CHAPTER 13 BANKRUPTCY ATTORNEY
Have An Experienced New Jersey Chapter 13 Bankruptcy Attorney Help Save Your Home
Attorney Jeffrey S. Walters is a Chapter 13 Bankruptcy attorney who specializes in Chapter 13 Bankruptcy to help you obtain the relief offered by Chapter 13 of the United States Bankruptcy Code. He has over 25 years of experience creating and filing Chapter 13 Plans to save the homes of people like you in the communities of Camden County and Burlington County.
If you own a house and are behind on your mortgage or facing foreclosure or sheriff’s sale, Chapter 13 allows you to keep your house and get your mortgage payments back on track over time.
You may have heard of terms like “Chapter 7” or “Chapter 13.” You do not need to worry about the details. We will help you determine which filing is best for you.
Summary of Chapter 13 Bankruptcy
Chapter 13 Bankruptcy is most useful when you are behind on your mortgage payments and want to save your house. If you are behind on your mortgage payments, your bank has probably demanded that you pay all of the past due payments at once and may threaten to foreclose if you don’t pay everything you owe immediately. However, Chapter 13 changes that. With a Chapter 13 Bankruptcy you can repay the past due amount over a period of 3-5 years. This will allow you the breathing room you need to get back on track and save your home. For example, if your mortgage payment is $1,000/month and you are 6 months behind, you can pay the $6,000 over 5 years. That is $100/month. You can force the bank to accept this whether they like it or not. A Chapter 13 Bankruptcy will stop a foreclosure and will stop a sheriff’s sale. It will also stop the repossession of your car if you are behind on your car payments. When your bankruptcy is completed, you have saved your home, and your remaining unsecured debts are wiped out (such as credit card bills, store card bills, medical bills and utility bills).
If you are not behind on your mortgage payment or your car payment, you might also file a Chapter 13 Bankruptcy in order to wipe out certain types of debts that cannot be wiped out in Chapter 7 (there are some but not many). You might also file a Chapter 13 Bankruptcy if you simply have too much property or income to qualify for a Chapter 7 Bankruptcy. Most people file a Chapter 13 Bankruptcy because they want to save their house. If that is the case, they will usually pay just enough to keep their house, and their unsecured debts are completely wiped out (such as credit card bills, store card bills, medical bills and utility bills). If you are filing a Chapter 13 Bankruptcy only because you do not qualify for a Chapter 7 Bankruptcy, then the Chapter 13 will let you consolidate your debts so that you only make one monthly payment. The good news is that you only need to pay as much as you can afford. For example, if you have $100,000 in credit card debt but you can only afford to pay $100/month, then that is all you will pay for either 3 years or 5 years. Whether it is 3 years or 5 years depends on computations which we will perform for you. If it is 3 years, then you will pay $3,600 ($100/month for 36 months). If it is 5 years, then you will pay $6,000 ($100/month for 60 months). At the end of either 3 or 5 years, the remaining amount of the debts get wiped out (such as credit card bills, store card bills, medical bills and utility bills). As you can see, you may end up paying only a small fraction of the original debt even if you are compelled to file Chapter 13.
In order to qualify for a Chapter 13 Bankruptcy, you must have a source of consistent income, such as from employment or even unemployment or disability benefits. You must also have some money left over at the end of the month after you pay for your normal expenses such as food, shelter and utilities. Generally, you must have enough money left over each month to be able to pay the past-due portion of your mortgage over 5 years. Part of our job is to work with you to come up with a realistic budget which will successfully get you back on track to saving your home and getting your life back. We are experts in helping people obtain bankruptcy relief and save their homes.
Chapter 13 will allow you to:
Stop sheriff’s sale of your house or other property
Reinstate your mortgage even if it is in default
Stop creditor harassment (such as phone calls and letters)
Stop lawsuits (even if they have already been filed)
Stop bank levies and wage executions
Stop utility shutoff
Wipe out debts such as credit card debts, store card bills, medical bills and utility bills
Wipe out debt for any deficiency on repossessed car
Wipe out money owed on court judgments
Get your driver’s license back if suspended due to nonpayment of governmental charges
Get a "fresh start"
Gain control of your life again
We Handle Emergency Filing of Bankruptcy to Save Your Home From Sheriff’s Sale
The Law Offices of Jeffrey S. Walters LLC participates in the Bankruptcy Court’s Electronic Case Filing System (ECF). This means that we have computerized access to the Court’s system and can instantly file your case electronically. This will immediately trigger an "automatic stay" which will stop a pending foreclosure and Sheriff’s Sale. It will also force your creditors to stop any action they are taking against you. Our participation in the Court’s Electronic Case Filing System means that we are prepared to assist our clients with emergency filings, which may be necessary in order to stop a sheriff’s sale or a repossession which is about to occur. Our access to the Court’s Electronic Case Filing System provides us with your case number and proof of filing instantly. It also means that we receive all notifications regarding your case electronically by email. This enables us to react to them immediately, and allows us to email our clients any information regarding their case instantly and in "real time."
Call a Bankruptcy Attorney Who Specializes in Chapter 13 Bankruptcy For a Free Consultation
Attorney Jeffrey S. Walters is a bankruptcy attorney who specializes in Chapter 13 bankruptcy and has been helping people like you in the communities of Burlington County and Camden County for over 25 years. From your very first phone call to our law firm, you will feel at ease. Attorney Jeff Walters will speak with you personally. We will discuss your situation on the phone, and make an appointment for a free consultation. At our consultation, we will discuss your situation in detail and come up with a solution to save your home and free you from back-breaking debt. We guarantee that after leaving our office after our first meeting, you will feel totally at ease knowing that you have found the help you need from an attorney who you feel confident and comfortable with. Call us for a free consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.