Chapter 13

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Chapter 13 Bankruptcy Attorney In Edison, New Jersey

What Is A Chapter 13 Bankruptcy?

If you've fallen behind on your house or car payments, a Chapter 13 bankruptcy can halt foreclosure on your home, assist you in retaining your car, and sometimes even reduce your car payments. You may even be eligible for a scheme where you pay only a portion of your debt while still maintaining ownership of all your assets, such as your home and car. If you've been penalized with past parking tickets and ended up losing your driver’s license, a Chapter 13 proceeding can pave the way for your license reinstatement. However, to reap the full benefits of a Chapter 13 bankruptcy, you need a seasoned bankruptcy lawyer by your side.


Juan C. Velasco in New Jersey has a solid track record in handling Chapter 13 proceedings for clients – and can help you pursue a favorable outcome as well. To find out how he can serve you, schedule an appointment today.

Call Velasco Law Office at 732-422-5673 to schedule a consultation with a lawyer today.

How Do I Qualify for a Chapter 13 Bankruptcy?

The first thing you need is a stable, regular income – adequate to make consistent payments as per the court's decision. Your income does not necessarily have to come from employment; you're still eligible to qualify if you receive Social Security or disability benefits, job loss compensation, retirement earnings, or even rental profits. However, Chapter 13 bankruptcy does not cover stock or commodity traders. Likewise, corporations are not eligible for Chapter 13 relief. Sole business owners and independent business individuals can qualify as long as their debts are within certain specified limits. If your debts extend beyond three to five years, you're likely to qualify, given you pass a means test to determine your appropriateness. Juan C. Velasco in New Jersey can review your situation before filing to help you ascertain if a Chapter 13 bankruptcy is the suitable path for you. To set the wheels in motion, reach out to Juan C. Velasco's office without any delay.

What Happens During a Chapter 13 Proceeding?

For starters, establishing your suitability through the previously mentioned means test is vital. If you qualify, submitting a Chapter 13 bankruptcy claim through Juan C. Velasco in New Jersey will put a halt to foreclosures, wage garnishments, repossessions, lawsuits, and other creditor disturbances. With his assistance, you will construct a repayment scheme that requires court approval. The court will review whether your proposed plan is in good faith and ensures your unsecured creditors receive at least the same amount you would have paid in a Chapter 7 filing.


Moreover, your payments will have to efficiently utilize all your disposable income – that is, all your income not assigned for your support and maintenance. Yes, it's a complicated process. However, with Juan C. Velasco - a seasoned bankruptcy attorney - by your side, you will have the assurance that the process will yield positive results. To begin, reach out to Juan C. Velasco today.

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Disclaimer: We are a debt relief agency. We are attorneys who help people file for bankruptcy relief under the bankruptcy code.

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