Chapter 13 bankruptcy is designed for individuals with regular income who have the ability and the desire to pay all or part of their debts in installments over a period of time. This bankruptcy Chapter is an alternative for individuals who are overwhelmed by their debts but earn too much money to qualify for Chapter 7. It allows the debtor to cure their mortgage arrears through a payment plan of up to sixty months.

Under Chapter 13, you may repay your creditors all or part of the money you owe from your future earnings over a period of three to five years, depending upon your income and other factors. One major advantage of paying your debts through a Chapter 13 bankruptcy is that interest on these debts stop accruing the moment you file the petition.

You can also “strip away” (eliminate) a second mortgage in Chapter 13 if the value of your home has fallen such that the second mortgage is deemed unsecured.

Our highly experienced and specialized team is ready to help you get your life back on track through Chapter 13 bankruptcy.

If you need help with filing a Chapter 13 Bankruptcy in New York, please call our 24 hour hotline at 718.625.1888.  Our professional bankruptcy staff is ready to help you win back control of your life and your finances.