BANKRUPTCY FAQS
What chapter Bankruptcy should I file?
How does a Chapter 7 Bankruptcy work?
How does a Chapter 13 Bankruptcy work?
Can I still file Bankruptcy under the new
law?
What documents should I bring with me to my bankruptcy consultation?
Do I need a lawyer to file a Bankruptcy?
What is the Bankruptcy 341 meeting?
Where is the Bankruptcy court located?
What is an unsecured creditor?
How does Bankruptcy effect my credit?
How do I pay for Bankruptcy if I am broke?
Should I charge more things to my credit cards before I file for Bankruptcy?
What is a Bankruptcy discharge?
What are the effects of a discharge?
Will I ever get credit again post Bankruptcy?
Queens NY Bankruptcy Lawyer
Experienced Bankruptcy Attorney Serving Queens, Brooklyn, Manhattan, Bronx, Nassau and Suffolk
HOW DOES A CHAPTER 13 BANKRUPTCY WORK?
A Chapter 13 Bankruptcy is usually used by debtors who have assets above and beyond the allowable exemptions. Also, a debtor may file a Chapter 13 Bankruptcy because he has income over and above the allowable NYS Median Income for the size of the debtor’s household.
In a Chapter 13 Bankruptcy a similar petition to that of a Chapter 7 Bankruptcy is prepared, filed with the Bankruptcy Court and the automatic stay is created.
However in a Chapter 13 Bankruptcy a “Plan” is filed in which it proposes to pay a certain amount to creditors on a monthly basis. This amount is determined by the amount of debt owed, the kind of debt the debtor owes and the debtor’s available monthly disposable income.
These payments are made as monthly payments paid to the Chapter 13 Bankrtupcy Trustee, who then distributes them to creditors on your behalf.
Chapter 13 Bankruptcy plans can last as long as 3-5 years depending on the amount of debt and the amount of disposable income.
Castro Law, PLLC
82-11 37th Avenue, Suite 707
Jackson Heights, NY 11372
Tel: 718.533.8090
Castro Law, PLLC: 82-11 37th Avenue, Suite 707, Jackson Heights, NY 11372, Tel. 718-533-8090 Fax 718-533-8091 Email: Info@castrofirm.com |ContactUs