When an individual schedules an appointment to talk with a bankruptcy attorney in NJ they may be given several options including filing either a Chapter 7 or a Chapter 13 bankruptcy. If they have too much income they may not be able to file a Chapter 7 bankruptcy. But the Chapter 13 may be much more advantageous in some situations than the Chapter 7. There are certain situations where one option is better than the other and in many instances a Chapter 13 is preferred over a Chapter 7. InNew Jerseya Chapter 13 bankruptcy is the only available choice if you are behind on business payments or a mortgage and you still want to keep your property when the bankruptcy process is complete. When you file a Chapter 13 bankruptcy there is the unique opportunity to make up all of the overdue payments over an extended period of time and then reinstate the mortgage agreement that was originally made. Most of the time, the payment plan is developed to last for between 3 and 5 years.