Ast & Schmidt, P.C.
We Focus Exclusively On Protecting Your Rights In Bankruptcy And Foreclosure. Call Us In Morristown Today.
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March 2019 Archives

Going over some advantages of Chapter 7

From Chapter 11 to Chapter 13, there are different options on the table for those who are considering bankruptcy. In this blog, we will examine some of the reasons why Chapter 7 can be advantageous for some people in Morristown and across the state of New Jersey. Even though a number of benefits may come with taking this route, it is pivotal to carefully assess all of your options and make sure that you have found the best direction forward given your personal circumstances.

What a Chapter 13 trustee does for you

When you file for Chapter 13 bankruptcy in New Jersey, you can expect to deal with a trustee throughout much of the process. The duties of a trustee are going to be different depending on the type of bankruptcy. Under Chapter 7 bankruptcy, per FindLaw, the trustee would be handling the liquidation of the debtor’s property and paying the creditors the proceeds. But since Chapter 13 bankruptcy does not involve liquidation, the duties of a trustee under Chapter 13 will be different. Instead, you can expect a Chapter 13 trustee to primarily be concerned with taking care of your debt payments.

Ast & Schmidt, P.C.

Ast & Schmidt, P.C.
222 Ridgedale Avenue 3rd Floor
P.O. Box 1309
Morristown, New Jersey 07962

Phone: 973-984-1300
Fax: 973-984-1478
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