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Chapter 13 Bankruptcy in Albany

Each month you only pay part of what you owe.  Some months you just skip paying altogether.  The mortgage has fallen behind, but you are working as hard as you can.  What happens when crushing debt just cannot be avoided?

Filing bankruptcy in Albany can be confusing and frightening.  Personal bankruptcy is not the best solution for everyone.  At O'Connor, O'Connor, Bresee & First, PC we provide answers and skilled representation to people with a personal or business debt load that can no longer be managed.

Under Title 11 of the United State Code, there are two chapters that describe the bankruptcy processes most commonly used by individuals to restore a positive financial outlook.  Chapter 7 allows for the liquidation of assets and quick elimination of debt, while Chapter 13 provides time for reorganization and continued payment of debt.

What is Chapter 13 bankruptcy in Albany?

A chapter 13 bankruptcy filing is an effective tool for people with a regular income seeking to retain their property and continue to pay on what they owe.  Features of a Chapter 13 include:

  • Reorganization:  Referred to as a wage earner plan, filing a personal bankruptcy under Chapter 13 in Albany allows you to restructure your debt.  Whereas Chapter 7 eliminates debt through liquidation, Chapter 13 helps you repay all or a portion of what you owe.  There is a fee for filing a Chapter 13 bankruptcy and an automatic stay of legal actions, collection efforts or wage garnishments, is granted upon filing.
  • Help on the way:  Just as with a business bankruptcy, retaining an experienced attorney to prepare your repayment plan is a good idea.  Once filed, your attorney works with officers of the court to represent your case as needed over the three- to five-year lifespan of your reorganization plan.
  • The plan:  Give careful consideration to your proposed repayment plan.  Your plan and attached schedules will show how your net income can provide a viable personal budget along with a realistic plan for paying down your debt
  • Other players:  Upon filing, a Chapter 13 trustee is appointed to assist your attorney with your repayment plan and work with you, the court, and creditors to get your plan approved.  Upon confirmation by the court, monthly payments are made directly to the Chapter 13 trustee for the duration of your repayment period.

We can help with an Albany Chapter 13 bankruptcy

With unsurpassed credentials and experience with Chapter 13 in Albany, O'Connor, O'Connor, Bresee & First, PC can help you get started today on a new financial future. Contact us or call toll free 518-465-0400 or 877-886-4029 for a free, informative consultation.