If you are someone who has bills piling up and debt accumulating with no way to pay it off, you are most likely considering filing for bankruptcy. That being said, there are many types of bankruptcy, which is why you should strongly consider hiring an experienced Rockland County bankruptcy attorney who can analyze your situation and determine which type of bankruptcy is best for you. Read on to learn more about Chapter 13 bankruptcy, how it differs from other forms of bankruptcy, and what the Chapter 13 bankruptcy process entails. Here are some of the questions you may have:
How do I know if I qualify for Chapter 13 bankruptcy in New York?
To qualify for Chapter 13 bankruptcy in New York State, you will have to meet various criteria, including the following:
- You must earn a regular income.
- You must have less than $1,149,525 in secured debts.
- You must have less than $383,175 in unsecured debts.
- You must not have had a bankruptcy petition dismissed within 180 days before filing.
- You must attend credit counseling within 180 days before filing for Chapter 13 bankruptcy.
What documents are required in Chapter 13 bankruptcy?
As you may know, bankruptcy is notoriously a document-heavy process, which is why it is always best to file with the assistance of an experienced Rockland County bankruptcy attorney. Some of the various documents that you will need to file are as follows:
- A copy of your monthly net income
- Information regarding your finances, assets, and any property you may own
- Proof of attendance at state-approved credit counseling courses
- All executory contracts and unexpired leases
- A list of liabilities
- A statement regarding your financial affairs
- Payments you’ve received from employers within 60 days before filing
What is the Chapter 13 bankruptcy process like?
Once you file for bankruptcy, you will receive an automatic stay, which, fortunately, prohibits creditors from all collection activities. This means that you will no longer have to worry about losing your home for the duration of the process ahead. You will then attend a Meeting of Creditors held by a trustee, wherein you will answer questions about your financial situation, how you plan on paying creditors back, and what your repayment plan looks like. Finally, the bankruptcy court will inform you whether you have successfully filed for bankruptcy within 45 days of the meeting.
Contact our experienced Rockland County, New York firm
The Law Offices of Allen A. Kolber, Esq. effectively represents clients facing Bankruptcy in Rockland County and all of New York State. Our firm understands the stress one can feel when facing a difficult financial future. Our compassionate staff will work to ease your fears and help you make a new start. If you need quality legal support, contact The Law Offices of Allen A. Kolber, Esq.