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Bankruptcy Attorney in Rockland County
Working with clients through the process of bankruptcy
Generally, individuals have two options for bankruptcy; Chapter 7 and Chapter 13 bankruptcy. Consulting with an experienced bankruptcy attorney can help. The Law Offices of Allen A. Kolber, Esq. has over 25 years of experience helping clients acquire relief under the bankruptcy code. If you need effective legal services, contact The Law Offices of Allen A. Kolber, Esq. for a consultation to discuss your options.
What is a Chapter 7 Bankruptcy?
A Chapter 7 Bankruptcy will grant you a discharge of most of your debt, including credit card debt, personal debt, medical bills, foreclosures and automobile repossessions. Generally, student loans and tax debt are not eliminated. Under a Chapter 7 Bankruptcy, you are allowed to keep certain assets, such as bank accounts, automobiles, pension plans, IRA’s, and your house.
Even though your family income must be less than the average family income in the county in which you live, the average family income is changed approximately every three months by the U.S. government. For example, the average income of a family of 3 living in Rockland County in 2017 is $75,870, for a family of 4 it is $92,000 and up.
As soon as you file a Chapter 7 Bankruptcy, the Bankruptcy Court imposes an injunction on all of your creditors called the “Automatic Stay”. The Automatic Stay prohibits creditors from any collection activities, including lawsuits, wage garnishments, collection calls, collection letters, bank restraints, foreclosures or repossessions.
What is a Chapter 13 Bankruptcy?
A Chapter 13 Bankruptcy is for families that have assets, value to their home or earn above the average family income for the county in which they live. A Chapter 13 Bankruptcy allows you to keep all your assets while under the protection of the Bankruptcy Court.
In exchange for keeping your assets, the Bankruptcy Court requires a Chapter 13 Debtor to submit to a “Plan” over the course of 3 or 5 years. The Plan will allow you to catch up on your mortgage payments and automobile payments while stopping your creditors from all collection activities.
Under a Chapter 13 Plan, Debtors repay their unsecured creditors only what they can afford to pay based upon their income and expenses. “Unsecured” debt includes credit cards, medical bills, personal loans or debts owed on old car loans. “Unsecured” debt is repaid anywhere from 2% to 100% over the Plan. Once a Chapter 13 Plan is completed, all remaining debt is eliminated (“discharged”).
If you are in a financial situation that calls for Bankruptcy Protection, it is important to have quality legal support to help you make informed decisions on these important matters.
Making the right choice for your financial situation is imperative. Consulting with an experienced Bankruptcy attorney can help. The Law Offices of Allen A. Kolber, Esq. has over 25 years of experience helping clients acquire relief under the Bankruptcy code. If you need effective legal services, contact The Law Offices of Allen A. Kolber, Esq. for a consultation to discuss your options.
Contact a Rockland County Bankruptcy Law Firm
If Bankruptcy is something you need to consider, it is important to not go it alone. Having guidance and representation that can protect your future and lessen the impact of overwhelming debts is in your best interests. The Law Offices of Allen A. Kolber, Esq. has over 25 years of experience as a debt relief law firm. We work with clients who face serious financial situations and help them navigate towards financial stability. If you need quality legal support from a compassionate and dedicated law firm, contact The Law Offices of Allen A. Kolber, Esq.