If you are in over your head with debt, and can’t pay your bills, filing for Chapter 13 Bankruptcy may be the solution to your problems. Although filing for bankruptcy is a scary thought at first, this tool is created to work with you and your debt instead of creating more.
Chapter 13 Bankruptcy makes way so that you and your family’s debts are adjusted according to your income. You can keep your property and have a three to five year window of time to pay back a portion of your debt without any interest or fees.
“What good is it if I’m still paying back my debt after five years?!” Chapter 13 bankruptcy allows you to pay what you can afford. You have the chance to meet with an experienced attorney who will sit down and map out what is possible to pay back with your income. It won’t be such that you’re expected to pay $2,000 dollars a month for example, and only get paid $1,500 monthly.
Secondly, your property is protected. Since you are making a working effort to pay back your debts, in most cases you won’t have to give up your car and your home won’t go into foreclosure.
Last but not least, after your three to five year time frame is up, debts you do not pay in full are discharged and forgiven. If you are considering filing for bankruptcy, hiring an experienced bankruptcy attorney is your best option. Pick someone who is knowledgeable, will let you know of your risks and who will walk you through the process with as much ease as possible. Contact Elaine Fridlin at Fridlin & Associates, P.C. to set up a free consultation today.
Fridlin & Associates, P.C.
1517 Voorhies Ave, Suite 4
Brooklyn, NY 11235