New York residents who need assistance with debt can find a resolution through bankruptcy. Depending on the chapter they choose, they could acquire benefits such as an automatic stay to prevent foreclosure. If you wish to file a claim, you should contact a Bankruptcy Attorney in Nassau County NY now.
Filing Chapter 13 in Nassau County
Step 1: Eligibility Fulfillment
Determine whether or not your income is higher than the county’s median. In Nassau County, you are only eligible for chapter 13 if you have an income greater than $72,030 if you are unmarried and $81,246 if you are. With chapter 13, you are not required to own a significant amount of property or assets for liquidation. You will follow a repayment plan created by your attorney. This plan requires you to utilize all your disposable income to pay your debts.
Step 2: Gathering Information
Gather information about your debts, including account number, creditor name, and current balance. You should acquire a contract for any loans that you are paying currently. This includes mortgages and auto loans. You need income tax returns for two years and proof of income to establish your annual income. You should also acquire information about any stocks or savings accounts you own as your attorney must evaluate their current balances.
Step 3: Scheduling a Hearing
Schedule a hearing with the court in which your creditors may attend. This hearing allows your creditors to determine whether or not they wish for their debt to be included in your claim. During this meeting, the judge identifies any debts that are discharged in your case. This indicates that you are no longer responsible for paying these debts. After the conclusion of this hearing, you will begin making payments based on the starting date identified by the judge.
Chapter 13 provides an automatic stay for all debts that are included in the claim. If you were facing foreclosure, this action prevents your lender from seizing your home and allows you to catch up any late payments. If you wish to hire a Bankruptcy Attorney in Nassau County NY you should Contact Jeff H. Morgenstern today.
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