Best Lawyer For Chapter 13- Trenton (nj)
Due to the recession and liquidity crunch of 2007
, many people in the US have missed payments toward their unpaid credit bills. Their debts have piled up and reached such a proportion that it has become beyond their limit to pay off. Hence, in order to avoid foreclosure the only option available to them is bankruptcy.
Bankruptcy is a legal process that gives a person an option to resolve his debts within a reasonable time, through the distribution of his assets amongst the creditors. After all debts are paid off, the person will have an opportunity to start afresh. Once a person files for bankruptcy, his lender has to suspend all legal actions against him. In a Chapter 13 bankruptcy a person doesn't have to convert his assets into cash by liquidation. Instead he will be allowed to make payments for debts as per a new repayment plan and will be able to get rid of all his financial obligations within 3 to 5 years.
As per the New Federal Bankruptcy Laws of 2005, the debtor has to hand over the disposable income (that is calculated by making use of "allowed" expenses as ordered by the IRS). This holds true for the consumer whose income is higher than the median income. Thereafter, the allowed expenses are to be subtracted from the consumer's average income. The income of the last six months prior to filing bankruptcy is taken into account. A person has to attend a credit counseling session for duration of 180 days, before he can file for bankruptcy.
A person filing for Chapter 13 bankruptcy is having one advantage, and that is automatic stay. It will help delaying the foreclosure process. However, if the lender files for relief from the automatic stay, the foreclosure process will get started. If the debtor can surely afford to pay off his debts, then only he can avoid foreclosure. However, if a person is totally unable to make payments, bankruptcy can only defer the foreclosure process, but cannot stop it. However, if a person can really afford Chapter 13, the main advantage he will be enjoying is the "full discharge option".
To file for bankruptcy, one needs to consult a bankruptcy attorney and has to provide him with his loan papers, bank statements, debt notices, credit bills, and tax returns. The attorney will analyze his financial situation and advise accordingly. In Trenton, NJ there are several reputed law firms. One of the best is-The Law Office of Peter E. Zimnis. To know more about them visit www.peterzimnislaw.com. They offer the best services for Chapter 13, Trenton (NJ) residents can avail. They have flexible working hours to accommodate your schedules. Contact them today and schedule an appointment.
by: Aliceshown
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