Circumstances in life can happen that prevent you from paying off your debts. You can suffer an injury or illness. You can also lose your job or have your wages and hours cut at work.
Regardless of the circumstances that have led to your debts, you want to do everything possible to resolve them effectively and legally. You can overcome crippling financial situations by hiring one of the experienced Chapter 13 bankruptcy lawyers in Wayne, NJ, to represent you today.
Compiling Your Debts into One
One of the first moves that your lawyer can take on your behalf involves compiling all of your debts into a single sum. Once the debts are combined into a single amount, you then can make payments to the court for up to six years. The monthly payment will be distributed to your creditors with some receiving more than others.
After the end of the six years, the court may then discharge some or all of the remaining debt. You will still have to pay on debts like back taxes or defaulted student loans. However, those payments must be based on how much money that you earn each month.
This form of bankruptcy remains on your credit for seven to 10 years. It gives you a chance to start over with your finances. You can learn more about the Chapter 13 bankruptcy lawyers in Wayne, NJ, online by contacting the Law Offices of Larry Goodman.