Chapter 13 Bankruptcy
Financial problems do not exist only for people with little or no income or assets. One unfortunate event or major illness can lead to insurmountable debt and difficulty managing your financial obligations. While your income level, assets, or secured debt arrearages may prohibit you from filing a Chapter 7, this doesn’t mean that you’re at a loss for options. Under Chapter 13 bankruptcy, debtors are provided the opportunity to repay a portion or all of their debt through a three-to-five year payment plan.
Despite its name, this bankruptcy is a personal "reorganization of debt," which can enable the debtor to catch up on mortgage and car payment arrears, eliminate a portion or all unsecured debt, manage or eliminate tax liabilities, reject leases and other executory contracts, and reduce auto loan payments, among other benefits.
As with other bankruptcy chapters, upon the filing of Chapter 13 petition, the bankruptcy court will issue an automatic stay that prohibits creditors from contacting you or taking any action against you to collect a pre-petition debt for the duration of your case.
Protect Your Home
One of the largest advantages of filing for bankruptcy under Chapter 13 is the opportunity it provides you to save your home from foreclosure. By filing this chapter, you can stop foreclosure proceedings and may repay delinquent mortgage payments over time.
Chapter 13 may be the preferred method for someone whose income is sufficient enough to allow him or her to repay most or all of their debt or save property that could be lost in a Chapter 7 proceeding.
Our attorneys have helped clients throughout upstate New York reorganize their debts into a manageable payment plan and save their home in the process.
Speak With Us
If you are considering filing for bankruptcy, the first step you should take is to speak with a knowledgeable and experienced bankruptcy attorney. The team at Tully Rinckey PLLC has handled bankruptcy cases on behalf of individuals throughout upstate New York. We will review you situation and help you determine that bankruptcy is the right step for you.
For a free initial consultation with an experienced bankruptcy attorney, call our offices at 518-218-7100 or send an email to info@tullylegal.com
