What Consumers Need to Know about Chapter 13 Bankruptcy
Navigating the complexities of bankruptcy can be overwhelming, especially when it comes to Chapter 13 bankruptcy. If you’re considering Chapter 13 as a way to regain control of your financial situation, it’s essential to understand the ins and outs of this process. The best way to do so is to retain an experienced bankruptcy lawyer as soon as you can.
If you are considering bankruptcy, the attorneys of O’Connell & Aronowitz are here to help. Contact us at 518.462.5601 or send us an email to schedule a consultation.
What is Chapter 13?
Chapter 13 bankruptcy, often referred to as reorganization bankruptcy, is a form of bankruptcy that allows individuals and married couples with regular income to create a blueprint for repaying their debts over a specific period. This chapter is an attractive option for those who wish to retain their property while reorganizing their finances. For some people, it is an alternative to Chapter 7 bankruptcy, which can potentially involve the liquidation of your non-exempt assets to pay off creditors.
Whether it’s preventing foreclosure on your home or keeping your car, Chapter 13 often provides a viable solution. A court-supervised payment plan is developed based on your income and living expenses, allowing you to pay off your debts over three to five years. This structured repayment plan provides stability and a manageable path toward financial recovery.
Can You Keep Your Property in Chapter 13 Bankruptcy?
One of the most important advantages of Chapter 13 bankruptcy is that it allows you to keep your property while repaying your debts. Whether it’s your family home, car, or other valuable assets, the court recognizes the importance of preserving your essential possessions while managing your debts.
It is crucial to note that while you can retain your financed or mortgaged property, you must continue to make monthly mortgage or other payments, either directly or part of your repayment plan. By doing so, you can maintain ownership and meet your financial obligations simultaneously.
Why Do You Need a Bankruptcy Lawyer?
When considering Chapter 13 bankruptcy, it is essential to have a skilled bankruptcy lawyer by your side. An attorney knowledgeable in bankruptcy law can guide you through the intricate process, ensuring you make informed decisions that align with your financial goals.
A bankruptcy lawyer from O’Connell & Aronowitz can explain your rights, options, and obligations under Chapter 13. We will prepare and navigate your case, negotiate with creditors, and advocate for your best interests. Our experience and knowledge ensure that you take full advantage of the benefits Chapter 13 offers while avoiding potential pitfalls.
Our Albany Bankruptcy Lawyers Can Provide the Guidance You Need
Navigating the intricacies of Chapter 13 bankruptcy can be intimidating, but you don’t have to face it alone. O’Connell & Aronowitz’s team of experienced Albany bankruptcy lawyers can provide the guidance you need to make informed decisions.
Contact us at 518.462.5601 or contact us online to schedule a consultation. We have over 95 years of legal service to the Capital District community, and we’re here to help you find a path toward financial stability and retain your valuable property. Don’t let the burden of debt weigh you down. Reach out to us today and take the first step towards a brighter financial future.
