Chapter 13

Chapter 13 bankruptcy is also known as a "wage earner plan." It allows individuals to reorganize their debt with creditors into an extended repayment plan. This type of individual bankruptcy is extremely helpful to homeowners facing foreclosure on their homes and for individuals who have assets they want to protect from repossession or liquidation.

At the Morristown law office of Ast & Schmidt, P.C., we provide strategic counsel and advocacy to protect our clients as they seek debt relief through bankruptcy. Contact us today to schedule a free initial consultation with experienced Chapter 13 bankruptcy lawyer David Ast.

If you are considering filing for bankruptcy, it is important that you understand your rights and obligations before proceeding. Our firm knows that there is no one-size-fits-all solution, and we will take the time to create a debt relief plan that works best to meet your specific goals.

The Mortgage Crisis And Home Mortgage Foreclosure

The current financial crisis has forced millions of homeowners into foreclosure. Many people who were victims of predatory lending and unfair lending practices are now facing serious financial detriment in this mortgage crisis. If you are facing mortgage difficulties, turn to our office. With over 25 years of experience in bankruptcy law, you can rely on attorney Ast to guide you through this rocky time with skill, confidence and compassion. We are committed to helping clients throughout New Jersey assert their rights under the bankruptcy laws and protect their real estate investment. In addition, where appropriate, we can also help you secure a mortgage modification to avoid bankruptcy altogether.

Stop Creditor Harassment · Prevent Foreclosure · Protect Your Rights

Is Chapter 13 Bankruptcy Right For Me?

Many people whose income or asset levels disqualify them from filing Chapter 7 bankruptcy have an effective debt relief solution in Chapter 13. It is typically for individuals who earn a regular income but who have fallen behind on their debt obligations. It allows consumers to get the breathing room they need, by letting them pay back all or some of their debts to creditors over a period of 36 to 60 months. The repayment amount, which is reviewed and approved by the court, is tied to your ability to pay.

A Chapter 13 bankruptcy may be appropriate if you are a homeowner, if you owe back taxes or have outstanding student loan debts. If you do qualify, you will be able to stop foreclosure and creditor actions, as long as you continue meeting your obligations under the new repayment schedule.

How Long Does A Chapter 13 Bankruptcy Take?

After your case is filed, we will appear with you at a bankruptcy hearing with the creditors four to six weeks later. After another four to six weeks, there will be a confirmation on the proposed plan. You will also have to participate in a credit counseling and financial management program. David Ast will review the terms of the repayment plan to ensure that it is in accord with your resources and your ability to repay the debt owed.

As with Chapter 7, as soon as we file your bankruptcy petition, all creditor collection activity must stop, including calls, letters, garnishment and lawsuits.

Contact Ast & Schmidt, P.C., to schedule a free consultation with an experienced bankruptcy lawyer. We offer flexible hours, Monday through Friday, and evening hours are also available by appointment. We are conveniently located across the street from the Morris County Mall.

Ast & Schmidt, P.C., is a debt relief agency. We help individuals file for bankruptcy relief under the Bankruptcy Code. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.