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Chapter 13 Woodbridge NJ

Woodbridge NJ Bankruptcy laws help people who can no longer pay their creditors get a fresh start – by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation.

Most cases are filed under the three main chapters of the Bankruptcy Code – Chapter 7, Chapter 11, and Chapter 13. Federal courts have exclusive jurisdiction over bankruptcy cases. This means that a bankruptcy case cannot be filed in a state court.

NOTES

  1. The "current monthly income" received by the debtor is a defined term in the Bankruptcy Code and means the average monthly income received over the six calendar months before commencement of the bankruptcy case, including regular contributions to household expenses from nondebtors and including income from the debtor's spouse if the petition is a joint petition, but not including social security income or certain payments made because the debtor is the victim of certain crimes. 11 U.S.C. § 101(10A).
  2. To determine whether a presumption of abuse arises, all individual debtors with primarily consumer debts who file a chapter 7 case must complete Official Bankruptcy Form B22A, entitled "Statement of Current Monthly Income and Means Test Calculation - For Use in Chapter 7." (The Official Forms may be purchased at legal stationery stores or downloaded from the internet at www.uscourts.gov/bkforms/index.html. They are not available from the court.)
  3. An involuntary chapter 7 case may be commenced under certain circumstances by a petition filed by creditors holding claims against the debtor. 11 U.S.C. § 303.
  4. Each debtor in a joint case (both husband and wife) can claim exemptions under the federal bankruptcy laws. 11 U.S.C. § 522(m).
  5. In North Carolina and Alabama, bankruptcy administrators perform similar functions that U.S. trustees perform in the remaining 48 states. These duties include establishing a panel of private trustees to serve as trustees in chapter 7 cases and supervising the administration of cases and trustees in cases under chapters 7, 11, 12, and 13 of the Bankruptcy Code. The bankruptcy administrator program is administered by the Administrative Office of the United States Courts, while the U.S. trustee program is administered by the Department of Justice. For purposes of this publication, references to U.S. trustees are also applicable to bankruptcy administrators.
  6. A fee is charged for converting, on request of the debtor, a case under chapter 7 to a case under chapter 11. The fee charged is the difference between the filing fee for a chapter 7 and the filing fee for a chapter 11. 28 U.S.C. § 1930(a). Currently, the difference is $755. Id. There is no fee for converting from chapter 7 to chapter 13.
  7. Unsecured debts generally may be defined as those for which the extension of credit was based purely upon an evaluation by the creditor of the debtor's ability to pay, as opposed to secured debts, for which the extension of credit was based upon the creditor's right to seize collateral on default, in addition to the debtor's ability to pay.

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Matthew A. Wallace graduated with a  Bachelor of Arts degree in Political Science and with a minor in Economics from Monmouth University in West Long Branch, New Jersey and was granted a Presidential Scholarship to attend Seton Hall University School of Law.

Mr. Wallace earned a Juris Doctorate degree from Seton Hall University School of Law. Mr. Wallace is admitted to practice in the State of New Jersey and in the New Jersey Federal District. He is a member of the New Jersey and Monmouth County Bar Associations.

Matthew A. Wallace Attorney at Law proudly provides legal advice and representation in law, court, legal aid, bankruptcy, chapter 7, chapter 13, divorce, alimony, debt, credit cards, discharge, personal injury, wrongful death, unemployment, judgments, liens, wage garnishment, and more for residents of eatontown, ocean township, middletown, neptune, point pleasant, toms river, old bridge, east brunswick, sayreville, carteret, edison, woodbridge, perth amboy, piscataway, monmouth county, ocean county, middlesex county, New Jersey.

 

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The information that you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. My practice serves as a debt relief agency for my bankruptcy clients.