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Filing Bankruptcy – Timing is Key

Filing Bankruptcy

Filing Bankruptcy –   Whether you file Chapter 7 or 13 Bankruptcy, timing is key.

Time Considerations 

  • You receive bonuses and that skews your income upward.  
  • There are other times that you may be unemployed or underemployed. 
  • You may find yourself out of work and income is significantly reduced. 
  • You may be waiting to receive unemployment funds, a grant or government money to be able to meet your basic living expenses. 
  • Keep in mind that any money you receive from the coronavirus CARES Act is not counted toward your income.   

Chapter 7 Bankruptcy  Ch. 7 Bankruptcy | NJ Bankruptcy Law Firm

  • Filing Chapter 7 Bankruptcy, you may qualify based upon your current financial situation.
  • When you file Chapter 7 bankruptcy, you do not pay anything back to your creditors. 
  • When you have reduced income, you now quality for Chapter 7 but before you did not.
  • If you wait to file bankruptcy when your income increases, you may not be eligible for a Chapter 7 Bankruptcy

Chapter 13 Bankruptcy  Ch. 13 Bankruptcy | NJ Bankruptcy Law Firm

  • Filing Chapter 13 Bankruptcy   Stop Foreclosure  you pay back something to your creditors based upon your income.  
  • As a result of the pandemic or other life event, your monthly Plan payments may be much lower due to your reduced income.
  • Your past 6 months income and your current income determines the amount you must pay back to your creditors.
  • Depending on your financial situation, you may have a larger monthly payment to the Trustee.
  • However, if you file before your income increases, your monthly payment to the Trustee can be less.

Bankruptcy Help is available  – The United States Offers Bankruptcy Help http://www.njb.uscourts.gov    

I am here to represent you with Bankruptcy Help that our country offers to all.

Now may be the right time for you to file bankruptcy.   I can meet with you and provide you with bankruptcy options for you.    We can determine whether filing bankruptcy is right for you at this time.   I am here to provide bankruptcy help to you.   

Call me for a free bankruptcy consultation  Homepage | NJ Bankruptcy Law Firm