Top-Rated Chapter 13 Bankruptcy Lawyer New York
New York Chapter 13 bankruptcy lawyer Joseph Lassen has helped many individuals and businesses that are facing difficult financial situations. Being a highly experienced bankruptcy attorney, Joseph Lassen understands bankruptcy’s complex laws and can help you make the best decisions for your unique case.
If you are interested in filing for Chapter 13 bankruptcy, contact The Law Firm of Joseph Lassen today to learn more about how filing for bankruptcy in New York may help you.
Important Things To Know About Chapter 13 Bankruptcy NYC
One of the most common types of bankruptcy filings is Chapter 13 bankruptcy. In a Chapter 13 filing, the debtor makes payments to creditors for several years, with the goal that they eventually pay off their debt. This can temporarily relieve excessive interest rates or other burdensome repayment terms.
Chapter 13 bankruptcy is often used by people with a regular income but also have a lot of debt. In Chapter 13, the person’s debts are restructured so they can make monthly payments to pay them off over time.
When you file for Chapter 13 bankruptcy, it is vital to understand how the process works, the criteria, limitations, and what your rights are. This includes understanding the differences between unsecured and secured debts and how your repayment plan will be structured.
Important Things To Know About Chapter 13 Bankruptcy NYC
One of the most common types of bankruptcy filings is Chapter 13 bankruptcy. In a Chapter 13 filing, the debtor makes payments to creditors for several years, with the goal that they eventually pay off their debt. This can temporarily relieve excessive interest rates or other burdensome repayment terms.
Chapter 13 bankruptcy is often used by people with a regular income but also have a lot of debt. In Chapter 13, the person’s debts are restructured so they can make monthly payments to pay them off over time.
When you file for Chapter 13 bankruptcy, it is vital to understand how the process works, the criteria, limitations, and what your rights are. This includes understanding the differences between unsecured and secured debts and how your repayment plan will be structured.
Understanding New York Chapter 13 Bankruptcy
Chapter 13 bankruptcy is often referred to as a “reorganization” or “debt adjustment.” This type of bankruptcy allows you to keep your property while reorganizing your debts into a single monthly payment plan that will last three to five years. Once you have completed the payment plan, any remaining debt will be discharged.
There are two different types of debt: secured and unsecured. Secured debt is attached to some form of collateral, like a car or home. Conversely, if you don’t make payments on time for secured debts, the original creditor can reclaim their assets. Unsecured debt doesn’t have any property tied to it and includes things such as credit card bills or medical expenses. Chapter 13 bankruptcy is often best suited for those who have a regular source of income but are struggling with high amounts of debt. It can also help stop foreclosure.
Chapter 13 bankruptcy is different from Chapter 7 bankruptcy in that it does not liquidate assets or debts but instead reorganizes them into a single monthly payment plan. This type of filing can be an effective way to help you manage your debt, protect your property, and get the financial relief that you need.
Reasons To File Bankruptcy In New York With A Chapter 13 Bankruptcy Attorney
When you file for Chapter 13 bankruptcy in New York, you are asking the court to help you reorganize your debts to repay them over time.
With a Chapter 13 bankruptcy, you create a plan to pay back some or all of your debts over the course of three to five years. The minimum amount you have to repay will depend on factors such as how much money you make, how much money you owe, and what type of debt it is (secured or unsecured). Another factor that could come into play is whether your unsecured creditors would be better off if you filed for a Chapter 7 bankruptcy instead.
Here are reasons why you might need to file New York Chapter 13 Bankruptcy:
- You want to stop a foreclosure or a repossession while repaying your creditors over five years.
- Chapter 7 is not an option since your assets exceed the amount that can be exempted, and you don’t want to have to sell them.
- You don’t qualify for Chapter 7 bankruptcy because your income is too high based on the Means Test.
- Your payments will be based on what you can afford and will be much lower than if you simply paid your creditors.
- It can help you reduce or eliminate interest rates on your debt so that you can pay it off more quickly.
- You need a mortgage loan modification.
- You want to avoid predatory creditors from harassing you and engaging in illegal collection activities.
- You want to stop wage garnishments, allowing you to keep more of your money.
- It gives you the opportunity to pay off all of your debts in full or, in some cases, partially.
- You want to rebuild your credit score over time and give you a fresh start financially.
You cannot file for Chapter 13 bankruptcy if you do not have a regular income or if your income is insufficient. You must be able to earn enough money to repay at least some of your debt. In addition, if you have too much debt, you will not be eligible to file for this type of bankruptcy.
If you’re considering filing for Chapter 13 bankruptcy in New York and are searching for a “bankruptcy attorney near me,” it’s essential to seek the counsel of an experienced New York bankruptcy lawyer. At our Staten Island bankruptcy law firm, we have over 25 years of experience helping clients through the bankruptcy process. New York bankruptcy lawyer Joseph Lassen understands the challenges you’re facing and can help you explore your options.
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Let Our Chapter 13 Bankruptcy Attorney Guide You On Your Way To Financial Freedom
New York bankruptcy lawyer Joseph Lassen knows that filing for bankruptcy is a difficult decision, but we are willing to work with you every step of the way to make sure that it’s the right choice for your unique situation.
If you are looking for experienced “Chapter 13 bankruptcy lawyers near me,” look no further. Joseph Lassen is a well-respected Staten Island Chapter 13 bankruptcy attorney who can help you navigate the process and understand your obligations. He has helped many clients through their financial struggles. As your bankruptcy attorney, he’ll make sure you know your rights and options so that you can make the best decision for your future.