3+ Decades Experience in Bankruptcy
Our attorneys guide you through Chapter 13 bankruptcy process, helping you assess your financial situation and develop a tailored repayment plan. We work diligently to prepare and file your bankruptcy petition, ensuring accuracy and compliance with all requirements. Regain financial control, protect your assets, and navigate the complexities of Chapter 13 with confidence.
Trusted Chapter 13 Bankruptcy Attorneys
Bring in financial information:
Before filing for Chapter 13 bankruptcy, debtors must complete a credit counseling course from an approved agency within 180 days prior to filing.
Debtors submit a bankruptcy petition, along with schedules listing their assets, liabilities, income, and expenses, to the bankruptcy court in their jurisdiction. They must also pay a filing fee and provide additional documentation, such as recent tax returns and proof of income.
Once the petition is filed, an automatic stay goes into effect, which temporarily halts collection actions, foreclosures, and wage garnishments by creditors.
Approximately 21 to 50 days after filing, the trustee will hold a meeting of creditors, where the debtor answers questions about their financial situation and the proposed repayment plan under oath.
The bankruptcy judge reviews the proposed repayment plan, addresses creditor objections, and confirms, modifies, or dismisses the plan.
Once the plan is confirmed, debtors begin making payments to the trustee, who then distributes the funds to creditors according to the terms of the plan.
Upon successful completion of the repayment plan, the debtor receives a discharge, which eliminates any remaining dischargeable debts not paid through the plan. The case is then closed.
The repayment period for a Chapter 13 bankruptcy typically lasts between 3 to 5 years, depending on the repayment plan that is created and approved by the bankruptcy court.
To qualify for Chapter 13 bankruptcy, you must have a regular source of income and unsecured debts (such as credit card debt) that are less than $419,275, and secured debts (such as mortgages and car loans) that are less than $1,257,850. Your specific financial circumstances will determine if you are eligible to file for Chapter 13.
Chapter 7 bankruptcy can stop evictions on a case by case basis. If you file for bankruptcy protection before the landlord obtains a judgment or eviction order, the bankruptcy “stay” will stop the eviction. If the landlord already has the warrant, the bankruptcy stay does not stop the eviction.
Filing for Chapter 13 bankruptcy will appear on your credit report and may negatively impact your credit score. However, as you successfully make payments through your repayment plan, your credit may begin to improve over time. The bankruptcy filing will generally remain on your credit report for seven years from the filing date.
Chapter 13 bankruptcy can help you avoid eviction if you are behind on rent payments, as long as you can include the past-due rent in your repayment plan and keep making future rent payments. However, if you are being evicted for reasons other than non-payment of rent, such as violating your lease agreement, Chapter 13 bankruptcy may not be able to help you.
Located in Albany, NY
Our offices are located centrally to the Capital Region of New York in Latham, minutes from the Albany Airport.
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