Reorganizing Debt With Chapter 13 Bankruptcy
If you are overwhelmed with debt, but earn a steady paycheck, Chapter 13 bankruptcy may be right for you. At the Law Office of Kenneth Gallant, I have over 40 years of experience guiding New York families through bankruptcy. My goal is help each client successfully discover a fresh financial start.
Call the Law Office of Kenneth Gallant at 585-232-7560 to discuss Chapter 13 bankruptcy with an experienced lawyer. For your convenience, I have three offices throughout Rochester and the surrounding area.
Understanding The Basics Of Chapter 13
Chapter 13 bankruptcy is often referred to as the “wage earner plan.” It allows individuals with a steady income to reorganize and pay off their debts with a three- to five-year repayment plan. “Income” can include wages from a job, Social Security benefits, child support or any other regular source of income. Chapter 13’s repayment plan allows individuals to repay creditors at a manageable pace and ultimately discharge their debt. If you do not have a regular source of income, Chapter 7 may be a better option.
The Benefits Of Chapter 13 Bankruptcy
Filing for Chapter 13 bankruptcy offers many benefits, including:
- Preventing creditor harassment
- Avoiding foreclosure
- Halting car repossession
- Reorganizing debt into manageable payments
- Halting interest accumulation and finance charges
Additionally, it is possible to reduce your debt through Chapter 13 bankruptcy. The court will determine how much of the total debt you are required to pay during the repayment period. Many clients pay as little as 20 percent of their total debts, but each person’s plan depends on their particular circumstances.
As a bankruptcy attorney, I facilitate all of the legal details involved with filing and attend any necessary court appearances with my clients. If circumstances such as job loss disrupt their ability to adhere to the repayment plan, I help clients modify the terms of their arrangement.
Call Today To Manage Your Debt
If you require debt relief, call 585-232-7560 to discuss the possibility of Chapter 13 bankruptcy. You may also contact me online. I offer free initial consultations and reasonable rates. I will meet with you personally in one of my three conveniently located law offices.
My firm is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.