Contact Us
Please fill out the form below and our attorney will contact you.
Our Offices
Ratings & Reviews
-
Mr Zimmerman was helpful and kind and prompt . He always answers his phone and that is refreshing . I will be using him for my bankruptcy in the future. He is one of the good ones . He is an outstanding attorney who truley care . He made ev...
Show More -
Mr. Zimmermann is a fantastic bankruptcy attorney who handled my case with care, efficiency and urgency. We were able to beat a judgement against me in the nick of time, and I truly feel a sense of relief due to the services of Mr. Zimmerma...
Show More -
This Lawyer will go above and beyond for you. As well as show tremendous empathy for those who are vulnerable and scared. His compassion to help civilian's shows through his actions and with his word. When he says he is going to call he cal...
Show More -
I’ve worked with Mr.Zimmerman on two different legal issues. In both instances he was fantastic! He is extremely knowledgeable and compassionate and able to breakdown a course of action into language anyone can understand. I would highly re...
Show More -
I highly recommend Mr. Zimmermann as an attorny. I recently purchased an investment property and boy was he helpful. He was easily available, very clear in explaining various concepts, laws and regulations, and provided very helpful tips o...
Show More
- posted: Apr. 15, 2024
Chapter 7 and Chapter 13 of the Bankruptcy Code provide different ways for an individual to obtain relief from outstanding debt. The choice of one or the other is usually dictated by the debtor’s particular circumstances. Each remedy has advantages and drawbacks. One advantage of Chapter 13 is that it allows for discharge of certain types of debts that cannot be discharged under Chapter 7.
A Chapter 7 bankruptcy offers speed and simplicity. A case usually takes three to six months and typically results in full discharge of most types of unsecured debt.
But a Chapter 13 bankruptcy can often be a better remedy than Chapter 7, especially as regards saving one’s home from foreclosure or other assets from repossession. Under a Chapter 13 plan, people in arrears on home mortgage or car loan payments can repay the past due amounts in small increments over years. The automatic stay in bankruptcy stops creditors from taking collection measures as long as the debtor makes the payments in the court-ordered Chapter 13 plan and continues to pay off the loan going forward.
Even without the need to protect large assets, a debtor with steady income might still find Chapter 13 advantageous because it allows for discharge of some types of debts that cannot be discharged in Chapter 7.
The following are examples of debts that can be discharged at the end of a Chapter13 repayment plan:
Certain governmental fines and penalties, such as a debt originating with violations of securities laws or with misconduct against a bank insured by the federal government
Compensation owed for damaging or destroying another’s property, even if the debtor’s actions were willful
Portions of secured loans that have been stripped or crammed down, which become reclassified as unsecured loans
Debts incurred to pay nondischargeable taxes, such as by using a credit card
Certain debts arising from divorce or separation settlements
Those types of debt cannot be discharged in Chapter 7.
There are limitations to Chapter 13 debt discharges. Your bankruptcy attorney will ask you for a complete and accurate listing of your debts and assets in order to counsel you on the best resolution of your financial problems.
The Law Offices of James C. Zimmermann provides legal assistance in all bankruptcy and debt relief matters. We have offices in Hackensack, Vernon, Wayne, Pompton Lakes and Nutley, New Jersey. Call 973-764-1633 or contact us online for a free consultation.
