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NYC Chapter 13 Bankruptcy Lawyer

What is Chapter 13 Bankruptcy?

Chapter 13 is one of several bankruptcy processes available to individuals in NYC. Unlike Chapter 7 bankruptcy, which requires a debtor to liquidate assets, Chapter 13 bankruptcy focuses on the reorganization of debt and overdue payments.

Rather than try to repay the bulk of your debts at once, Chapter 13 bankruptcy results in a payment plan. This plan can extend over three to five years. The bankruptcy court discharges any debt that can’t be repaid within your extensive plan, which gives you a clean slate financially in NYC after Chapter 13 bankruptcy.

Are still uncertain how Chapter 13 bankruptcy differs from liquidation under Chapter 7 of the U.S. Bankruptcy Code? An NYC lawyer can answer your questions. When working with an experienced bankruptcy lawyer, Michelle Labayen, your assistance with Chapter 13 bankruptcy begins with a free initial consultation – the perfect time to ask any and all questions.

Why File for Chapter 13 Bankruptcy in NYC?

In NYC, Chapter 13 bankruptcy is also called wage earners bankruptcy or reorganization. These alternative names arise from the process and advantages of Chapter 13 bankruptcy.

  1. An individual does not need to meet the means test or fall below the median income in New York to file for Chapter 13 bankruptcy. You can have a substantial salary and still file under Chapter 13 in New York.
  2. You don’t have to sell any assets under Chapter 13 bankruptcy. The major requirement of Chapter 13 bankruptcy in NYC is strict adherence to the repayment plan over three to five years.
  3. Chapter 13 bankruptcies can stop a foreclosure on your property and help you keep your home in NYC.
  4. An NYC bankruptcy lawyer can assist with your repayment plan and help you arrange methods for following through on the court determined repayment schedule.
  5. You don’t have to engage directly with creditors to complete all or partial payment of your outstanding debts.
  6. When your Chapter 13 bankruptcy is discharged, any remaining debt is forgiven and erased by the bankruptcy court in NYC.

An NYC Chapter 13 lawyer knows there are certain advantages to reorganization over liquidation. Attorney Michelle Labayen is happy to explain when and why NYC Chapter 13 bankruptcy might be right for you.

Who Qualifies for Chapter 13 Bankruptcy?

There are eligibility requirements specific to Chapter 13 bankruptcy. The best way to determine if you qualify is by speaking with a top NYC Chapter 13 lawyer, like Michelle Labayen. An NYC lawyer can assess the specific circumstances of your case and advise of the best path through an NYC bankruptcy.

Some of the eligibility requirements a Chapter 13 lawyer much consider are:

  1. Only individuals and sole proprietors are eligible for Chapter 13 bankruptcy, other entities must reorganize debt under Chapter 11 of the U.S. Bankruptcy Code;
  2. An individual’s unsecured debt must be less than $394,725;
  3. An individual’s secured debt must be less than $1,184,200;
  4. You cannot file for Chapter 13 bankruptcy if you had any bankruptcy dismissed for the debtor’s willful failure to appear before the court or voluntarily dismissed in the past 180 days; and
  5. You must seek credit card counseling within 180 days of when you file for Chapter 13 bankruptcy.

Some of these eligibility requirements are simple to assess, but you want to be certain you’ve checked all the right boxes before filing for Chapter 13 bankruptcy. You also want to be certain filing for bankruptcy in NYC is the right path for you. Find out when you speak with an NYC bankruptcy lawyer.

How to Hire a Top Chapter 13 Bankruptcy Lawyer?

It is intimidating to discuss your financial situation and unpaid debts with an NYC lawyer, which is why you need to hire the right lawyer for your case. Michelle Labayen is not only a top Chapter 13 lawyer, but has a practice focused on consistency, efficiency, and trust.

Our office does everything possible to give clients a cost-effective and smooth path through Chapter 13 bankruptcy in NYC. If you are looking to hire a top Chapter 13 lawyer, we know you can start right here, talking to our team.

Contact Michelle Labayen.