Chapter 13 Bankruptcy process restructures your debts into easy repayment plan which usually last for 3-5 years and it lets you keep your assets like car, home or other properties. So, it is all about restructuring your debts under the protection and guidelines of federal court, while setting a new repayment plan and period for your convenience. Chapter 13 Bankruptcy NY is also referred as wage earner bankruptcy because the applicant needs to be a regular earner to qualify for it.
No matter by what name it is called, the ultimate goal is to solve all the overwhelming debts and stay updated with secured loans, especially those with a collateral or mortgage like car or home. The Chapter 13 Bankruptcy Attorney put all their efforts in helping you to make wise financial decisions with ultimate confidence. So, get in touch with the Chapter 13 Bankruptcy Attorney today with “One Click” at midtownbankruptcy.com.
How to Know If You are Qualified for Chapter 13 Bankruptcy?
Well, as you approach the Chapter 13 Bankruptcy attorney and share your details, they will let you know if you qualify to file for Chapter 13 Bankruptcy to dissolve all your debts. However, there are certain eligibility criteria that you need to meet in order to become qualified for filing the Chapter 13 Bankruptcy case. This includes:
- You need to be current on filing your taxations.
- The unsecured debts must be within the range of $394, 725 and secure debts must be within $1, 184,200.
- You must be a regular earner with sufficient income.
- There must not be any filing of Chapter 13 Bankruptcy case in past two years or Chapter 7 bankruptcy in past 4 years.
How to File for Chapter 13 Bankruptcy Case?
Before you start the process of filing bankruptcy, it is necessary that you fix appointment to meet the credit counsellor from non-profit credit counselling agency in person and then approach the Cheap Chapter 13 Lawyers Near Me. The initial consultation would be free and with these initial meetings you can understand the situations and decide whether or not to file for Chapter 13 bankruptcy to get your finances back on track.
When filing Chapter 13 Bankruptcy, it is necessary that you work in coordination with your attorney as they are the person who will prove your eligibility for Chapter 13 bankruptcy to the bankruptcy trustee who will be looking after the proceedings. The court would approve a plan for repayment of both the secured and unsecured loans. You will get the option to repay your loans in 3-5 years, while keeping all your assets unharmed. If you prove yourself as a good paymaster, then some of the last debts would be excused. Below are the steps for filing a Chapter 13 Bankruptcy.
- Completing the pre-filing bankruptcy counselling via non-profit credit counselling agency.
- Hiring qualified and reputed Chapter 13 bankruptcy attorney in NY.
- Completing the paperwork to successfully file the bankruptcy case in federal court.
- Submitting the bankruptcy petition which comprises of different forms which need to be filled properly.
- Submitting the details of payment plans within 14 days of submitting the petition of bankruptcy.
- Meeting with the creditors within 21 to 50 days of filing the petition and the meeting will be organized by trustee.
- There will be a confirmation hearing which usually takes place within 45 days after meeting the creditors.
- Finally, the creditors are paid as agreed under the repayment plan.