Individuals in Goshen, New York can file for bankruptcy under two separate chapters of the federal Bankruptcy Code. Chapter 7 bankruptcies are often described as a liquidation bankruptcy because, through a trustee, your assets are liquated to repay creditors. Conversely, Chapter 13 bankruptcy focuses on repayment through a structured, long-term plan. Choosing between these different paths to financial recovery is a fact-intensive process.
At Simon Haysom, we take the time to evaluate all aspects of your financial situation in a complimentary, initial consultation. Our legal team requires this in-person meeting as the best means to hear your story, understand your financial goals, and recommend a suitable strategy for a successful future.
While other law firms try to provide bankruptcy advice through emails or phone calls, our focus at Simon Haysom in Goshen is on building a better attorney-client relationship, and deciding with certainty that Chapter 13 bankruptcy is the best option for you.
Can You File Chapter 13 Bankruptcy?
Chapter 13 bankruptcy isn’t appropriate for everyone in Goshen, New York. It’s an extensive bankruptcy process that requires three to five years and a robust repayment plan before your debt is discharged. However, in many instances, Chapter 13 has advantages over Chapter 7 bankruptcy, and for certain eligible clients of Simon Haysom, this is the best course of action.
To file Chapter 13 bankruptcy under the federal Bankruptcy Code, an individual, and a business in the rare instances an entity files under Chapter 13, must show to the bankruptcy court that he or she has enough income to meet repayment obligations. For most people, this requires more than proof of a paycheck
For Chapter 13 bankruptcy in New York, your income must exceed the required repayment amount, allowed expenses, and regular payments on secured debts, such as car payments. Your income might also be more than your wages or salary. It can include disability payments, Social Security benefits, unemployment benefits, rent, child support, and similar types of income.
Should I File Chapter 13 Bankruptcy?
At Simon Haysom, we carefully consider the option of Chapter 13 bankruptcy. While the process requires a repayment plan, lasting up to five years, it’s often the best choice for clients behind on mortgage payments or those that want to keep valuable or important assets. Questions of foreclosure or repossession are particularly important.
To make the determination if Chapter 13 is right for you, we look at the full scope of your debt, assets, income, and future obligations. Oftentimes, our Goshen bankruptcy attorneys will also evaluate your lifestyle and individual priorities.
Throughout this process, our team considers if other options, such as Chapter 7 bankruptcy or alternatives to bankruptcy are preferable. We typically recommend Chapter 13 bankruptcy when the amount of debt is manageable compared to income and a client expresses the desire and ability to complete the court-ordered repayment plan.
A recommendation that Chapter 13 bankruptcy is appropriate for a client doesn’t end our counsel and representation. The team at Simon Haysom is skilled in assisting clients to navigate the detailed parameters and requirements of repayment.
Why Hire a Local Lawyer?
Chapter 13 bankruptcy is a multi-year, invasive bankruptcy process. At Simon Haysom, our view is clients shouldn’t tackle that process alone. With knowledgeable bankruptcy advisors on your team, it’s much easier to address complications with a repayment plan or overcome unexpected expenses.
Yet, meeting with a lawyer hours away or sending questions through email becomes expensive or laborious. A local lawyer is far more accessible, and the relationship you form through in-person and reliable communication is stronger. Time and again, the bankruptcy attorneys at Simon Haysom have seen clients in Goshen succeed in Chapter 13 bankruptcy because as local lawyers, we stayed in close communication and provided client-specific, long-term advice.
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