If you are searching for bankruptcy guidance, it is likely that debt is your persistent concern. It is possible that you have already estimated your income for the future and found no way to escape the mountain of debt you are in. You may have discovered that debt consumes most of your monthly income, making debt repayment appear unachievable. Now, all you can do is file Chapter 13 bankruptcy, but only with the help of a bankruptcy lawyer in NY, or you will mess up the whole thing.
What Does Chapter 13 Bankruptcy Offers?
It would help if you did not go directly for Chapter 13 bankruptcy; instead, take your time, talk with your financial advisor, and assess your financial situation and future objectives. Remember, if you hide anything while filing for Chapter 13 bankruptcy, it will backfire on you. Let your financial advisor chat with a professional Bankruptcy Lawyer NY and let them figure out if another option is available.
With Chapter 13 bankruptcy, you can keep your property and pay back the debt under a court-approved repayment system within three to five years. Furthermore, bankruptcy will halt foreclosure so you can cover all the missed mortgage, car, and property tax payments in due course. Your bankruptcy decision could pose negative consequences to your co-signers, so solve this matter by working with a bankruptcy lawyer Kew Gardens. The court will produce a repayment plan that will fit your recent financial situation and it can be customized if circumstances stay the same.
How Do You File For Chapter 13 Bankruptcy?
Consult a Bankruptcy Lawyer: The first step in filing for a Chapter 13 bankruptcy is to discuss your financial circumstances with a specialist. Ensure you have considered all alternative options for debt management and that Chapter 13 is the best option for you.
Finish a Credit Counseling Course: You have 180 days to finish a credit counselling course from an authorized organization like Aronov Law NY before you file for bankruptcy. This course is intended to assist you in comprehending the procedure, assessing your financial status, and investigating alternatives to filing for bankruptcy.
File the Bankruptcy Petition: Your bankruptcy lawyer, NY, will file the petition with the New York bankruptcy court that oversees your county to begin your Chapter 13 bankruptcy. You will provide an inventory of financial affairs, executor contracts, unexpired leases, current income and expenses, and comprehensive details of your assets and liabilities with the petition.
Send in your repayment schedule: This plan will specify your debt repayment strategy and the estimated time required. You will begin receiving payments under the repayment plan thirty days after filing your bankruptcy. Plans typically last three to five years, but how long yours lasts will depend on how much debt you have and how much you make.
We understand people’s desperate decisions to file bankruptcy, but that will leave them out of some vital information about these proceedings. Hence, it can backfire if they fail to comply with the terms or do not repay within the allocated time. Hence, make these decisions after consulting with a bankruptcy lawyer, and you will have the best guidance.
Aronov Law NY 13529 Kew Gardens Rd, Queens, NY 11418 (718) 206-1035 https://www.aronovlawny.com/bankruptcy-attorney-nyc/