Chapter 13 Bankruptcy
Get on the Right Financial Track
Reorganize Your Debts Under Chapter 13 Bankruptcy
If you face foreclosure, repossession or other serious consequences for your inability to keep up with debt payments, Chapter 13 bankruptcy may be the right option for you.
At my Hicksville, New York, law firm, the Law Offices of Scott R. Schneider, I help clients determine whether Chapter 13 bankruptcy can be of benefit to them. If it can, I then file for bankruptcy and prepare a repayment plan that protects their assets.
Contact me to schedule a free initial consultation with an experienced bankruptcy lawyer.
Stop Foreclosure and Repossession
Filing for Chapter 13 bankruptcy puts an immediate stop to creditor harassment and allows you to prepare a three- to five-year repayment plan and submit it to the bankruptcy court for approval.
Chapter 13 bankruptcy can stop foreclosure and protect large assets like your home or car. It allows you to pay off your arrears (late or missed payments) over the repayment plan period, which can be up to 5 years, in addition to your regular mortgage or loan payments.
This form of bankruptcy can also help people whose credit card debt is getting in the way of their ability to make mortgage payments, and it may be a good option for people who are not eligible for Chapter 7 bankruptcy.
Consider Your Options and Make an Informed Decision
Unlike the more well-known Chapter 7 procedure, bankruptcy under Chapter 13 does not involve selling off any of your assets. Rather, it is about reorganizing your debts and giving yourself a reasonable amount of time to catch up with payments. This can be a more attractive option for many people.
A knowledgeable attorney can help you consider your financial options, including options other than bankruptcy, and implement whatever approach is best for you. Contact me to learn more about Chapter 13 bankruptcy.
