New York Chapter 13 Bankruptcy Lawyers

Advantages of Filing Chapter 13

Filing for bankruptcy under Chapter 13 of bankruptcy law will come with a number of advantages. A New York Chapter 13 bankruptcy attorney from our firm will be able to explain to you all of the benefits you will enjoy by filing under Chapter 13 depending upon your specific situation. Chapter 13 bankruptcy holds a number of benefits over filing under Chapter 7, and one reason it is appealing to most people is because there is a greater chance of retaining assets. Chapter 7 involves the liquidation of a person’s assets to pay off debt, which can be a scary thing for many people to face. Individuals wishing to retain their property may choose to file under Chapter 13 because their debt will be restructured and they can pay off the debt over time instead of having all their assets liquidated to pay off the debt.

New York Attorneys Helping Clients File Chapter 13 Bankruptcy

Our attorneys have seen their clients enjoy many of the following advantages by filing Chapter 13 bankruptcy:

You can prevent your home from being foreclosed on.
You can pay off past due mortgage payments or car payments.
Chapter 13 may be effective in paying back taxes and can stop interest from accruing on your tax debts
You can keep valuable property & assets which would not be exempt under Chapter 7 bankruptcy.
If you keep your agreement and pay the monthly payment for the entire term of your bankruptcy, your remaining debt will be discharged.
After being approved for Chapter 13, creditors must stop all collection efforts.
Chapter 13 will place an automatic stay on foreclosure proceedings if you have already been served a foreclosure notice.

For more information about the advantages of filing under Chapter 13, contact a New York Chapter 13 Bankruptcy Lawyer at Jacoby & Jacoby!