We have the best Experts in Bankruptcy Law in Poughkeepsie. Let the Top Lawyers at Bankruptcy Poughkeepsie help you File Chapter 13.
Chapter 13 is a reorganization of your debt under the supervision of the US bankruptcy court. Usually, it will involve paying off 100% of your debts under payments determined by the trustee. In some cases, you may be able to pay less than 100%. Your attorney will take a list of ALL debts- good and bad have to be included- and will file this with the court. All creditors will be notified and if any have objections they have to respond within a certain time frame.
The biggest part of a Chapter 13 is having a steady income sufficient to pay you bills. It's also called a Wage Earners plan. The trustee can modify payment amounts for most debt, but NOT for a primary residence mortgage, so if you don't earn enough to pay the mortgage and a percentage of all other debt each month you won;t be approved by the trustee for a Chapter 13.
You need an attorney in order to make sure it's all filed correctly- the laws are complicated. Cost varies, but on average probably around $1800 to $3000 depending on how complicated your case is.
A Chapter 13 plan is usually written for a 5 year payoff, meaning you will be making the payments to the trustee for 5 years and he will pay the bills. You can, under some circumstances, have a shorter term or even pay the plan off early. If you file a 100% plan, usually things like tax refunds are yours to keep, if you file less than a 100% plan tax refunds and any other windfall income has to be sent to the trustee to reduce your plan debt.
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