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Chapter 13 Bankruptcy In Central New York And The North Country

If you are struggling with monthly credit card payments, mortgage arrears, or tax debt that you can’t seem to get ahead of, filing for Chapter 13 bankruptcy can help you make progress toward a stronger financial future. Often referred to as “reorganization bankruptcy,” Chapter 13 allows you to establish a repayment plan to gradually pay off a percent of your debt while protecting you from foreclosure, eviction, repossessions, wage garnishment, and lawsuits. Grady BK, PLLC strives to provide exceptional legal guidance to individuals struggling with debt. Together, we’ll determine the most strategic path forward aimed at giving you the second chance you deserve.

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Chapter 13 bankruptcy is like a helping hand when you feel buried in debt. People often call it “reorganization bankruptcy” because it lets you re-plan how you pay your bills, like credit card balances, overdue house payments, or owed taxes. Instead of clearing everything instantly, Chapter 13 sets up a payment plan over 3 to 5 years. This can be a lifesaver, especially if you’re worried about losing your home or car.

For small business owners, Chapter 13 offers a beacon of hope. When debts pile up, it’s easy to feel like closing shop is the only way out. But with Chapter 13, you can restructure those debts, allowing the business to continue operating. It provides breathing space, letting you focus on growth while addressing financial challenges. It’s a way to regain stability without the fear of shutting down.

If the weight of your debts has you considering Chapter 13, know that Grady BK, PLLC is here for you. Navigating bankruptcy can be tricky, but we’re dedicated to simplifying the journey. We’re here to guide, support, and ensure you’re on the right path to financial stability.

Chapter 13 Bankruptcy in Central New York

Central New York has its own set of rules when it comes to Chapter 13 bankruptcy. While national guidelines are crucial, understanding our area’s specific requirements is equally important.

In Central New York, the process of filing for Chapter 13 involves working with our local courts and trustees. It can feel a bit complicated, but that’s where we come in. We’re more than just a Chapter 13 bankruptcy attorney; we truly understand our local ways. Our team is here to make things simpler for you, guiding you with care and knowledge specific to our community.

In Central New York, there are specific rules about what you can keep safe when you file for bankruptcy Chapter 13. It’s our job at Grady BK, PLLC to help you understand and use these rules to protect what’s yours.

Once you’ve filed, our community has a wealth of resources to help you bounce back. Whether it’s credit guidance or financial learning programs, we’re here to connect you, ensuring you’re well-equipped for a brighter financial path after Chapter 13.

At Grady BK, PLLC, you’re not just getting legal advice; you’re gaining a partner familiar with the ins and outs of Chapter 13 bankruptcy in Central New York. Trust us for clear and personalized guidance, designed with our community in mind.

Steps To File Bankruptcy Chapter 13:

  1. Consultation: Begin with a friendly chat with Grady BK, PLLC. If you’re thinking about filing for Chapter 13 bankruptcy, it’s important to make sure it’s the best fit for your situation and challenges.
  2. Credit Counseling: Before you can file bankruptcy Chapter 13, a credit counseling session is a must. Consider it a helpful step to gain a clearer picture of your financial health.
  3. Paperwork: We know handling the details of Chapter 13 bankruptcy paperwork can be overwhelming. But, you’re not alone. Together, we’ll assemble all the necessary information and accurately fill out the forms required to file bankruptcy Chapter 13.
  4. Filing: After making sure all is in order, your bankruptcy lawyer, Jessica Grady, will officially file for Chapter 13 bankruptcy on your behalf. This step provides relief from the majority of creditors knocking at your door.
  5. 341 Meeting: As part of the Chapter 13 bankruptcy process, you’ll attend a 341 meeting. Here, creditors and a trustee might have questions about your finances. Remember, it’s a standard step in filing for Chapter 13, and we’re here to prepare you for the types of questions you’ll be asked.
  6. Financial Management Course: Once you’ve initiated the filing process for Chapter 13, you’ll be introduced to a brief financial management course. It’s designed to equip you with the tools for a better financial tomorrow.
  7. Discharge: Once you’ve wrapped up the steps to file bankruptcy Chapter 13, a majority of your previous debts will be gone. You’re done! And you’re ready for a brighter financial journey. We’ll be there to answer any remaining questions, and of course, to wish you luck!

 

Get in Touch

Call Grady BK, PLLC today at (315) 299-9005. Talk to a caring and skilled bankruptcy lawyer about whether Chapter 13 bankruptcy is the right move for you. Take the first step towards a brighter financial future. Don’t wait; call us now.

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Questions? See our Bankruptcy FAQs

FAQs About Chapter 7 Bankruptcy in New York

FAQ’s about Chapter 13 Bankruptcy in New York

Should I file for Chapter 7 Bankruptcy?

Chapter 7 bankruptcy allows you to clear away most of your unsecured debt, like credit card balances, medical bills, personal loans you owe, and some types of tax-related debt. Once you file for Chapter 7 relief, you are shielded from lawsuits, aggressive collection actions, repossessions, wage garnishments, and constant phone calls from creditors. You can learn more about the potential benefits of Chapter 7 bankruptcy by contacting our office today.

What happens when you file a Chapter 7 Bankruptcy in New York?

As soon as you file for Chapter 7 bankruptcy relief in New York, an automatic stay will protect you against creditors.  This provides you with much-needed relief to refocus on getting your finances back on track. Next, you will attend a 341 meeting with a court appointed trustee to address your financial situation and fulfill any other obligations before the debt is discharged.

What is the "Means Test" for Chapter 7 Bankruptcy?

Those considering filing for Chapter 7 bankruptcy relief will need to show that their current household income falls below the median income for their family size in New York. You can use this so-called “Means Test” to calculate your average monthly income and your projected annual income, then compare this figure with other household incomes in New York to determine whether you qualify for Chapter 7 relief. To learn more about the Means Test or how to qualify for Chapter 7 bankruptcy relief, please contact Grady BK, PLLC, today to get started.

Do I need an attorney to file for Chapter 7 Bankruptcy?

No, you are not required to hire a lawyer in order to file for bankruptcy relief in New York. However, there are several benefits to working with a knowledgeable and experienced bankruptcy attorney. In addition to helping you navigate the filing process and avoiding common Chapter 7 bankruptcy filing errors, your caring and trusted attorney can answer your questions, address your concerns, and support you throughout every step of this daunting process.

What should I expect to happen when I file a Chapter 13 Bankruptcy?
When you file for Chapter 13 bankruptcy relief (commonly referred to as “reorganization” bankruptcy), you are basically agreeing to repay a percentage of your unsecured debt over a 3 to 5 year period. So, to file for Chapter 13 bankruptcy, you will need a regular source of income to apply towards that repayment plan.
 
Once that period of repayment is over, the remaining balance owed on your remaining dischargeable debt will be wiped out.
What are the benefits of a Chapter 13 Bankruptcy in New York?

One of the main benefits of filing a Chapter 13 bankruptcy is that it gives debtors time to pay back any arrears on secured loans (such as a mortgage, car, etc.), allowing them to keep secured assets within their possession. 

How is the Repayment Plan Calculated?
Part of the filing process for a  Chapter 13 bankruptcy in New York is establishing a monthly payment amount. How much the monthly payment will be is case-specific – the type of debt owed, how much debt is owed, your income, and other factors.
 
The bankruptcy court must approve your plan, after which it will go into effect.
Who Should Consider Filing a Chapter 13 Bankruptcy Plan?
Generally there are three circumstances in which filing for Chapter 13 bankruptcy may best serve your needs.
 
1. If you own a home and could lose it because of financial hardship.
2. If you’ve fallen behind on debt payments, and just need extra time to catch up.
3. If you have valuable property that is not exempt, but you can repay creditors from your income over time.
 
Remember, it’s always to your advantage to enlist the guidance of an experienced bankruptcy attorney to help you determine the most strategic path forward to a brighter financial future.

Have A Question?

The team at Grady BK, PLLC, is here to help answer any bankruptcy questions you may have.

Call (315) 299-9005 today to get started with a knowledgeable bankruptcy attorney.

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Grady BK, PLLC, a renowned bankruptcy lawyer, offers Chapter 7 and Chapter 13 bankruptcy attorney services to residents of Central New York and the North Country.

Legal Disclaimer: We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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