Starting Over With A New Debt Payment Plan

Debts can overwhelm people, even if they have a regular source of income. A reorganization under the provisions of Chapter 13 bankruptcy could help you prevent financial disaster.

At Bastarrika, Soto, Gonzalez & Somohano, L.L.P., in Paterson, New Jersey, we will take the time to understand your financial situation. Our analysis could help you make a choice about filing for bankruptcy. We have decades of experience helping people find financial relief through bankruptcy.

What Chapter 13 Can Do For You

A Chapter 13 filing will include a payment plan proposal that must be approved by the court. These plans last for either three or five years, depending upon your income.

The bankruptcy court will consider your income, debts and assets before approving a proposal. Based on this information, the court will decide how much of each debt must be repaid.

Understanding Bankruptcy Eligibility

Some consumers must file under Chapter 13 if they have enough income compared to debts. In other cases, you might have a choice between Chapter 13 and Chapter 7 liquidation. After we evaluate your financial position, we will help you choose which route could offer relief. Even if you qualify for Chapter 7, you might still want to pursue a reorganization if your income is sufficient and you have nonexempt assets to protect.

Start On A Path To Debt Relief Today

Discuss the pros and cons of filing for Chapter 13 bankruptcy with an experienced bankruptcy lawyer. Call us at 973-370-0997 or 201-212-4572 to schedule an appointment with one of our attorneys, or send us a message online.

We are a debt-relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.