Jeffrey M. Rosenblum, P.C.
A Fresh Start

How can I keep the things I need during bankruptcy?

Your only form of transportation. Your grandmother's jewelry. The house you and your family grew up in. These are some of the assets that people with extreme debt may fret about losing to foreclosure, repossession or bankruptcy. But there is an option that allows people to keep the things they care about and still pay down debts to satisfy creditors.

How does personal bankruptcy work?

There are two main types of personal bankruptcy, Chapter 7 and Chapter 13. Chapter 7 is often called liquidation, because a trustee takes over a debtor's remaining assets and often sells them off to raise money to pay off whatever debts are possible. Chapter 13, however, creates a payment plan by which a person can work oneself out of debt without sacrificing all of the remaining assets.

When is Chapter 13 possible?

Chapter 13 bankruptcy payment plans are often called wage-earner's plans because they are better for people who have the income that makes it possible to stay on track. So, this option is best for reliably employed workers and others who can reasonably expect income during the length of their payment plan.

How long do people stay in Chapter 13 bankruptcy?

That depends on their ability to pay, although it is important to not be overeager with payments and end up not being able to make those commitments. Most payment plans last between three and five years from the date of an approved bankruptcy filing.

Can I get help with filing for bankruptcy?

Absolutely yes. An attorney can represent your interests and complete a filing on your behalf. This may be highly recommended for people facing the process for the first time.

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