Does your financial future look bleak? Are you behind on bills? Do you struggle month to month trying to pay for living expenses? Does the thought of opening up yet another threatening letter strike fear into you? Bankruptcy can help. By filing for chapter 13 bankruptcy you can protect your precious assets from being seized and pay off your debts according to a court laid out repayment plan. Monroe County, New York attorney Robert A. Schwartz can help you take back control of your finances.
What is chapter 13 bankruptcy?
Chapter 13 bankruptcy often requires you to pay back most or all of your debts owed. However, a new time table is worked out and a grace period of 3-5 years is often established. Once all creditors have been notified of your intent to file bankruptcy they courts will designate a repayment plan that works for your income as well as satisfying any debts agreed upon. You must have sufficient income to prove to the courts that you are able to meet your debtor’s demands under your new payment plan otherwise a chapter 13 bankruptcy will not be granted.
A chapter 13 bankruptcy can:
• Stop harassing telephone calls and letters
• Stop lawsuits, wage garnishments.
• Stop evictions, foreclosures and repossessions.
• Save your house and business.
What debts will I have to repay under my chapter 13 repayment plan?
Certain debts are non-dischargeable, debts such as alimony, child support, and tax obligations. These debts are often looked at as priority debts and are taken care of first and foremost. Priority debts are paid for first and always in full. Other secured debts (assuming you want to keep the property) can be brought current under your repayment plan. Unsecured debts, such as credit card debt, can be discharged or worked into your payment play accordingly. When your repayment plan comes to an end any unsecured debts are eligible for discharge on the remaining balances but this is only in the case of unsecured debts.
Focused on results – focused on you.
Let Monroe County, New York bankruptcy lawyer Robert A. Schwartz give you a free bankruptcy evaluation. Call our office today to start resting peacefully and looking forward to a fresh financial slate [custom:phone].
