When a person realizes that they are in so much debt that their best option is bankruptcy, they are facing a difficult road ahead. No one wants to have financial problems so severe that bankruptcy is their only way out, but it does happen and it happens often. A person considering bankruptcy may be afraid of losing everything, but it doesn’t always have to be that way. One of the most commonly asked questions when a person is beginning the bankruptcy process is whether they can keep their house after filing or not.
So long as you are not in arrears, and the value of your house does not exceed what the courts permit, you can file for Chapter 7 Bankruptcy. However, if you are in arrears on your mortgage payments or your car payments and you wish to retain those assets, then you are required to file a Chapter 13 Bankruptcy. In the Chapter 13 Bankruptcy you can pay out those arrears over a period of time, which is usually three to five years. If you are three, four, or even six months in arrears, those payments can be spread out over that period.
If you are considering bankruptcy, you may be concerned about your financial future. It may be beneficial for you to retain the services of an experienced and compassionate bankruptcy attorney in New Jersey who can walk you through the process to make sure you find success. They can give you all of the important information you will need and help set you up for a debt-free future.
The Radol Law Firm is proud to serve the people of New Jersey in their divorce and family law, elder law, estate planning, and bankruptcy matters. Contact our firm today to schedule a consultation.