Considering Chapter 13 Bankruptcy? Contact a Manhattan, New York Debt Relief Lawyer
Dwyer & Associates offers New York residents free initial consultations with a knowledgeable bankruptcy attorney. The purpose of the free consultation is to explore whether New York Bankruptcy protection can meet your financial goals. If you and your Dwyer & Associates attorney determine that bankruptcy is the most desirable option for resolving your debt obligations, you will then determine which form of personal bankruptcy – Chapter 7 or Chapter 13 – is right for you.
Chapter 7 bankruptcy is also known as “debt discharge” bankruptcy. Most of your unsecured debts are eliminated when a Chapter 7 filing is completed. Your total income and assets will determine whether you qualify for Chapter 7 bankruptcy.
Chapter 13 bankruptcy, on the other hand, is known as “debt restructuring” or “rehabilitation.” In a Chapter 13 bankruptcy, the court will determine a repayment plan for you over a three to five year period. Normally, the total amount owed is reduced and interest rates are significantly reduced or eliminated. Chapter 13 bankruptcy is most often appropriate for high income earners with multiple residences or properties. New York’s Bankruptcy Courts also lead the nation in mortgage modification workouts through Chapter 13. This program is unique and marvelously transparent. For those homeowners who have been stifled by lost documents and miscommunication with mortgagees, the bankruptcy modification system is a breath of fresh air. Everything is held in one transparent system that is visible to all parties. This facilitates communication and speeds up the modification process significantly.
People nearly always want to know what property they can keep in a Chapter 13 bankruptcy. The answer varies, but typically in a Chapter 13 you keep all of your property and agree to repay the debt over a certain time period, typically three to five years. The payments are based on what you can afford to pay, as calculated by our bankruptcy attorneys. Any unsecured debts that are not paid in that time period will be discharged. Contact Dwyer & Associates, LLC Manhattan, New York, to discuss Chapter 13 as a solution to your need for debt relief.
During your free consultation at our Bowling Green, Manhattan office, you will learn about the required means test that will help determine whether you file Chapter 7 or Chapter 13 bankruptcy. Learn how to rebuild credit during and after your Chapter 13 repayment period.
Many people harbor the myth that they will be unable to acquire new credit during a bankruptcy payoff period. In fact, creditors tend to feel safe extending credit to people precisely during that time because they know the debtors will be unable to file bankruptcy again.
Dispel myths of bankruptcy. Talk to a Manhattan chapter 13 bankruptcy lawyer at Dwyer & Associates, LLC, who is knowledgeable and equipped to help you navigate the waters of Chapter 13 bankruptcy as smoothly as possible.
We are a debt relief agency. We help our clients file for bankruptcy relief under the Bankruptcy Code.
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