How does Chapter 13 bankruptcy work in New York?

In New York, Chapter 13 bankruptcy can be filed for after you attend a credit counseling course. This is required before bankruptcy can be applied for. After you go through that, you must pay $274 and give the bankruptcy court information like your debts, expenses, creditor holdings of unsecured and secured debt and your income. When the court has all of this information, a trustee is able to review it. The trustee may get into contact with you to ask for more information. He will also communicate with creditors and have a meeting with those creditors. Through meeting with creditors and working with a trustee, you will have an idea of a repayment plan that will be acceptable. Once you have one ready, you must submit it to the court. If the bankruptcy court approved your plan, then the Chapter 13 bankruptcy is completed. Chapter 13 requires you to pay all of your secured debt and priority debts in full. If you have other kinds of unsecured debt, you will have to repay a portion of that debt to creditors. An example of unsecured debt would be your credit card; secured debt is something like a student loan, and priority… Continue reading

Chapter 13 bankruptcy: Exemptions and your application

When you’re facing Chapter 13 bankruptcy in New York, you may be wondering if any of your property is actually able to be exempt from the process. First, you need to understand the process of Chapter 13 bankruptcy. This form of bankruptcy is used to help you reorganize your debts, allowing you to create a repayment plan that allows you to pay back your creditors. In many cases, your debt load can be reduced, and a single payment may be able to be arranged. Because Chapter 13 bankruptcy doesn’t involve liquidation, the goals are different. Chapter 13 bankruptcy is primarily used by those with a significant income and the means to pay back creditors; because of the willingness to pay back debts over time, there isn’t a reason to sell the debtor’s property or to collect and redistribute it. The debt is meant to be repaid within three to five years, allowing the debtor to keep the items while maintaining a payment plan that allows all of his or her items to be paid off relatively quickly. There are a few exceptions where you need to know about bankruptcy exemptions in Chapter 13 bankruptcy, though. For instance, the value of… Continue reading

Chapter 11 bankruptcy: Reorganize your business

If you’re a business looking to enter into Chapter 11 bankruptcy, you need to know all the options before you proceed. Bankruptcy isn’t the cold, hard situation that it’s made out to be. With the right help, you can make the best of bankruptcy and may even make a profit by coming out of it with the right business plans. With Chapter 11 bankruptcy, you’re able to continue running your business while you work with creditors and the U.S. courts to determine the best way to pay back debts. Some debts may be reduced or eliminated to help. Depending on how you’ve set up yourcorporate tax structure, you may be protected from personal liability for the debts as long as your business is under the protection of the court. When you want to file for bankruptcy, you must meet certain debt to income ratio requirements. It is a complicated process that may take you a long time to sort through, which is why it’s best to speak with someone who understands the process already. Working with an attorney or lawyer makes it easier for you to understand how to file paperwork, the time lines for bankruptcy filing and what to… Continue reading

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