Do You Need a Chapter 13 Attorney in Monmouth County?
How do you know your debt has become unmanageable? Payments that do nothing to chip away at your balance, late or missed payments, and calls from creditors are good indicators that your debt is no longer manageable with your income. After a certain point, it can begin to feel like there is no way out. Bankruptcy can be an effective tool to help you regain control of your financial future.
If you are looking for a Chapter 13 attorney in Monmouth County, Veitengruber Law can help. We are ready to help you turn Chapter 13 bankruptcy into a tool to fix your finances. Here are some signs that Chapter 13 bankruptcy is the right choice for you:
1. You Have a Steady Income
Chapter 13 bankruptcy, as opposed to Chapter 7 bankruptcy, is ideal for folks who have a steady income but are simply struggling to manage their debt. If your income can cover basic living expenses but is being overwhelmed by debt payments, Chapter 13 can help set you up with a repayment plan that you can afford.
2. You’re Facing Foreclosure or Repossession
One of the major appeals of Chapter 13 bankruptcy is its ability to stop foreclosure or repossession. From the moment you file bankruptcy, the automatic stay period goes into effect. This prevents creditors from collecting on past-due debts or pursuing legal action. The automatic stay lasts the entirety of your bankruptcy case. It will not be lifted until your bankruptcy is either dismissed or the court approves your repayment plan. Any past-due payments leading to foreclosure or repossession can be rolled into your Chapter 13 repayment plan, allowing you to catch up on these payments while maintaining ownership of your property.
3. You Do Not Qualify for Chapter 7 Bankruptcy
Not everyone seeking discharge under Chapter 7 bankruptcy will qualify for it. Chapter 7 includes strict income requirements. If your income is too high to pass the means test for Chapter 7 bankruptcy, Chapter 13 is an excellent alternative that can still help you eliminate unmanageable debt.
Certain debts can't be discharged under Chapter 7 bankruptcy. These include back taxes, child support, spousal support, and other court-ordered payments. Chapter 13 bankruptcy allows you to include these debts in your court-approved repayment plan.
4. You Want to Protect Assets
Secured debts, like your car loan or mortgage, are backed by collateral. Unlike Chapter 7 bankruptcy, which can result in the liquidation of your assets to pay back your debts, Chapter 13 helps you repay your debts while still protecting your assets. This allows you to maintain ownership of your home, your car, and other valuable assets while also making significant progress towards paying down your debts on these items.
5. You Are Committed to Repaying Your Debt
Chapter 13 is the best fit for individuals who can repay their debt and want to do so, but need a little more time. If you can stick to a repayment plan and are ready to make consistent payments, Chapter 13 is a great option to get out of debt.
When you need an experienced Chapter 13 Attorney in Monmouth County, look to Veitengruber Law. We have over a decade of experience helping individuals and families in the community file for bankruptcy and get their finances out of the red. Don’t deal with overwhelming debt alone.