Chapter 13 Bankruptcy

A serious economic downturn affects almost everyone, and today many people who earn regular, substantial income are in dire straits.

Unlike a Chapter 7 proceeding, a Chapter 13 "wage earner" bankruptcy requires a payment plan to satisfy certain priority and secured debts and some portion or all of your unsecured debts. In certain circumstances, a Chapter 13 bankruptcy attorney can help you to remove and expunge second mortgages when the value of your home is less than the remaining balance due on your first mortgage. In addition, it does offer many of the same key benefits, including stopping creditor harassment and garnishments.

If you are wondering whether consumer bankruptcy can help save your home, other assets, and assist in your financial recovery, we encourage you to contact our Long Island Chapter 13 bankruptcy lawyer now at Macco & Stern, LLP.

An Important Option for People Facing Mortgage Foreclosure

Under certain circumstances, filing Chapter 13 bankruptcy can be the best avenue to stop, prevent, or delay foreclosure on your home. A Chapter 13 may result in the reinstatement of your current mortgage, with a payback period of up to five years as an alternative to foreclosure.

Our Chapter 13 bankruptcy attorneys can also help you explore the best exit strategies if your home or investment properties are overburdened with debt. We may be able to help get those debts discharged. Possible restructuring or surrender of unwanted assets wisely may be the key to getting that fresh start you need.

Preserving Specific Assets — Buying Time to Pay Tax Debt or Family Support

Other problems and priorities may enter into your decision to seek debt relief through Chapter 13 bankruptcy. Chapter 13 may be an option if you:

  • Want to save "nonexempt" assets such as bank accounts, vehicles valued over $4000, investment property, or jewelry that would be sold by the trustee in a Chapter 7 proceeding
  • Require time to pay "priority debts" that cannot be discharged, such as back child support, tax debt, or student loans
  • Need financial relief but fail to qualify for a Chapter 7
  • Obtain years to catch up on mortgage arrears

At Macco & Stern, LLP, our Chapter 13 bankruptcy attorneys are exceptionally well-prepared to help you evaluate whether Chapter 13 bankruptcy is right for you.

Please contact our bankruptcy attorney in Suffolk County today for a free initial consultation with a knowledgeable attorney . Waiting too long can limit your options, and tapping into retirement accounts or other exempt assets, or borrowing from family and friends, may be the wrong approach to resolve burdensome debt.

We are a debt relief agency. We help people obtain relief under the Bankruptcy Code.