Chapter 13 Bankruptcy Plan
Your Plan to Getting Out of Debt
When you are going through a Chapter 13 bankruptcy, you are paying creditors out of your income in order to keep your assets. To do this, you will need to submit a plan to the court detailing how much you can pay and how you will make payments. This is basically an outline of how you plan to get out of debt.
The payment plan is usually created in monthly installments over a period of 3-5 years. Some plans include a 100% repayment plan to your creditors, but if you qualify it is possible that your plan will cover pennies on the dollar to what you owe.You will make payments to your bankruptcy trustee, who is appointed by the court. The trustee then pays your creditors. If you make all your payments and submit them on time, you will successfully complete your plan and have your remaining debt discharged. Creditors will no longer be able to contact you for discharged debt.
A Chapter 13 payment plan puts emphasis on certain debts, such as:
- Child Support
- Tax Debts
- Mortgage Payments (if you want to keep your home)
- Other Secured Debts
The amount of unsecured debt you pay depends on a few factors, including your disposable income, the value of your unsecured assets, and the length of your payment plan. Your disposable income is determined by how much money you make, less your expenses and payments toward secured debts. Queens bankruptcy attorney Bruce Feinstein, Esq. can help you create a Chapter 13 payment plan that not only meets the standards of the court and your creditors, but also helps you discharge as much debt as possible and keep your exempt property.
Queens Bankruptcy Lawyer Bruce Feinstein, Esq.
Creating a Chapter 13 bankruptcy plan can be complicated, and it is one of several parts of the bankruptcy process. But working with a knowledgeable attorney who can help you get the best payment plan options will ensure you get to keep the most of your assets while working towards living debt-free. Bruce Feinstein, Esq. and his team are dedicated to getting their clients out of debt, and his quality representation has proved time and again that he will always litigate for consumers’ rights. Bruce Feinstein, Esq. is a member of the Queens and Nassau county bar associations and is admitted to practice law in the State of New York. His experience and insight make him a valuable asset to have on your side.