast today.