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