Piscataway Chapter 13 Attorney Helps Debtors Keep Their Homes

Restructured debt and manageable repayment through bankruptcy

Chapter 13 bankruptcy is an option for indebted consumers who either don’t qualify for Chapter 7 liquidation or don’t want to sell off their assets, especially their home. If your income is above the median for the state of New Jersey for families of your size, or if you have considerable equity in your home, Chapter 13 bankruptcy may be a good choice for you. To get reliable advice, you should consult an attorney who is:

  • Ethical — We can only make a bankruptcy recommendation after thoroughly examining your finances and inquiring about your goals for life after bankruptcy. That’s how you know we’re recommending what’s best for you, not what’s easiest for us!
  • Compassionate — Your attorney must share your concerns in order to protect your interests. When you visit our office, you can tell right away: we’re here to care for you.
  • Dedicated — Chapter 13 bankruptcy commits you to a plan that lasts three to five years. Our firm is committed to building relationships that last, and we’ll be here to assist you throughout your plan period.
  • Experienced — When choosing between Chapter 7 and Chapter 13, you want advice from a knowledgeable source. With our firm, you get the benefit of life’s greatest teacher: experience.

For more than 14 years, the Law Office of Michael P. Otto has helped indebted homeowners in and around Piscataway with honest communication, genuine concern and diligent effort.

Saving your home and working your way out of burdensome debt

What Chapter 13 does is to restructure your consumer debt much the way Chapter 11 restructures business debt. The court considers your petition and listens to your creditors before deciding on a payment plan based on your available income. Under your plan, you commit to repaying a certain amount every month for a period of three to five years. The court appoints a trustee to receive your monthly payment and disperse it to your creditors. If you meet your obligations under the plan, the court discharges the rest of your debt when the plan period expires. At that point, you have a clean slate and you’ve kept your home.

Special considerations for Chapter 13 bankruptcy filings

One advantage to Chapter 13 bankruptcy is that your repayment plan makes all overdue bills current. This includes late mortgage payments. For that reason, Chapter 13 is a great defense against foreclosure. However, Chapter 13 requires you to keep up with your payment schedule, so you need very secure employment to qualify.

Contact a trustworthy and determined Piscataway bankruptcy attorney for Chapter 13 filings

The Law Office of Michael P. Otto assists clients throughout Middlesex, Union, Somerset and Morris counties. Mr. Otto is available in the evening and on weekends when necessary. Call 732-819-7000 or contact us online to arrange your free consultation.