Chapter 13 Bankruptcy

Chapter 13 Bankruptcy

Get Help From a Top New York City Chapter 13 Bankruptcy Lawyer

At Poltielov & Habib, LLP, our New York Chapter 13 bankruptcy attorneys are knowledgeable and experienced legal advocates for people and families. If you have questions about the Chapter 13 reorganization bankruptcy process, professional guidance is just a phone call away. To arrange a free, fully confidential initial appointment with an experienced New York Chapter 13 bankruptcy attorney, please do not hesitate to contact our Queens law office today.

An Overview of Chapter 13 Bankruptcy

Chapter 13 bankruptcy is an alternative to Chapter 7 bankruptcy. The United States Courts explain that Chapter 13 is often referred to simply as a “wage earner’s plan.” You may also hear it called a reorganization bankruptcy. Here are four key things that you should know about filing for Chapter 13 bankruptcy in New York:

1. Immediate Protection (Automatic Stay): Filing for Chapter 13 bankruptcy offers some immediate legal relief. When you file a valid petition, your case is subject to an automatic stay. All debt collection efforts must be paused, including foreclosure proceedings.

2. Broader Eligibility (No Means-Test): While Chapter 7 eligibility is restricted to people who can satisfy the means-test, the means-test is not applied in a Chapter 13 bankruptcy case. Many people who are not eligible for Chapter 7 are eligible for Chapter 13.

3. Repayment Plan is Three to Five Years: A successful Chapter 13 petition results in payment plan. The plan should be a single affordable monthly payment. Interest is generally eliminated, penalties are waived, and principal may even be reduced or forgiven. A Chapter 13 repayment plan typically lasts for three to five years.

4. Stays on Credit Report for Seven Years: Your Chapter 13 filing will remain on your credit report for seven years. After seven years, it will roll off of the report. Your credit score will gradually improve after a bankruptcy filing as long as your financial situation improves.

How Our New York City Chapter 13 Bankruptcy Attorneys Can Help

Dealing with bankruptcy is never easy. It is a complicated process that can put a lot of pressure and strain on people and families. At Poltielov & Habib, LLP, we are here to help you each and every step of the way. Taking a proactive and personalized approach, our firm is devoted to solutions. Among other things, our New York Chapter 13 bankruptcy lawyers are ready to:

  • Hear your story and answer your questions about debt relief and bankruptcy;
  • Gather and organize all of the financial information that you will need to file;
  • Take care of the Chapter 13 bankruptcy paperwork; and
  • Develop a thoughtful strategy to help you find true long-term financial security.

Call New York Chapter 13 Bankruptcy Lawyers for Help

At Poltielov & Habib, LLP, our New York City Chapter 13 bankruptcy attorneys have the knowledge, skills, and proven experience that you can trust. If you need help with a Chapter 13 bankruptcy petition, we are here as a legal resource. Call us now or contact us online to set up your free, no obligation consultation. We provide Chapter 13 bankruptcy representation in Queens, Brooklyn, the Bronx, Staten Island, Manhattan, Nassau County, Suffolk County, and Westchester County.