Helping You File For Chapter 13 Bankruptcy
Chapter 13 bankruptcy is an option for individuals who make too much money to qualify for Chapter 7, have unprotected equity that they would lose in a Chapter 7 filing, or for people who need to catch up on mortgage arrears.
The bankruptcy attorneys at Corash & Hollender, P.C., have been helping individuals in Staten Island for over 45 years file for Chapter 13 bankruptcy and get their life back on track. Filing for bankruptcy is time-consuming and often involves complicated paperwork. While anyone can file for bankruptcy, we will work with you to ensure that all steps are correctly followed so you can focus on your next steps.
Developing A Payment Plan To Discharge Your Debts
Chapter 13 works by consolidating debt. The client pays one monthly payment to a bankruptcy trustee, who then distributes the payment to the creditors. Chapter 13 is only available to individuals and businesses, and other entities do not qualify.
Eligibility for Chapter 13 bankruptcy requires you to have a monthly income, including contributions for others, sufficient to pay your current living expenses plus the installment payment to the trustee. Chapter 13 is available for those with less than $336,000 in unsecured debt and less than $1,010,650 in car loans and mortgages. We can provide you with a five-year, 0% interest payment plan for mortgage arrears, back taxes and credit card bills.
Chapter 13 bankruptcy is controlled by a bonded bankruptcy trustee appointed by the federal court. While there are legal fees and trustee payments involved, it is generally less than what you would pay with unregulated entities. Chapter 13 does not work as fast as Chapter 7 bankruptcy and is often best for those who need extra time and flexibility to catch up on payments.
Bankruptcy Solutions That Work For You
We understand how overwhelming it is to feel like you have no options to get out of debt. Our experienced bankruptcy attorneys at Corash & Hollender, P.C., are here to listen to your story and help you find a solution. Contact us today at 718-691-1669 or online to schedule a consultation.