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Submit Your Information Above And An eMail Will Be Sent To You Describing The Cost To File Chapter 13 Bankruptcy.
Thanks You For Visiting Todd Murphy Law.
You can discharge debt with Chapter 13 bankruptcy, and keep your assets.
Chapter 13 Bankruptcy is essentially a repayment program. If you follow the repayment schedule that you and your attorney set up with the court, your unsecured debt is discharged at the end of the program. That means that credit card debt, medical debt, and other unsecured debt (we’ll talk about secured v. unsecured in a moment) is considered no longer yours if you successfully complete the Chapter 13 plan.
Secured debt is debt that is backed by a physical object such as a home or a car. These types of debt you must continue to pay on your Chapter 13 schedule. Unsecured debt is the kind of debt that is NOT backed by a valuable physical object, such as credit cards, medical debt, store cards, furniture, etc. During your Chapter 13 plan, you do not make payments toward your unsecured debt.
During your Chapter 13 plan, you MUST make 50 payments towards your SECURED debt ON TIME in order for you to complete the plan and get your unsecured debt discharged. Todd Murphy, NJ Bankruptcy Lawyer, recommends that you set aside some emergency money so that you can ALWAYS make your SECURED debt payments ON TIME and complete your Chapter 13 plan, so that you can get your unsecured debt discharged.
Todd Murphy, NJ Bankruptcy Lawyer, will work with you to asses what is called your “disposable income”. This is the income you have leftover at the end of the month after you pay your living expenses. Your disposable income should be enough to pay your SECURED debt payments like your mortgage or car payment. After you make 50 on-time payments, you will have successfully completed your Chapter 13 plan and you will be free of your unsecured debt!
Contact Todd Murphy to find out if you qualify for a Chapter 13 Bankruptcy plan.
Myth One in a series of 10 Myths about Bankruptcy:
Not everything you’ve heard about bankruptcy is true. In fact, there are a number of myths about bankruptcy floating around. And if you buy into these myths, you may never take action to get yourself out of a difficult situation – one that seems to be escalating.
Your financial situation is likely taking a toll on you:
You may feel trapped and need to talk to someone you can trust.
You may feel anxious and need to find answers from someone who knows the facts about what you can and can’t do.
You may feel tired and need some hope to keep you going.
Or maybe you just want to ask someone what you should do next?
To help you get clear about your options, let’s take a look at the first MYTH about bankruptcy:
Myth 1: It’s hard to file bankruptcy because of new laws that have been passed.
Truth: Bankruptcy is easy to file when you meet the legal criteria to do so. In fact, more bankruptcies are being filed in America now that at any other time in history.
If bankruptcy is something you’re considering and you’d like to know whether or not you are eligible to file, please pick up the phone and give me a call. The initial client consultation is absolutely free. There is no charge…no obligation…and I can help you make the best decision for you and your family.
You’ll be amazed at the relief you will feel when just this one simple question is answered:
“Am I eligible to file bankruptcy?”
Call to find out.
Approximately 30 days after your bankruptcy petition has been filed, whether it is a Chapter 7 or a Chapter 13 Bankruptcy Petition, you will be required to attend a brief (very brief) meeting with the bankruptcy trustee handling your case. Named after the section of the bankruptcy code that requires it, this meeting is known as a 341 meeting.
The 341 meeting is very informal and usually lasts no more than 10 minutes.
The trustee will ask you some very basic questions and, in the event any creditors attend the meeting, they will be given the opportunity to object to your petition.
It is extremely rare for any creditors to attend the meeting so don’t worry.
You will need the following documents:
DOWNLOAD AND REVIEW THE SAMPLE QUESTIONS
The trustee has a list of questions he or she must ask you – download a list of the sample questions here.
DOWNLOAD AND REVIEW THE BANKRUPTCY INFORMATION STATEMENT BEFORE THE HEARING
One of the questions the trustee will ask is “Have you reviewed the Bankruptcy Information Statement?” Please download a copy of the Bankruptcy Information Statement here and review it prior to the hearing.
NEWARK CASES
341 Hearings in Newark (Chapter 7 and Chapter 13 cases)
If your case is a Chapter 7 or Chapter 13 case filed in the Bankruptcy Court in Newark, the meeting will take place at the office of the US Trustee located in on the 14th floor at One Newark Center, 1085 Raymond Blvd., Newark, NJ 17102 (corner of Raymond Blvd. and McCarter Highway with parking on Mulberry St.)
TRENTON CASES
341 Hearings in Trenton – Chapter 7 cases
If your case is a Chapter 7 case filed in the Bankruptcy Court in Trenton, the meeting will take place at the Federal Courthouse in Trenton located at Clarkson S. Fisher Building & U.S. Courthouse, 402 East State Street, Trenton, NJ 08608
341 Hearings in Trenton – Chapter 13 cases
If your case is a Chapter 13 case filed in the Bankruptcy Court in Trenton, the meeting will take place at the office of the Chapter 13 Standing Trustee, Albert Russo, located at 1 AAA Drive, Robbinsville, NJ 08691.
CAMDEN CASES
341 Hearings in Camden – Chapter 13 cases
If your case is a Chapter 13 case filed in Bankruptcy Court in Camden, the meeting will take place at the office of the Chapter 13 Standing Trustee, Isabel Balboa, located at Cherry Tree Corporate Center, 535 Route 38 – Suite 150, Cherry Hill, NJ 08002
341 Hearings in Camden – Chapter 7 cases
Coming Soon
During the winter months, the possibility exists for Delayed Openings and / or Court Closings. If there is to be a delayed opening or Court closing, public announcements will be made on the following radio stations:
Additionally, notification will be recorded on the voice messaging system in each office, for that particular office only. You can check each office at the following phone numbers:
Bankruptcy Required Disclosures.
(a) A debt relief agency providing bankruptcy assistance to an assisted person shall provide—
(1) the written notice required under section 342 (b)(1); and
(2) to the extent not covered in the written notice described in paragraph (1), and not later than 3 business days after the first date on which a debt relief agency first offers to provide any bankruptcy assistance services to an assisted person, a clear and conspicuous written notice advising assisted persons that—
(A) all information that the assisted person is required to provide with a petition and thereafter during a case under this title is required to be complete, accurate, and truthful;
(B) all assets and all liabilities are required to be completely and accurately disclosed in the documents filed to commence the case, and the replacement value of each asset as defined in section 506 must be stated in those documents where requested after reasonable inquiry to establish such value;
(C) current monthly income, the amounts specified in section 707 (b)(2), and, in a case under chapter 13 of this title, disposable income (determined in accordance with section 707 (b)(2)), are required to be stated after reasonable inquiry; and
(D) information that an assisted person provides during their case may be audited pursuant to this title, and that failure to provide such information may result in dismissal of the case under this title or other sanction, including a criminal sanction.
(b) A debt relief agency providing bankruptcy assistance to an assisted person shall provide each assisted person at the same time as the notices required under subsection (a)(1) the following statement, to the extent applicable, or one substantially similar. The statement shall be clear and conspicuous and shall be in a single document separate from other documents or notices provided to the assisted person:
“IMPORTANT INFORMATION ABOUT BANKRUPTCY ASSISTANCE SERVICES FROM AN ATTORNEY OR BANKRUPTCY PETITION PREPARER.
“If you decide to seek bankruptcy relief, you can represent yourself, you can hire an attorney to represent you, or you can get help in some localities from a bankruptcy petition preparer who is not an attorney. THE LAW REQUIRES AN ATTORNEY OR BANKRUPTCY PETITION PREPARER TO GIVE YOU A WRITTEN CONTRACT SPECIFYING WHAT THE ATTORNEY OR BANKRUPTCY PETITION PREPARER WILL DO FOR YOU AND HOW MUCH IT WILL COST. Ask to see the contract before you hire anyone.
“The following information helps you understand what must be done in a routine bankruptcy case to help you evaluate how much service you need. Although bankruptcy can be complex, many cases are routine.
“Before filing a bankruptcy case, either you or your attorney should analyze your eligibility for different forms of debt relief available under the Bankruptcy Code and which form of relief is most likely to be beneficial for you. Be sure you understand the relief you can obtain and its limitations. To file a bankruptcy case, documents called a Petition, Schedules, and Statement of Financial Affairs, and in some cases a Statement of Intention, need to be prepared correctly and filed with the bankruptcy court. You will have to pay a filing fee to the bankruptcy court. Once your case starts, you will have to attend the required first meeting of creditors where you may be questioned by a court official called a ‘trustee’ and by creditors.
“If you choose to file a chapter 7 case, you may be asked by a creditor to reaffirm a debt. You may want help deciding whether to do so. A creditor is not permitted to coerce you into reaffirming your debts.
“If you choose to file a chapter 13 case in which you repay your creditors what you can afford over 3 to 5 years, you may also want help with preparing your chapter 13 plan and with the confirmation hearing on your plan which will be before a bankruptcy judge.
“If you select another type of relief under the Bankruptcy Code other than chapter 7 or chapter 13, you will want to find out what should be done from someone familiar with that type of relief.
“Your bankruptcy case may also involve litigation. You are generally permitted to represent yourself in litigation in bankruptcy court, but only attorneys, not bankruptcy petition preparers, can give you legal advice.”.
(c) Except to the extent the debt relief agency provides the required information itself after reasonably diligent inquiry of the assisted person or others so as to obtain such information reasonably accurately for inclusion on the petition, schedules or statement of financial affairs, a debt relief agency providing bankruptcy assistance to an assisted person, to the extent permitted by nonbankruptcy law, shall provide each assisted person at the time required for the notice required under subsection (a)(1) reasonably sufficient information (which shall be provided in a clear and conspicuous writing) to the assisted person on how to provide all the information the assisted person is required to provide under this title pursuant to section 521, including—
(1) how to value assets at replacement value, determine current monthly income, the amounts specified in section 707 (b)(2) and, in a chapter 13 case, how to determine disposable income in accordance with section 707 (b)(2) and related calculations;
(2) how to complete the list of creditors, including how to determine what amount is owed and what address for the creditor should be shown; and
(3) how to determine what property is exempt and how to value exempt property at replacement value as defined in section 506.
(d) A debt relief agency shall maintain a copy of the notices required under subsection (a) of this section for 2 years after the date on which the notice is given the assisted person.
