Long Island, NY Chapter 13 Bankruptcy Attorney
Helping You Regain Control Over Your Financial Future
Many people mistakenly believe they can only file bankruptcy as a last resort. Alternatively, they may fear bankruptcy would strip them of the vehicle, home, or valuable personal possessions they need. As such, many debtors miss the opportunity to experience the substantial advantages of bankruptcy.
At Robert H. Solomon, PC, we are committed to helping Long Island residents explore every debt relief option at their disposal. With the proper guidance, Chapter 13 can be a powerful solution to crippling debt, and we want to help you take full advantage of this opportunity. Whether you’re experiencing financial adversity due to misfortune, human error, or the volatility of today’s economy, we are ready to support you with the empathy and respect you deserve.
The Chapter 13 Process
While Chapter 7 liquidates assets and discharges debt, Chapter 13 restructures debt into a reasonable 3-5-year repayment plan. The court will require you to use all your disposable income in this period to repay your creditors. Once this process is complete, the court will most likely discharge any outstanding debt.
What Are the Advantages of Chapter 13?
Chapter 13 bankruptcy offers several advantages, including the opportunities to:
- Save your home from foreclosure
- Extend the maturity of secured debts
- Lower payments
- Protect co-signors
- Consolidate debt into a single payment, distributed by the trustee
Like all types of bankruptcy, Chapter 13 triggers an automatic stay, which freezes all collection actions from creditors—including calls, foreclosure proceedings, garnishments, and lawsuits.
How to Qualify for Chapter 13
To qualify for Chapter 13, you must meet the following requirements:
- Your unsecured debt is less than $336,900
- Your secured debt is less than $1,010,650
- You are not a corporation or partnership
- You have completed an approved credit counseling course
- You have not recently had a bankruptcy petition dismissed
Many people who file do so because they could not qualify for Chapter 7. But for many debtors, Chapter 13 is truly the most effective solution for their situation because they have the income needed to make regular payments and they have more assets than they could keep in Chapter 7.
Why Choose Robert H. Solomon, PC?
To take full advantage of Chapter 13, you will need a guide who has years of experience in bankruptcy law and a genuine passion for helping people overcome financial adversity. Our attorney has been practicing bankruptcy law for decades, and he has gained the skills and resources needed to help you navigate this complex process.
Many people make the mistake of filing bankruptcy on their own, believing they will save money if they don’t pay a lawyer. However, a successful bankruptcy requires years of practice, meticulous attention to detail, and a thorough understanding of all relevant laws. When your financial future is on the line, you deserve dedicated and knowledgeable support.