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Common Questions Suffolk County Residents Ask Chapter 13 Bankruptcy Lawyers Near Me
Do your bills keep piling up? Are you having a hard time making ends meet? Have you fallen behind and just can’t seem to catch up? If so, bankruptcy might be the right option for you. Before you decide to file, however, you want to make sure that you find a reputable bankruptcy attorney. If you’re looking for a bankruptcy lawyer near me, contact the attorney that more than 7,500 Holtsville, NY residents, and business owners have trusted to help them through the process: Richard S. Feinsilver, Esq. As a member of the New York State, Nassau County, and Queens County Bar Associations and with more than 30 years of experience, Rich is well-versed in the intricacies that surround bankruptcy law and can help you make the best decisions for your financial future. You don’t have to continue drowning in debt! With the help of Suffolk County’s leading bankruptcy lawyer, you can get back on track and look forward to a better financial future.
Common Questions Suffolk County Residents Ask When They Contact Chapter 13 Bankruptcy Lawyers Near Me
If you feel like your debts are swallowing you whole and you can’t get out from underneath them, you may be researching bankruptcy law firms near me. During these tight economic times, you aren’t alone; countless Holtsville, NY residents are also experiencing financial hardships; in fact, “bankruptcy attorney near me” has become one of the most popular searches on the Internet.
If you’re considering bankruptcy, it stands to reason that you probably have some questions about the process, and the first one likely concerns which type of bankruptcy you should file. Chapter 7 and Chapter 13 are the two most common types of bankruptcies that consumers file in Suffolk County. What’s the difference? Which one is right for you? To find out the answers to these questions and more, read on to find the answers to these and other questions that Holtsville, NY residents frequently ask Chapter 13 bankruptcy lawyers near me.
What exactly is Chapter 13 bankruptcy?
Like all types of bankruptcy, Chapter 13 is a form of debt relief. It allows individuals to repay either all or a part of their debts under the supervision and protection of a bankruptcy lawyer and bankruptcy court. This debt repayment plan is protected by the Federal Government. With this type of bankruptcy, a debtor and an attorney draft a plan that the debtor will follow to repay his or her creditors either all or part of the money that is owed. Payments are made in installments over the course of a three to five year period. A repayment proposal is drawn up, submitted to bankruptcy court, and if it is accepted, the debtor will be issued a stay. Once the stay is effective, debt collectors can longer attempt to contact the consumer in an effort to collect payment.
Chapter 13 bankruptcy is also referred to as the “wage earner’s plan” or “reorganization bankruptcy”.
What’s the difference between Chapter 7 and Chapter 13 bankruptcy?
The main difference between Chapter 7 and Chapter 13 bankruptcy is the manner in which the debtor’s assets are handled. With Chapter 7, the assets of the individual who files are liquidated (sold) in order to pay off as much of his or her debt as possible. With Chapter 13, however, the property of the individual who is filing is not liquidated, and once the repayment plan, which is mandated by the bankruptcy court, is completed, the filer has the opportunity to keep his or her assets. Furthermore, once the repayment plan is completed, any unsecured debts that remain (credit cards, health care bills, etc.), can be discharged and the individual is no longer responsible for repaying the debt.
What does the term “plan” refer to?
When filing for Chapter 13 bankruptcy, the debtor and a bankruptcy lawyer present a repayment plan to the court. The plan indicates the sum of money the consumer will pay to the trustee of the bankruptcy, the length of the plan (three to five years), the amount of money that the trustee will pay each creditor, as well as other matters that are pertinent to the case.
Who is the trustee?
When filing for debt relief via Chapter 13, the debtor must be appointed a trustee. The individual who files makes his or her approved payments to the trustee, and the trustee then administers the payments to creditors, as per the Chapter 13 plan. A trustee is also responsible for making sure that the claims that are filed for the case are appropriate and that the debtor is allocating the appropriate funds to pay off his or her debts. Typically, the debtor’s bankruptcy attorney serves as the trustee for the case, and the attorney administers the case until it is completed.
When is Chapter 13 bankruptcy a better option than Chapter 7?
Chapter 13 bankruptcy is usually a better option when the consumer wants to repay the unsecured debts that he or she has accumulated and has the means to do so in installment payments over a period of three to five years. Additionally, if the individual has nonexempt assets that would be liquidated under Chapter 7 but he or she wishes to retain them, Chapter 13 would be a better choice than Chapter 7 bankruptcy.
What does “discharge” mean?
Discharge is a court order that releases the consumer who filed for Chapter 13 bankruptcy from any remaining dischargeable debts. This order also prevents creditors from attempting to collect payment for dischargeable debts. In other words, debts that are discharged are debts that the individual who filed Chapter 13 bankruptcy is legally not required to pay. Discharge takes place when the debtor has fulfilled the requirements of the Chapter 13 plan. In the event that the debtor does not complete the plan, he or she may be granted a partial discharge; otherwise, the case may have to be converted to Chapter 7.
What debts are not dischargeable under Chapter 13 bankruptcy?
Examples of some of the debts that are excluded from Chapter 13 discharge include the following:
- Any of the consumer’s debts that were paid off outside of the bankruptcy plan
- Debts that were not included in the bankruptcy petition
- Student loans
- Child support, alimony, and any other type of domestic support requirements
- Penalties or fines that the debtor owes government agencies
- Personal injury debts that are related to accidents that may have been caused if the debtor was driving while intoxicated
To find out what other debts would be deemed non-dischargeable, speak with a reputable attorney who has experience with Chapter 13 bankruptcy.
Is Chapter 13 the Right Option for You?
If you’re overwhelmed by debt and you’re interested in learning more about Chapter 13, contact Suffolk County’s leading bankruptcy attorney: Richard S. Feinsilver, Esq. To schedule an appointment for a free consultation, call 855-334-6529 or visit https://www.file-bankruptcy.com today!
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