More Information on Credit CounselingSunday, April 10th, 2016, 7:12 pm
Requirements for Chapter 13
An individual filing for Chapter 13 bankruptcy in Brooklyn will also need to develop a repayment plan that shows how the individual’s left over money after standard living expenses have been paid. The three requirements of the repayment plan are that it must be in good faith, at least three years of disposable income must be included in the plan, and unsecured debts should be paid the value of the nonexempt property, at minimum.
An automatic stay goes into effect immediately after bankruptcy paperwork is filed. This prevents any creditors from seizing property and stops any foreclosures.
The Bankruptcy Trustee is appointed by the bank to ensure creditors are repaid as much as possible. This person is given control of any debts and property not under your New York exemption.
341 Meeting of Creditors
The Meeting of Creditors typically happens about a month after the initial filing for bankruptcy. While the meeting is typically short, it gives creditors and the debtor and opportunity to discuss details of repayment.
Confirmation for Chapter 13 Payment Plan
The final step in filing for Chapter 13 bankruptcy is to get the payment plan approved by a judge. Once this is finalized, you can begin following through on the plan you created.
More questions on filing for bankruptcy? Contact Brooklyn bankruptcy attorney firm, Michael F. Kanzer & Associates, P.C. Our qualified and compassionate bankruptcy lawyers have helped hundreds of individuals discharge their debts by providing expert protection against Chapter 7, Chapter 11, Chapter 12, and Chapter 13 bankruptcy for more than a decade.
The reasons for declaring bankruptcy are endless, and despite the variety of causes and the economic realities of living in an expensive city like Brooklyn and elsewhere in New York, judgment of those who file persists. There are many people who are ashamed or embarrassed, but we know that medical care, unemployment and various other bills and circumstances can affect an individual or family’s finances to the point where bankruptcy is their best option.
We can help stop creditor calls, lawsuits, foreclosures, repossessions and more all by filing for the Bankruptcy that suits your needs. You have the option to start anew and regain control of your finances. Contact us today at 718-769-7200.