Chapter 13 Bankruptcy
Similar to Chapter 11 bankruptcy, Chapter 13 allows individuals to maintain property while paying debts off over time.
In a Chapter 13 Bankruptcy suit a debtor is allowed to pay off their debt over time. In order to do this, their wages are take into account and a repayment plan is agreed upon to pay the debt within 3-5 years. Although this type of bankruptcy is similar to Chapter 7, the most obvious difference is the advantage of allowing the debtor to maintain their property rather than liquidating it.
These cases also require a trustee of the court to oversee the proceedings. During these proceedings, the debtor must provide documentation regarding the following among others:
- schedules of assets and liabilities
- a schedule of current income and expenditures
- a schedule of executory contracts and unexpired leases
- a statement of financial affairs
If you feel that you are in need of a Chapter 13 Bankruptcy filing, or are already involved in one and need assistance from experienced attorneys in White Plains, New York please contact our team at the HSSS Law Firm.