Monmouth County Chapter 13 Bankruptcy Attorney
Chapter 13 Bankruptcy applies to individuals who have regular income and the ability to repay all or a portion of their debt over time. Chapter 13 generally allows individuals to keep their property by repaying certain creditors out of their future income. In Chapter 13, an individual proposes a plan for repayment, which must be confirmed (approved) by the United States Bankruptcy Court. The proposed plan is tailored to the individual’s specific financial circumstances and ability to repay outstanding debt. The Plan must meet certain requirements set forth in the United States Bankruptcy Code and the Plan duration must be a minimum of three (3) years and a maximum of five (5) years. An individual in Chapter 13 receives a discharge of his or her debts, only after such individual has completed all plan payments and fulfilled any other requirements provided for under the confirmed Chapter 13 Plan.