Long Island Bankruptcy Attorney
Chapter 7 vs. Chapter 13 Bankruptcy Protection
When considering filing for bankruptcy it is important to have the help of an experienced bankruptcy attorney who fully understands the intricacies of the bankruptcy code and
Chapter 7 and
Chapter 13 bankruptcy processes in particular. Deciding which type of protection is right for you can be a stressful and difficult decision without knowledgeable help. Because of the recent change in New York State Bankruptcy exemptions it's more important then ever to speak with a Long Island bankruptcy lawyer at the firm of LoScalzo and Associates. Our firm can help you file for the bankruptcy protection that best suits your particular circumstance. Call us now at 631.564.2754 for a free, no obligation, consultation or
contact us online.
Chapter 7 Bankruptcy and Chapter 13 Bankruptcy Similarities
In both a Chapter 7 bankruptcy and a Chapter 13 bankruptcy the debtor must complete certain pre-qualifications. This includes receiving credit counseling within 180 days of filing for bankruptcy and having no prior filing dismissals in that same time period. Upon filing for and commencement of your case with Bankruptcy Court, all creditors must cease any collection actions. This means an end to
creditor harassment. If you are contacted by creditors beyond this point you should contact your Long Island bankruptcy attorney immediately. Once the filing is completed and all necessary steps to achieving protection have been carried out, a great deal (if not all) of debts are discharged. Some debts are not subject to protection such as child support, certain tax liabilities, some education loans and others.
Chapter 7 and Chapter 13 Bankruptcy Differences
The biggest differences between a Chapter 7 bankruptcy filing and a Chapter 13 bankruptcy filing concern how the debt is discharged and the time period before it is discharged as the case is completed. In a Chapter 7 bankruptcy filing, certain non-exempt property is liquidated and the funds obtained from the liquidation are distributed to the creditors. A Chapter 7 is much faster and an individual can be virtually debt free in a matter of weeks. In a Chapter 13 bankruptcy protection filing, the debtor may keep his or her property and debts are negotiated with the creditors. The debtor then agrees to a payment plan which must be strictly adhered to. At the end of 3 to 5 years the debts are discharged. You should seek the counsel of a Long Island bankruptcy attorney to determine which of the bankruptcy protection codes would apply in your case.
Bankruptcy Allows You To Start Over
If you are concerned about which process is best for you and have questions about Chapter 7 bankruptcy protection versus Chapter 13 bankruptcy protection, what to expect in the process or about
life after bankruptcy, you should arrange for a confidential consultation today. Your Long Island bankruptcy attorney at LoScalzo & Associates will review your circumstances and give you the legal guidance you need to make the right decision. Call our offices today at 631.564.2754 to learn more or
contact us online to schedule your consultation.
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