An Overview of Chapter 13 Bankruptcy | NY Debt Lawyer Ronald D. Weiss, P.C
How Does Chapter 13 Bankruptcy Work If you’re behind on all your bills, including your mortgage, and just need more time to catch up, asking a debt lawyer about Chapter 13 bankruptcy may be your best option. Reducing and Reorganizing Your Debt Unlike Chapter 7 bankruptcy , which wipes out your debt (as well as your assets), Chapter 13 reduces and reorganizes your debt over a certain timeframe (usually over 5 years). This way, you get to keep your house, car, and other assets, while paying your debt down over time. Some mortgage modification plans include Chapter 13. There are many steps to declaring Chapter 13 bankruptcy in New York , as well as an epic amount of paperwork. Some steps in the process include: Creating a Debt Repayment Plan Dealing with the Bankruptcy Court Attend Debtor Education Class Credit Counselling This is mandatory for anyone declaring Chapter 13 bankruptcy. You will need to meet with a credit couns...