Yonkers Attorney for Bankruptcy
Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy
How should I know whether to file for Chapter 7 bankruptcy or
Chapter 13 bankruptcy in Yonkers? Before deciding which chapter of the U.S. Bankruptcy Code to follow, consult with a trustworthy
Yonkers bankruptcy attorney. Chapter 7 bankruptcy, the most common form of bankruptcy in the United States, is most commonly known as "liquidation" or "straight bankruptcy." In other words, Chapter 7 bankruptcy allows for a collector to seize all the debtor's eligible assets, and then have these assets liquidated to pay off creditors.
Chapter 13 bankruptcy, on the other hand, does not necessarily involve liquidation and can actually stop foreclosure on a debtor's home. Instead, Chapter 13 bankruptcy allows a debtor to pay off their debt during a three to five year period. After filing a petition in court for Chapter 13 bankruptcy, all creditors and debt collectors will stop all attempts to collect the debt in which you owe. Within the next 30 to 45 days after filing your petition in court for a Yonkers Chapter 13 bankruptcy, you will be expected to begin your first payment.
Alternative Solutions to Bankruptcy in Yonkers
Filing for bankruptcy in Yonkers, however is not necessarily the correct decision for every debtor. A means test must be completed to determine if the debtor can file for Chapter 7 or Chapter 13 bankruptcy. At Bronson Law Offices, P.C., you can be sure that a Yonkers bankruptcy lawyer will provide you with the essential information required to determine whether you should file for Chapter 7 bankruptcy, Chapter 13 bankruptcy, or find an alternative solution altogether. Potential alternatives that an experienced bankruptcy lawyer at our firm can speak with you about include but are not limited to: negotiating with creditors, debt consolidation,
loan modification, and putting a stop to
To find out if bankruptcy is right for you, contact a Yonkers bankruptcy attorney at our firm as soon as possible!
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