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Chapter 13 Bankruptcy Lawyer in Long Island

Are you considering filing for Chapter 13?

For an individual who earns a relatively high income and possesses substantial valuable assets, Chapter 13 bankruptcy can be an effective tool when facing significant financial hardship. In a Chapter 13, a debtor enters into a payment plan that has been worked out by the Bankruptcy Court. This payment plan involves the debtor making monthly payments to their creditors for a period of time usually lasting three to five years. The amount of the monthly payment and the time period varies for each individual based upon a number of factors including:

  • The monthly income of the individual;
  • The individual's monthly expenses ;
  • The amount of the debt that the individual has;
  • Whether the debt is secured or unsecured debt

Non-dischargeable priority debts, taxes owed to government authorities, criminal fines, restitution, secured and priority debts, under Chapter 13 must be repaid 100% on the dollar. Unsecured debts may be repaid at a minimum of 10% up to 100% based upon an individual's available monthly income. At the conclusion of the plan, the debtor will have satisfied their legal obligations to those creditors and their debt will effectively be erased.

How the Chapter 13 Bankruptcy Process Works

After our initial consultation and a review of your financial situation, we will advise you as to whether you qualify for this chapter of bankruptcy. If we mutually agree that Chapter 13 is your best alternative, we will prepare a plan which will provide a monthly payment covering a period from 36 months to a maximum of 60 months. This one monthly payment will be paid to the Bankruptcy Court and at the conclusion of the time period, assuming all plan payments have been made, you will receive a discharge. The payments will be made to a Bankruptcy Trustee who is authorized by the Court to receive your payments and distribute the plan payment to the creditors.

Contact a Long Island Chapter 13 attorney today!

Chapter 13 bankruptcy is designed to let you repay some or all of your debts over time while protecting your assets. It can only be used by people who have some sort of regular or steady income and who can pay their regular living expenses with some left over to make payments. As you repay your existing debts off, it can often help people who have fallen behind on large payments such as mortgage or car payments. To determine whether or not this is the solution for you, you should speak to an experienced Long Island bankruptcy lawyer at the Law Offices of Scupp & Berman, LLP. We have assisted countless clients in over 20 years of practicing law, and we are available to assist you in your bankruptcy case.

If you are currently struggling with debt, it is in your best interests to contact a Long Island Chapter 13 bankruptcy attorney from our firm today to discuss the different options available to you.