New Jersey Bankruptcy- Should I File Chapter 7 or Chapter 13?

14 Jan 2009 08:33 pm

Should I File Chapter 7 or Chapter 13?

There are two types of personal bankruptcy:

• Chapter 7.

In a Chapter 7 Bankruptcy, your debt obligations are wiped out completely by liquidating your assets in order to pay back your creditors. Fortunately, most if not all of your assets will be protected. If your debt is mainly with credit cards or other unsecured debt, then declaring Chapter 7 Bankruptcy could be of help. Yearly income is the deciding factor in determining qualified applicants.

• Chapter 13.

In a Chapter 13 plan, you pay the debt back over time with your disposable income within a legal and manageable plan.

Are you sure bankruptcy will help? Let Mr. Pegg direct you with a free quote and at no obligation. Simply call our office and make an appointment or click on ‘Contact us’ on the top & bottom of this page!

If you are experiencing financial difficulties, being harassed by creditors, have credit card debt, unpaid medical bills, repossession (s), pending lawsuits, judgments or are being on your mortgage or rent payments, then a Chapter 7 or a Chapter 13 filings may be of great benefit to you.

Located in Morristown, New Jersey and serving all of Northern NJ.

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4. New Jersey Bankruptcy Lawyer in Union County
5. New Jersey Bankruptcy Lawyer In Warren County