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Chapter 13 Bankruptcy Archives

The Feasibility of a Chapter 13 Plan

When you file a Chapter 13 case, your bankruptcy attorney will help you submit a plan of reorganization. The plan sets forth what your creditors will be paid over the course of your bankruptcy case.  Your plan must be "feasible" and the court must confirm or approve it. Feasibility is a term the court uses in determining whether or not your plan is likely to succeed. Your creditors file a proof of claim with the court. Each claim sets forth how much the creditor is owed. It also lists any assets pledged as collateral to the lender. The trustee reviews the claims to determine how much money the debtor must pay in order to fund the plan. The Chapter 13 plan must pay priority and secured claims, legal fees, trustee's fees, and anywhere from 0-100% of the unsecured claims. The "base" for the plan is the total amount to be paid under the debtor for three to five years.  A simplified example is if the debtor pays $100 per month to the trustee for a period of 3 years, the plan base is $3600. The Chapter 13 trustee verifies that the base amount is sufficient to pay the amount required to be made to creditors.    If it is, the plan is feasible.  The plan is infeasible if the amount required to be paid to creditors exceeds the the base amount. What happens if the plan is infeasible? Your attorney can help you amend the plan to make it feasible. Common ways to make a plan feasible include extending the length of the plan or increasing the amount of the monthly payment. If you are interested in learning more about Chapter 13 bankruptcy, contact Levitt & Slafkes to schedule your initial consultation. If you are interested in learning how filing a bankruptcy case can benefit you, contact Levitt & Slafkes, PC, at 973-323-2953. You can also reach us by filling out our online form. We represent debtors in Chapter 7, Chapter 13 and Chapter 11 filings. Let us help you get the fresh financial start you need today.

Worried About Who Will Find Out About Your Bankruptcy Filing?

If you are delaying filing a Chapter 7 or Chapter 13 bankruptcy because you are concerned who will find out about it, hopefully this blog will calm your fears. While bankruptcy filings are a matter of public record, the reality is that your family and friends are unlikely to ever know about your filing, unless you owe them money or you tell them yourself. When you file a case, you must disclose all of your debts, assets, creditors, income and expenses. Your creditors will receive notice of your filing, which means anyone you owe money to will know that you filed a case. It is essential that you understand, however, that you should never try to pay certain debts prior to your filing in order to prevent the friend or relative from finding out about your bankruptcy.  We will discuss this topic further in a future blog, but it could result in your family member being served with a lawsuit rather than a simple court notice. Many debtors worry about their employer discovering the bankruptcy filing. Again, if for some reason you owe your employer money, notice will be given. An employer may also discover your filing by requesting a copy of your credit report. Finally, if you file a Chapter 13 case and your plan payments are made by payroll deductions, whoever writes your paychecks will have notice of your case. Otherwise, most employers do not know when an employee seeks bankruptcy protection. It is understandable that you do not want the whole world to know you filed for bankruptcy, but in today's economy, bankruptcies are more widely accepted. Most people are facing financial struggles and many have filed for bankruptcy too, you just didn't know about it! If you are interested in learning more about bankruptcy, contact Levitt & Slafkes, P.C. We are experienced in handling a variety of bankruptcy issues. Our offices are conveniently located in South Orange, New Jersey. Please call us at 973-323-2953 or online to schedule your free initial consultation today.

Facing Foreclosure in New Jersey? Bankruptcy may be the answer

If you are being threatened with the foreclosure of your home, it might be time to consider filing for bankruptcy protection. As soon as you file your bankruptcy case, the automatic stay is effective. The stay prohibits any collection activity, including a foreclosure action, from continuing. The two main types of personal bankruptcy filings are Chapter 7 and Chapter 13.  You should meet with an experienced New Jersey bankruptcy attorney to discuss which type of filing is best for your individual circumstances.  Both types of filing can provide you with help you need in dealing with your foreclosure action. A Chapter 7 case will temporarily stop the foreclosure action. This buys you extra time to remain in your home as well as time to negotiate with your mortgage lender.  However, if you are significantly past due on your mortgage payments, your lender will likely seek relief from the automatic stay in order to continue with the foreclosure proceedings. In a Chapter 13 case, the debtor must propose a feasible Chapter 13 plan for repaying the creditors, including the mortgage lender (if you intend to keep your home).  Your ability to create a feasible plan depends on a variety of factors such as your basic living expenses and the amount you are past due on your mortgage payments.  If the plan is successful, a Chapter 13 filing can stop a foreclosure action. Foreclosure can be one of the most unsettling occurrences for your family.  Before you walk away from your home and allow it to be foreclosed upon, meet with an experienced bankruptcy attorney at Levitt & Sflakes. If you are interested in learning how filing a bankruptcy case can benefit you, contact Levitt & Slafkes, PC, at 973-323-2953. You can also reach us by filling out our online form. We represent debtors in Chapter 7, Chapter 11 and Chapter 13 filings. Let us help you get the fresh financial start you need today.

Facing Foreclosure in New Jersey? Bankruptcy may be the answer

If you are being threatened with the foreclosure of your home, it might be time to consider filing for bankruptcy protection. As soon as you file your bankruptcy case, the automatic stay is effective. The stay prohibits any collection activity, including a foreclosure action, from continuing. The two main types of personal bankruptcy filings are Chapter 7 and Chapter 13. You should meet with an experienced New Jersey bankruptcy attorney to discuss which type of filing is best for your individual circumstances. Both types of filing can provide you with help you need in dealing with your foreclosure action. A Chapter 7 case will temporarily stop the foreclosure action. This buys you extra time to remain in your home as well as time to negotiate with your mortgage lender. However, if you are significantly past due on your mortgage payments, your lender will likely seek relief from the automatic stay in order to continue with the foreclosure proceedings. In a Chapter 13 case, the debtor must propose a feasible Chapter 13 plan for repaying the creditors, including the mortgage lender (if you intend to keep your home). Your ability to create a feasible plan depends on a variety of factors such as your basic living expenses and the amount you are past due on your mortgage payments. If the plan is successful, a Chapter 13 filing can stop a foreclosure action. Foreclosure can be one of the most unsettling occurrences for your family. Before you walk away from your home and allow it to be foreclosed upon, meet with an experienced bankruptcy attorney at Levitt & Sflakes. If you are interested in learning how filing a bankruptcy case can benefit you, contact Levitt & Slafkes, PC, at 973-323-2953. You can also reach us by filling out our online form. We represent debtors in Chapter 7, Chapter 11 and Chapter 13 filings. Let us help you get the fresh financial start you need today.

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