New York Chapter 13 Bankruptcy
Have you fallen dangerously behind on your mortgage or property taxes but wish to bring these obligations current to retain your home? Often, individuals find that filing for bankruptcy is their best debt relief option. However, the most common type of bankruptcy, Chapter 7 bankruptcy, isn't for everyone.
If you have a high value of equity in your home or car and you don't want to risk losing either, if you have a steady income or if you make enough disposable income that disqualifies you from filing for Chapter 7 bankruptcy, then you may be eligible for Chapter 13 bankruptcy. It also offers an opportunity to bring mortgages current and bring property taxes current so you can stop foreclosure and retain your home.
With more than 30 years of experience assisting residents of Rochester, New York, who were struggling with their debt, I, Robert A. Schwartz, am confident that I can help you find the most advantageous debt relief option for your financial situation. Contact me today.
Chapter 13 Bankruptcy: How It Can Benefit You
Unlike liquidating your assets to pay back your debt in Chapter 7 bankruptcy, Chapter 13 bankruptcy involves a reorganization of your debts through a repayment plan. It allows you to pay back a percentage of the debt you owe during a three- to five-year period of time. Once the plan has concluded, any remaining unsecured debt is discharged.
Chapter 13 bankruptcy also allows you to paid back unpaid income taxes through a payment plan. Chapter 13 bankruptcy will stop the tax authorities from garnishing your pay or seizing your assets so long as your Chapter 13 plan provides for payment of these liabilities.
While unsecured debt consisting of credit card and medical bills can be discharged, secured debt, or debt that is tied to a certain item of property, must be paid back in full. This includes mortgage bills and car loans. Fortunately, during Chapter 13 bankruptcy, the interest on your unsecured debt stops accruing.
I invite you to contact my law office to schedule a free initial bankruptcy consultation to discuss your debt relief options. During our consultation, we will work to identify if you are eligible to file for Chapter 13 bankruptcy, as well as discuss the benefits of both Chapter 13 and Chapter 7.
Contact Robert A. Schwartz Today
Are you considering bankruptcy and would like learn more about Chapter 13? Call Rochester Chapter 13 bankruptcy attorney Robert A. Schwartz for a free initial bankruptcy consultation today at 585-487-8347, or contact him online. The law office of Robert A. Schwartz is located in Rochester, New York. Business hours are 9 a.m. to 5 p.m. Monday through Friday.
