Long Island Chapter 13 Bankruptcy Attorney

Chapter 13 Bankruptcy Protection

Chapter 13 bankruptcy protection, also known as a "wage earner's plan", is available to qualifying individuals who wish to keep their property and make payments toward paying off an adjusted debt amount. Using the Chapter 13 bankruptcy code, you are able to keep your property, but you will be placed on a payment plan to repay all or a portion of your outstanding debts over a three to five year period.  How much of your debt you will repay will be determined by many intricate factors.  Your Long Island bankruptcy attorney will be able to give you a more accurate assessment after your consultation.

Chapter 13 Bankruptcy Eligibility

This form of protection is available to individuals, those who are self-employed or those who own an unincorporated company.  Your unsecured debts must be less than $360,475.00 and secured debts less than $1,081,400.00.  This, of course, is just a broad statement about eligibility.  Your bankruptcy attorney will be able to review more of the details with you once he has the opportunity to review your full financial position.

Chapter 13 Bankruptcy and Your Home

Chapter 13 is also an effective means of foreclosure defense and many homeowners prefer this form of bankruptcy filing to others.  Foreclosure defense is a unique area of practice unto itself.  However, bankruptcy protection is one method of defending a homeowner from foreclosure action.  New York State is a "judicial foreclosure" state.  This allows for more latitude when implementing a foreclosure defense.  If your only concern is foreclosure, you should make an appointment to speak with a Long Island Foreclosure Defense Attorney at LoScalzo & Associates.

Don't Risk Further Legal Action

If you've determined that there is no way out from under your crushing debt, the time to act is now.  Waiting any longer may only put you in more legal "hot water".  Judgments, garnishments, frozen bank accounts, and the stress of creditor harassment can all be avoided by taking action.  Make an appointment to see the bankruptcy attorneys at LoScalzo & Associates today.  Your consultation does not obligate you in any way, it is completely confidential, and it's 100% free!  Fill out this convenient on-line form to schedule your consultation or call us at 631.561.2754 now.