There are several different chapters of bankruptcy that can be filed. Most consumer bankruptcies are either filed under Chapter 7 or Chapter 13. Chapter 11 is usually for a business reorganization and Chapter 12 is for a farmer.

CHAPTER 7 - Excuses a person from paying their unsecured creditors allowing a person to have a fresh start or a clean slate. You will be allowed to keep your house, cars and other assets subject to limits set by the court which you and I will review together.
Plus- No payments.
Minus- Worse on credit, Court is stricter on proofs, can not refile Chap 7 for 8 years

CHAPTER 13 - Is known as payment plan bankruptcy. A person makes regular monthly payments over a 36 months (can be up to 60 months) to a Chapter 13 Trustee who then sends that partial payment to the creditors. Chapter 13 can be used to save a house in foreclosure, it allows a person who has fallen behind on their mortgage up to 60 months to catch up. In Chapter 13 Bankruptcy you are paying a portion of what you owe. A Chapter 13 debtor must owe less than $307,675 unsecured and $922,975 of secured debts. Chapter 13 supposedly looks better on your future credit because you are paying a portion of your debt.
Plus - Credit looks better, can refile sooner,  cramdown, fee in plan.
Minus - 3 to 5 years of payments.

There is no charge to speak with me directly by phone. You can also schedule a free office consultation.

Call (856) 848-4477 you have legal rights.

71 Cooper Street Woodbury,New Jersey 08096 (856) 848-4477

717 Landis Avenue Vineland, New Jersey 08362 (856) 696-9770