Chapter 13 Bankruptcy Solutions in the Bronx

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Are you having difficulty paying bills or making your mortgage payments? Have you been laid off from work? Do you want to stop the foreclosure on your home? Chapter 13 bankruptcy can provide you with much-needed financial relief, as well as the opportunity to save your home from foreclosure. A skilled and knowledgeable Bronx Chapter 13 lawyer can help you determine if this is the right option for you.

During these harsh economic times, it can be hard to make ends meet. Many people have lost their jobs. At Park & Nguyen, we work with individuals and families overwhelmed by debt. Our attorneys in the Bronx take the time to get to know you and your unique financial situation. Freedom from your crushing debt may be just a phone call away.

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Understanding Chapter 13 Bankruptcy

Chapter 13 bankruptcy is a viable debt relief solution for those who have higher incomes and/or assets, and who wish to save their home from foreclosure. In Chapter 13, an affordable repayment plan is established by the bankruptcy court. 

The plan typically lasts three or five years, allowing a debtor to repay some or all of his or her consolidated debts. Following successful completion of a repayment plan, the remaining dischargeable debt is eliminated.

Advantages of Filing for Chapter 13 Bankruptcy

There are many advantages when it comes to filing for Chapter 13 bankruptcy.

Key Benefits Include:

• After filing, home foreclosure will be stopped as well as any efforts to collect your debt.
• Your property will be protected from liquidation
• You may keep your home even if you are behind on mortgage payments
• You do not have to deal with creditors directly. A bankruptcy trustee will be assigned to your case and will disperse your payments.
• You will have plenty of time to create a repayment plan that will last 3 or 5 years.
• A lot of your debt will be discharged and you will no longer be responsible for it.

Arrange a free phone consultation with a Chapter 13 attorney in the Bronx online or by calling us at (718) 514-7886.

Impact of Chapter 13 on Your Credit Score

Chapter 13 bankruptcy will allow you to get on the road to rebuilding your credit sooner. It may appear on your credit report for as long as a decade, but it is still a good choice compared to drowning in debt and doing nothing. Missing payments, repossession of your car or other property, and collection lawsuits are more difficult to explain when talking to future lenders. If there is a bankruptcy on your report, they will at least see that something was done to manage the debt. 

Chapter 13 will also cause you to lose your credit cards, however, you will be able to obtain new lines of credit within a few years after filing.

How to File Bankruptcy Chapter 13

Filing for Chapter 13 bankruptcy in the Bronx involves several key steps.

Here’s how to get started:

1. Consult a Chapter 13 Lawyer: Start by consulting an experienced Chapter 13 bankruptcy lawyer to evaluate your financial situation and determine if Chapter 13 is right for you.
2. Collect Financial Documents: Gather necessary paperwork, including income statements, tax returns, a list of debts, and asset information. This helps your lawyer prepare your case.
3. File the Bankruptcy Petition: Work with your Chapter 13 lawyer to file your bankruptcy petition and repayment plan with the court. Include all required schedules and forms.
4. Attend a Credit Counseling Session: Complete a mandatory credit counseling course from an approved provider before filing.
5. Attend the 341 Meeting: Meet with creditors and a bankruptcy trustee to discuss your repayment plan.

A Chapter 13 bankruptcy lawyer ensures your plan is properly structured and maximizes your chance of success. Reach out to Park & Nguyen Attorneys At Law to explore your options.

How Do You Qualify For Bankruptcy Chapter 13?

To qualify for Chapter 13 bankruptcy, you must meet several requirements. A Chapter 13 lawyer can help determine your eligibility based on the following criteria:

• Regular Income: You need a steady source of income to make monthly payments under the repayment plan.
• Debt Limits: Your unsecured debts, such as credit cards or medical bills, and secured debts, like mortgages, must fall under the debt limits. These change every year -- be sure to consult a bankruptcy attorney near you.
• Up-to-Date Tax Filings: You must provide proof that your federal and state taxes are filed.
  Credit Counseling: Completing a court-approved credit counseling course within 180 days before filing is mandatory.
• Sufficient Disposable Income: You must show enough income, after covering essential expenses, to meet repayment plan obligations.

A Chapter 13 bankruptcy attorney helps create a repayment plan that works for you and makes sure your file complies with all legal requirements. Speak with a reputable lawyer at our bankruptcy firm to learn more about your choices.

Let Us Guide You Through the Chapter 13 Process

Pursuing Chapter 13 bankruptcy can be intimidating. You are exposing very personal information to the scrutiny of creditors and the bankruptcy court. However, you do not have to face the stress and worry alone. At Park & Nguyen, we will be by your side from your initial consultation through the completion of your repayment plan.

Why Choose Our Bronx Chapter 13 Attorneys?

• Free Initial Assessment
• Customized, Unique Solutions
• Decades of Combined Experience
• Your Case Never Gets Handed Off to Paralegal
• Work 1 on 1 with Your Lawyer Start to Finish
• We Offer Reasonable Rates & Payment Plans

Our Bronx bankruptcy lawyers will assist you in each step, from determining eligibility to representation before the bankruptcy court. Our primary goal is always to protect your best interests throughout the entire bankruptcy process.