Chapter 13 Personal Bankrutpcy
Chapter 13 Bankruptcy Attorney in Queens
What is Chapter 13?
Chapter 13 is a type of bankruptcy that allows an individual in debt to maintain ownership of his or her assets while paying creditors over time. This is a common form of bankruptcy, and it is a good choice for those who are ready and able to repay their debt with the help of a court-approved plan.
You will need to meet certain requirements in order to file for Chapter 13 bankruptcy. Chapter 13 is not used by businesses, and you must show that you have enough “dispensable income” to meet the terms of your Chapter 13 payment plan. This can be determined by looking at your total income and subtracting certain expenses and payments, like a car loan or a mortgage. If you want to find out if you are eligible for Chapter 13 bankruptcy, talk to the Law Offices of Bruce Feinstein, Esq. to review your current financial situation.
Chapter 13 debts are normally paid over a period of three to five years. Most individuals get to keep their homes and their property by going through Chapter 13, and can avoid paying interest over long periods of time while still tackling their debt.
Chapter 13 Bankruptcy Attorney in Queens
While bankruptcy may seem like a difficult option during an already unstable time in your life, it is meant to help you manage your debt safely and efficiently. A Queens bankruptcy lawyer can help you through this process, whether it filing a Chapter 13 petition or gathering the necessary documents needed during a case.
