Services for Chapter 13 of the Bankruptcy Code in new york
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How Does Chapter 13 of the Bankruptcy Code Work?
There is much confusion about Chapter 13 of the Bankruptcy Code. It can be difficult to distinguish the difference between Chapter 13 and other forms of bankruptcy protection. Chapter 13 is flexible, and it is typically more powerful than other types of debt relief. This is a plan for individuals with a regular income to make affordable payments to their creditors. Call The Michelson Law Office to find out if Chapter 13 protection is right for you.
Who Makes the Plan?
Chapter 13 is available to those who have unsecured debts that are less than $419,275 and secured debts less that are less than $1,257,850. To meet additional requirements for a successful Chapter 13 filing, there are three tests you will need to take. You must propose a payment plan according to the guidelines of a means test. Then you must complete a best interest of creditors test and a best efforts test. You can trust our team to help you make an effective plan and get through this paperwork with as little hassle as possible.
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