Chapter 13 Bankruptcy Attorney in Long Island
What is Chapter 13 bankruptcy?
When a person struggles with a crushing amount of debt, they usually have two options that they could consider regarding their financial situation: Chapter 7 bankruptcy and Chapter 13 bankruptcy. For those who can qualify, Chapter 7 bankruptcy simply allows a debtor to liquidate their possessions to pay back debts. Anyone who does not qualify, or makes more than the median income in the state of New York, may file for Chapter 13 bankruptcy. Chapter 13 bankruptcy is a type of debt relief under the bankruptcy code in the United States that allows a debtor to restructure their debt into a payment plan over a three to five year period. To learn more about some of the different aspects of Chapter 13 bankruptcy, please click a link below that leads to an informative page:
Filing Chapter 13 Bankruptcy
When a person wishes to file for Chapter 13 bankruptcy, they must first talk to a lawyer to determine how to properly restructure their debt. The debt will need to be organized into affordable payments or else the bankruptcy filing will not be successful. Click here to learn more about filing Chapter 13 bankruptcy.
Advantages of Filing Chapter 13
When it comes to seeking a method of debt relief, Chapter 13 can be very beneficial and advantageous for an individual or a family in Long Island. Not only will a person who files Chapter 13 bankruptcy be able to put a stop to creditor harassment, but they can also save their home from foreclosure. Click here to read more about the advantages of filing Chapter 13.
Disadvantages of Filing Chapter 13
There are certain disadvantages that people should be aware of before they file for Chapter 13 bankruptcy. This may include the fact that it will remain on a person's credit report for possibly 10 years and the entire process will last up to five years. Click here to read more about the disadvantages of filing Chapter 13.
Chapter 13 FAQ
If you have questions regarding Chapter 13 bankruptcy, our law firm will be able to provide you with invaluable information and advice. We are competent and qualified to assist clients with their debt relief matters, and we always remain up to date on all bankruptcy laws and changes. Click here to read more about Chapter 13 FAQ.
Repayment Plan
When filing for Chapter 13 bankruptcy, a debtor will be given the option to pay back their debts in a structured payment plan that will last for three to five years. During this time, the debtor's status will be "bankrupt" until the debt is paid off according to the contractual obligation they have agreed upon. Click here to read more about the repayment plan.
Avoiding Bankruptcy
While nearly everyone's goal is to avoid bankruptcy altogether, it is sometimes the smartest option for a person who is struggling with overwhelming and unmanageable amounts of debt. If you are looking for a means of debt relief, call our office today. Click here to read more about avoiding bankruptcy.
Debt Consolidation
When a person has accumulated a large amount of debt, they often search for a way to consolidate this debt and liquidize it without having to file for bankruptcy. Debt consolidation is one alternative to Chapter 13 bankruptcy that is frequently used. Click here to read more about debt consolidation.
Contact a Long Island Chapter 13 Bankruptcy Lawyer
When you need experienced help with your debt relief matters, turn to a Long Island Chapter 13 bankruptcy attorney from Jacoby & Jacoby. We have decades of collective experience in this area of the law and are up to date on all matters related to Chapter 13 bankruptcy. Take advantage of our free case evaluation today to learn more about your rights and the options that you currently have.
Contact a Long Island Chapter 13 bankruptcy attorney from our law firm today.