Advantages of Chapter 13 Bankruptcy

Why should you consider Chapter 13 bankruptcy? You may be asking this question if you have decided to file for bankruptcy, and it is important to seek the full information about the consequences of this action and how it may affect you in the future. There are various advantages of Chapter 13 bankruptcy in Long Island that should be discussed:

  • Chapter 13 bankruptcy offers a debtor the chance to reorganize his or her debt, therefore still paying bills but at a level that is actually feasible.
  • Stopping foreclosure is possible with a Long Island Chapter 13 filing, as it will place an automatic stay and will allow the debtor to include past due mortgage payments in his or her repayment plan.
  • From the moment that a Chapter 13 case is filed, all creditors must stop collection efforts against the debtor.
  • Although a Chapter 7 bankruptcy will not result in the discharge of secured debt (such as taxes or student loans) a Chapter 13 repayment plan may include secured debt as well.
  • Upon the completion of a Chapter 13 bankruptcy payment plan, all remaining eligible debt will be discharged.
  • Chapter 13 offers a debtor more protection of assets and property than a Chapter 7 bankruptcy.
  • Co-signers on any loans the debtor may have are offered more protection under a Chapter 13 bankruptcy.

For those with regular income and property they would like protected, a Chapter 13 bankruptcy may be the best option.

Contact a Long Island Bankruptcy Attorney

Although there are many advantages of Chapter 13 bankruptcy, it is important to discuss all of these with a competent Long Island bankruptcy lawyer. Seeking information about how filing for bankruptcy will affect you now and in the future will help ensure you have the opportunity to make the right decision about your case and your financial future.

Why Choose Jacoby & Jacoby?

Experienced and Qualified Representation

When you work with a New York bankruptcy lawyer at Jacoby & Jacoby, you have the benefit of our years of experience and our extensive resources, all at your disposal as you face these trying times. The stress and emotions associated with mounting debt may leave you feeling hopeless and lost. Thankfully, with the help of a lawyer at our firm, you can begin to take control of your finances and experience much needed relief.

By discussing your situation with an attorney at our firm, you can decide whether bankruptcy is right for you. You can learn what your options are. When you work with an experienced attorney at Jacoby & Jacoby, you will have the support and legal counsel of a professional who will know what to do to help. Finally, you can experience relief from creditors. You can stop worrying about losing your possessions or your home.

Contact our firm today, and learn more about the many ways that we can come to your aid. Call Jacoby & Jacoby at (888)452-2629.

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