New York City Debt Reorganization Lawyers
If you are in the midst of serious financial difficulties, filing for bankruptcy may be the right choice for you. Bankruptcy offers debtors stronger legal protections than any other form of debt relief. If you own a home or other assets that could be liquidated in bankruptcy, you may want to protect these assets. Chapter 13 bankruptcy is way for homeowners and others to work out payment arrangements on favorable terms.
Law Offices of David J. Hernandez & Associates is located in Brooklyn and represents clients across the Bronx, Brooklyn, Queens, Manhattan, Staten Island and the surrounding areas of New York and New Jersey in bankruptcy proceedings. We are dedicated to providing our clients with strategic, thoughtful advice and strong advocacy. To learn more about whether Chapter 13 bankruptcy is right for your situation, contact our office today.
How Does Chapter 13 Bankruptcy Work?
Unlike Chapter 7 bankruptcy, which wipes your unsecured debts clean, Chapter 13 bankruptcy allows you to pay your creditors a portion of your income over a three- to five-year period. Your secured debts, such as debts on a home or automobile, must be paid in full. At the end of your payment plan, your secured debts should be paid in full, while the remainder of your unsecured debts, such as credit card bills and medical expenses, will be discharged. Once you file for bankruptcy, the automatic stay will commence. This protects you from lawsuits, liens, garnishments, foreclosures and other attempts to collect on your debts.
There are other advantages in a Chapter 13 bankruptcy. For instance, if the value of your home is less than the value of your first mortgage, you may be able to discharge the value of any second or other mortgages. This process is known as lien stripping, and is a valuable tool for people in financial difficulties. Whether you decide to file Chapter 13 bankruptcy, or if you decide that Chapter 7 bankruptcy is your best option, our law firm will be with you every step of the way.
Contact the New York City Bankruptcy Lawyers at Law Offices of David J. Hernandez & Associates • (718) 522-0009
Don’t let debt problems bother you any longer. Contact our office today by calling (718) 522-0009 to schedule your initial consultation. Hablamos español.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.