{"id":812,"date":"2019-04-20T17:18:07","date_gmt":"2019-04-20T17:18:07","guid":{"rendered":"https:\/\/www.karinalucidlaw.com\/?p=812"},"modified":"2021-04-03T16:14:43","modified_gmt":"2021-04-03T16:14:43","slug":"a-brief-guide-to-chapter-13-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.karinalucidlaw.com\/a-brief-guide-to-chapter-13-bankruptcy\/","title":{"rendered":"A Brief Guide to Chapter 13 Bankruptcy"},"content":{"rendered":"
Chapter 13 may be a viable option for you if you do not meet the requirements for Chapter 7 bankruptcy. Chapter 13 is also an option if there are certain assets you want to protect from bankruptcy. This blog will offer a brief guide to Chapter 13 bankruptcy.<\/p>\n
In many cases, debtors turn to Chapter 13 when Chapter 7 is not an option. Very specific debt requirements must be met before the consideration of the filing a Chapter 7 bankruptcy in New Jersey. You must also pass the means test. If your income is too high or you have assets with equity that may be subject to sale by a chapter 7 trustee, you may need to file a Chapter 13 instead. This allows your creditors to recoup part or all of their losses over time. Obviously, giving you a more realistic timeline to repay your debts.<\/p>\n