Schenectady Chapter 13 Bankruptcy Lawyers
Helping Our Clients Get Debt Relief
Many people are slowly repaying back debt. For some people, that debt becomes too much to bear, and they need to restructure it to make it easier to handle. Chapter 13 bankruptcy gives debtors a period of 3 to 5 years to pay back all or part of their debts with one affordable monthly payment.
DeLorenzo, Grasso & Dalmata can help our clients restructure their debt through Chapter 13 bankruptcy. It is our goal to assist our clients in getting a fresh start during a stressful financial situation. Our law firm can help you get your payments reduced to a more affordable amount each month. Many people have preconceived notions about bankruptcy. However, it was created to help people struggling financially, and those people should feel no shame in making use of it.
Who Qualifies for Chapter 13?
Chapter 13 bankruptcy is reserved for people who have an income but cannot comfortably pay for both their necessities and debts each month. This form of bankruptcy is also known as wage earners bankruptcy. The main goals are to pay off certain debts and get caught up on bigger debts, such as home loans.
For someone to qualify for Chapter 13 bankruptcy, they:
- Must be employed and receive income
- Must have no more than $419,275 in unsecured debts and $1,257,850 in secured debts
- Must be up to date on filing their taxes
- Must not have filed for Chapter 13 bankruptcy within the past 2 years
- Must not have filed for Chapter 7 bankruptcy within the past 4 years
- Must not have had a bankruptcy application denied in the previous 180 days
The Benefits of Chapter 13 Bankruptcy
For many people, the most important benefit of Chapter 13 bankruptcy is lowering the amount of stress and anxiety they feel related to their finances. A person can become greatly stressed due to uncontrolled debt, and that stress can impact many aspects of their life. Filing for Chapter 13 bankruptcy allows them to get back in control of their finances and feel empowered to pay off their debts.
Specifically, the benefits of Chapter 13 bankruptcy include:
- Getting up to date on mortgage payments and preventing foreclosure
- Getting up to date on vehicle loan payments and preventing repossession
- Ending harassment from creditors through the mail, the phone, and online
- Getting up to date on alimony and child support payments, avoiding potential legal consequences
- Prevent property and assets from being seized or sold to pay for debts
- Possibly paying less than owed on certain debts to resolve them
Does Chapter 13 Bankruptcy Cost Money?
There are some fees associated with Chapter 13 bankruptcy. However, the fees are minimal, and the benefits outweigh the costs greatly. Anyone looking to file Chapter 13 bankruptcy must pay $310 to the bankruptcy court, and this fee remains the same for people filing individually or as a couple.
Anyone filing for Chapter 13 in New York must also attend two courses related to bankruptcy. The first, a credit counseling course, must be completed prior to filing. The course is offered by many agencies, and the price can range from $5 to $50. The second course, Debtor Education, must be completed after filing. This course is often offered by the same agencies who offer the first one, and usually costs about $10.
Contact DeLorenzo, Grasso & Dalmata to Get Started
The experienced and compassionate legal team at DeLorenzo, Grasso & Dalmata is ready to help you get started with your Chapter 13 bankruptcy case. We can answer all of your questions and help you decide if bankruptcy is right for you. Our law firm can make the process simple and smooth.
Contact us at (518) 299-0314 or online for a free consultation.