If you are struggling with overwhelming debt
and are considering bankruptcy, you may be wondering whether Chapter 13
bankruptcy is right for you. This type of bankruptcy is designed to help
individuals reorganize their debt and create a manageable repayment plan. For
those living in Long Island, finding a knowledgeable and experienced Chapter 13
attorney is key to successfully navigating the bankruptcy process.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy, also known as reorganization bankruptcy, allows individuals to restructure their debt and create a payment plan that fits their budget. Unlike Chapter 7 bankruptcy, which involves liquidating assets to pay off creditors, Chapter 13 bankruptcy involves creating a repayment plan that lasts for three to five years. This payment plan is designed to help individuals catch up on past due payments, such as mortgage or car payments, and pay off their debts over time.
Advantages of Chapter 13 Bankruptcy
One of the main advantages of Chapter 13 bankruptcy is that it allows individuals to keep their assets, such as their home or car, as long as they can make their payments. Additionally, Chapter 13 bankruptcy can help individuals catch up on past due payments, avoid foreclosure or repossession, and stop creditor harassment. Finally, Chapter 13 bankruptcy can provide individuals with a fresh start, allowing them to discharge certain debts at the end of their repayment plan.
Finding a Long Island Chapter 13 Attorney
If you are considering Chapter 13 bankruptcy, it is important to find an attorney who is knowledgeable and experienced in this area of the law. A good Chapter 13 attorney can help you understand the bankruptcy process, assess your financial situation, and create a repayment plan that works for you. They can also represent you in court and help you navigate any legal issues that may arise during the bankruptcy process.
When searching for a Chapter 13 attorney in Long Island, it is important to look for someone who has experience in bankruptcy law, particularly Chapter 13 bankruptcy. You should also look for an attorney who is willing to take the time to understand your unique financial situation and provide personalized advice and guidance.
If you are struggling with overwhelming debt and are considering bankruptcy, Chapter 13 bankruptcy may be a good option for you. However, it is important to work with a knowledgeable and experienced attorney who can help guide you through the process. By finding a Long Island Chapter 13 attorney who is dedicated to providing personalized advice and guidance, you can navigate the bankruptcy process with confidence and ease.
If you need to contact Pryor & Mandelup professionals, you have two options. You can reach them at (516) 997-0999, or you can visit their official website at https://pryormandelup.com/ and complete a simple questionnaire to request a free service quote.