Need Help with Chapter 13 Bankruptcy in Poughkeepsie?

We have the best Experts in Bankruptcy Law in Poughkeepsie.  Let the Top Lawyers at Bankruptcy Poughkeepsie help you File Chapter 13.

What is Chapter 13 Bankruptcy?

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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While a bankruptcy will remain on your credit report for up to 10 years (not 7, and not 8, not even 9, but 10 years, according to the federal Fair Credit Reporting Act), that doesn't mean your credit is shot for 10 years.

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41 Raymond Ave, Poughkeepsie, NY
Poughkeepsie, New York 12603

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