Kristin R. White, PLLC

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Bankruptcy

Sometimes people encounter financial trouble.  This can result from many situations, including job loss, a sudden illness, an accident or divorce.  They are no longer able to manage their debt or pay the bills.  Bankruptcy is one of several tools you can utilize to get rid of crushing debt.  It is often seen as a “last resort” measure.

Bankruptcy can give you a fresh start and allow you to keep some of your assets.  We can assist individuals file for bankruptcy relief under Chapter 7 or Chapter 13.

Chapter 7 Bankruptcy

This is a liquidation plan.

  • Trustee sells or liquidates non-exempt assets to pay off creditors
  • Your debts are discharged in exchange

Advantages

  • Relief from financial stress
  • Usually get to keep your home, car, and retirement accounts

Disadvantages

  • Give up non-exempt property, such as a vacation home
  • Recorded on credit report for 10 years

Chapter 13 Bankruptcy

This is a repayment plan.

  • Used when you don’t qualify for Ch. 7
  • Also used when there is property you don’t want to give up
  • Plan is developed to pay off all or at least a portion of your debts over a 3 to 5 year period

Advantages

  • Keep your property
  • Allowed to catch up on arrears on mortgage and avoid foreclosure
  • Catch up on car payments if you have fallen behind
  • Strip off unsecured second mortgages

Disadvantages

  • Long-term commitment to repay debts over 3 to 5 years
  • Need to have sufficient income throughout course of plan
  • Devote all disposable income to plan
  • Recorded on credit report for 7 years

 

 

We are a debt relief agency.  We help people file for bankruptcy relief under the Bankruptcy Code.

PRACTICE AREAS

Bankruptcy

Guardianships

Power of Attorney & Health Care Proxy

Probate & Administration

Wills

Contact Details

295 Madison Avenue, 12th Fl
New York, New York 10017
Telephone: (646) 328-2522

Categories

  • Dying Without a Will
  • Wills

Practice Areas

Bankruptcy

Guardianships

Power of Attorney & Health Care Proxy

Probate & Administration

Wills

Recent Blog Posts

  • Wills Are Not Only for the Rich

Contact

295 Madison Avenue, 12th Fl

New York, NY 10017

(646) 328-2522

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