Bankruptcy
How To Navigate Bankruptcy in New York State
Are you drowning in debt and desperately looking for a way out? Have you considered bankruptcy as a solution to credit card
bills that keep stacking up? Bankruptcy can serve as a fresh start for those facing significant financial stress. But what is
bankruptcy? And how does Chapter 7 bankruptcy differ from Chapter 13 bankruptcy?
These are some of the many questions you should know the answers to before you file for bankruptcy. From the types of
bankruptcy in the United States to the bankruptcy process and more, legal advice from the law office of Murphy Schisano & Rosado can guide you.
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Look no further than the law office of Murphy Schisano & Rosado. As your trusted partner in the world of bankruptcy, our firm can help you navigate the complexities of bankruptcy law. From learning how to file a case and seeking debt relief to obtaining legal advice and understanding which of the two types of bankruptcy is best for your situation, Murphy Schisano & Rosado can assist you with every step of the bankruptcy process.
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Chapter 7 Bankruptcy vs Chapter 13 Bankruptcy
Before you file for bankruptcy, it’s important to understand the two types of bankruptcy in the United States. Chapter 7 and Chapter 13 are separate chapters of the U.S. Bankruptcy Code. What sets them apart is the type of debt, the individual’s eligibility, and any assets or property involved among a few other factors.
Let’s take a closer look at these discrepancies.
- Chapter 7 Bankruptcy
- Available to individuals and businesses
- Non-exempt assets may be sold to repay creditors
- Faster process — results in a quicker fresh start
- Not everyone is eligible — a means test applies
- Chapter 13 Bankruptcy
- Also known as "reorganization bankruptcy"
- Set up an affordable 3- to 5-year repayment plan
- Requires proof of regular, consistent income
- Keep your property — no asset liquidation required
If you aren’t sure which type of bankruptcy you should pursue, don’t hesitate to contact a law firm that specializes in debt relief. Bankruptcy
attorneys can file legal documents on your behalf and be by your side every step of the way.
Advantages of Chapter 13 Plans Over Debt Relief Companies
- Debt relief company fees are usually much more than Chapter 13, and their monthly payment is higher.
- Debt relief companies will not stop the harassing telephone calls.
- When sued by creditors, debt relief companies will usually not provide representation.
- If a debt relief company settles a matter, you can be taxed on any amount saved - while in Chapter 13, any discharged debt is tax free.
Schedule a consultation today to protect your interests and move forward with confidence.
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