Archives for June 2013

The Simplest Chapter 13 Bankruptcy Filing

When you are struggling to meet your obligations and see bankruptcy as your best option for getting a fresh financial start, there may be a number of reasons why you would rather file for protection under Chapter 13, which allows you to restructure debts and pay them over a three-to-five year period. You may have assets that you don’t want to lose in a Chapter 7 bankruptcy sale. A Chapter 13 proceeding will almost always involve more time and effort than a Chapter 7 case, as you will have to work out specific repayment arrangements with all your creditors, but you can often complete the process without too much difficulty.

Chapter 13 Can Be Quick and Easy

If you have a lot of secured debt, a Chapter 13 may be time-consuming and complex. As a part of the Chapter 13 process, your attorney will work directly with your creditors and with the bankruptcy court to put together a repayment plan that is acceptable to those creditors and that is affordable for you. Obviously, the more creditors you have, the more time and energy must be spent to determine how much you can pay each one on a monthly basis.

It is also essential that you put a plan in place with which you can comply. During the repayment period, you will be entitled to the protection of the automatic stay, so creditors cannot call, write or take legal action against you. However, if you fail to make payments as promised, the protection afforded by the bankruptcy laws can be revoked.

Having a reliable job can also facilitate the approval of a reorganization plan. If your creditors have confidence that you will continue to be gainfully employed, they will be more likely to agree to repayment terms that extend three to five years.

In Chapter 13, it is especially important that you have reputable and knowledgeable legal counsel who can identify and solve any problems that may arise. Chapter 13 is a financial “swiss army knife” with many tools available. But putting those tools into the right hands can make all the difference.

Contact Neuner & Ventura, LLP

Let us help you take back control of your life! We understand the stress, anxiety and confusion that can be associated with a potential bankruptcy filing. We offer a free initial consultation to every new potential bankruptcy client. (We do, however, reserve the right to charge a fee to review any work done by another attorney). For an appointment, call Neuner & Ventura at (856) 596-2828 or send us an e-mail. Evening and weekend appointments are available upon request

Representing Clients across South Jersey

How Chapter 7 Really Works When Surrendering Your Home

Giving Up Your Home in a Chapter 7 Bankruptcy Filing

If you are struggling to make your house payments, you might be able to file for Chapter 7, discharge some of your debts and keep your home. In the long term, though, that might not be in your best interests. The most effective way for you to get a fresh financial start may be to simply surrender your home as part of your bankruptcy filing. How do you do that and what are the consequences?

Surrendering your home in bankruptcy may make sense, but requires care and planning

When you took out a mortgage loan, you signed two papers. One was the Note, or “IOU” in which you promised to repay the loan. The second was a mortgage, in which you gave the lender your home as collateral. In a bankruptcy, your discharge eliminates your personal liability under the Note. However, the mortgage lien remains in place.

For many people, a home or other real estate is simply too expensive for them to keep. In these situations, a decision to let the real estate go to foreclosure may be the proper path to long term financial stability. However, many people just move out, and that can create many other problems. In other words, there is a right and a wrong way to “surrender” a home. Moving out too early can create other problems, including an inability to keep insurance in place to protect you from liability damage claims if someone or their property is injured or damaged. A vacant property is prone to vandalism. If there is a homeowners association or condo association in place, those fees need to be paid until the property is no longer in your name. Moving out too soon can actually make matters worse!

This is an area where individualized advice from an experienced attorney is essential. There are several useful articles and blog posts on our website. Check them out!

Contact Neuner & Ventura, LLP

Let us help you take back control of your life! We understand the stress, anxiety and confusion that can be associated with a potential bankruptcy filing. We offer a free initial consultation to every new potential bankruptcy client. (We do, however, reserve the right to charge a fee to review any work done by another attorney). For an appointment, call Neuner & Ventura at (856) 596-2828 or send us an e-mail. Evening and weekend appointments are available upon request

Representing Clients across South Jersey

Recognized Quality & Experience