Chapter 13 Bankruptcy: What to Expect from a Case

what to expect from a bankruptcy caseYou’ve worked hard to be able to provide for your family, but sometimes life gets in the way and you find yourself struggling financially. While you don’t want to think about it, sometimes bankruptcy is the only way to get back on your feet. While contacting a bankruptcy law firm in Brooklyn can be scary, it helps knowing what to expect when you file. Allow Ursulova Law Offices to help guide you on what to expect when you file for Chapter 13 bankruptcy.

The Wage-Earners Plan

Chapter 13 is otherwise known as the wage-earner plan. Since you earn a regular paycheck, you’ll use your income to help pay down your debts. You will work with your creditors to work out an agreeable re-payment plan. So if you’re heading into this thinking you’ll lose your assets, under Chapter 13 bankruptcy, you keep your assets. Brighton Beach NY bankruptcy lawyers will give you more detailed information when you make your first appointment.

Eligibility for Chapter 13

If you’re considering Chapter 13 bankruptcy with Ursulova Law Offices, you’ll be advised on whether or not you’re eligible for Chapter 13. Eligibility includes, but is not limited to, having regular steady employment, meet the total threshold when it comes to the amount of your debt, and you must be able to provide your Brighton Beach NY bankruptcy lawyers with up-to-date tax returns. You will not qualify if you’ve had a bankruptcy discharged in court for failure to appear within 180 days of the time of your filing.

Works Like a Consolidation Loan

Your repayment plan will work somewhat like a consolidation loan, albeit short term. The repayment plan is based on a number of factors, such as the amount of your debt, the amount of income you receive and how much your expected cost-of-living expenses are. The bankruptcy law firm in Brooklyn you retain will work with you and all repayment plans must be approved by the bankruptcy court.

We here at Ursulova Law Firm are dedicated to helping you understand the bankruptcy process and will guide you along the way. Contact our office today to begin building your case.

Ursulova Law offices, P.C.

Contact Ursulova Law Offices, P.C. to find out how our NY Bankruptcy Attorneys can help you today. Our offices are located in New York, Brighton Beach, Brooklyn and Garden City.


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