Helping Your Reorganize Your Debts
Are you facing foreclosure or repossession because you cannot catch up with late or missed payments? Are you earning an income, but not enough to pay all your debt obligations? If so, Chapter 13 bankruptcy might be the right option for you.
I have been practicing on Long Island as a bankruptcy lawyer for almost 20 years. I am very familiar with all of the considerations involved in making decisions about Chapter 13 bankruptcy, and I have helped many clients prepare repayment plans to protect their important assets.
Contact me to schedule a free consultation to discuss all of your bankruptcy options, including Chapter 13 reorganization of debts.
Catching Up After a Temporary Income Setback
Chapter 13 bankruptcy is a particularly good option for people who are behind on debt payments because their income was temporarily interrupted by factors such as the following:
- Unemployment
- Medical emergency
- Pregnancy
- Business setbacks
A Chapter 13 repayment plan consolidates mortgage and car loan arrears, credit card balances, back taxes and other types of debt into a single monthly payment to a Chapter 13 bankruptcy trustee.
Debts can be spread out over three to five years with no credit card interest, and as long as you are able to continue making your current home and car payments going forward, you can stop foreclosure and repossession.
Exploring Other Reasons to File Under Chapter 13
There are many people who can benefit from Chapter 13 bankruptcy other than those with temporary interruptions to their income. If you do not qualify for Chapter 7 bankruptcy, or if Chapter 7 would require you to sell off assets that you want to keep, Chapter 13 may be a more attractive option for you.
Also, if you have multiple types of debt, Chapter 13 can reduce your unsecured debts such as credit cards to as little as five percent (depending on your income and number of assets) of their original value, making it easier for you to keep up with other debts such as mortgage payments.
To speak with an experienced New York attorney about the benefits and potential consequences of Chapter 13 bankruptcy, contact me today.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
