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 Chapter
13 Bankruptcy :
Chapter 13
Bankruptcy is created for those people who own assets which are over
the exemption limits for the successful filing of a Chapter 7 or
those who are in arrears on the mortgage. After you file for
Bankruptcy under this Chapter you will sign a repayment plan which
is to be confirmed by the Bankruptcy Court according to which you
will be paying some percentage of your debt back within a 3 or 5
year period, depending on your financial situation, income and
expenses.
To file this kind of Bankruptcy your income must exceed your
expenses, so you are able to support your plan.
If the only problem you have are the arrears on your mortgage, then
before filing for bankruptcy we can try and enter into forbearance
agreement for you, which will establish a repayment plan and allow
you to catch up with your payments. If this will not work or you
will not be able to afford a repayment plan offered by the
forbearance agreement, then we can always file Chapter 13 Bankruptcy
which will give you more time to repay your mortgage arrears.
Bukhari Sing
If you have a tax debt to IRS or NYS until the New Bankruptcy Law of
2005 is adopted you can still use some of its favorable provisions
called � Super discharge� provisions to discharge your tax debt.
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