• Home
  • Bankruptcy Lawyer Rich Feinsilver
  • File For Chapter 7
  • File For Chapter 13
    • Modifying Second Mortgage Liens
  • Debt Consolidation Options
  • Student Loans
  • Blog
  • Contact Rich

Long Island Bankruptcy Lawyer - Chapter 7 Bankruptcy - Chapter 13 Bankruptcy

Filing Chapter 7 Bankruptcy and Chapter 13 Bankruptcy from a Long Island Bankruptcy Lawyer

Bankruptcy Lawyer New Cassel NY

Do You Have Financial Trouble? We Can Help! Contact Rich Feinsilver Today

[wprevpro_usetemplate tid=”1″]

Should You File for Chapter 13 Bankruptcy?

For over 25 years, Richard S. Feinsilver, Esq, a reputable bankruptcy lawyer, has been helping clients throughout Long Island’s Nassau and Suffolk Counties, as well as Queens, take control of their finances and improve their monetary situations. If you’re considering filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy, you can count on the guidance of Mr. Feinsilver. His extensive experience and commitment to excellence, coupled with personalized attention to detail, are what set him apart from any other bankruptcy attorney in the area. With the representation of Richard S. Feinsilver, Esq, you can have confidence knowing that your finances will be directed back on the right track.

After searching “bankruptcy attorney near me” countless times and doing extensive research, you’ve found someone whom you would like to work with. When filing bankruptcy, one of the first things you and your attorney will discuss is which plan you should choose: Chapter 7 or Chapter 13. Many people opt for the former, as it fully wipes out any qualifying debts; however, for some, the latter may be a better option.

Could Chapter 13 bankruptcy be the right choice for you? Read on to learn more about this bankruptcy plan to determine if it’s the right choice for you.

Chapter 13 Bankruptcy Explained

Chapter 13 bankruptcy, also referred to as the wage earner’s plan, allows consumers to repay their debts. Together with your attorney, you will devise a plan to pay creditors all or some of the money that you owe them. These payments will be made in installments over a period of 3 to 5 years. Once your proposal is accepted, you will automatically be granted a stay, which legally prevents creditors from contacting you in an attempt to collect.

Benefits of Chapter 13

There are a number of reasons why consumers can benefit from Chapter 13 over the total liquidation of Chapter 7. Some of the advantages include:

  • You can retain your property. Perhaps the most notable benefit of the wage earner’s plan is that it can help debtors avoid foreclosure. Typically, lenders require borrowers to pay delinquent mortgage payments in-full; if they don’t, foreclosure proceedings will commence. If you are struggling financially and have amassed several late payments, paying the full amount probably isn’t possible. Through Chapter 13, you can establish a plan to repay your past-due payments, thus, you will be able to avoid foreclosure. You will be required to make the agreed upon monthly payments over the life of your wage earner’s plan, which will bring your payments current The same scenario can be applied toward car loans. This option is not possible under the Chapter 7 plan, as it does not permit consumers to make up delinquent payments.
  • Flexibility for unsecured debt. Under this plan, repayments for any unsecured debts are more flexible. For example, if you have any outstanding balances on your credit cards, they may be reduced under Chapter 13, and once the plan is complete, any balances that remain may be forgiven.
  • Manageability.The Chapter 13 plan is similar to a debt consolidation loan in that all of your debts are managed by a trustee. You will make a single payment, which will encompass all of the money you owe, to the trustee, who will then distribute the money accordingly. Many people find that it’s easier to manage a single payment than it is to juggle multiple payments.
  • Protection from creditors. As soon as your Chapter 13 plan is accepted, you will be granted an automatic stay. This stay prevents creditors from contacting you over the period of your bankruptcy plan. Furthermore, you will not have to contact creditors to make payments, as your trustee will handle them for you.

Eligibility Requirements

Only individuals may file for the Chapter 13 plan; businesses cannot. In order for consumers to apply for this bankruptcy plan, they must meet specific eligibility requirements. You will be eligible for this plan if:

  • You are employed, your income is stable, and it’s enough to cover the monthly payment that has been proposed over the duration of the plan.
  • Your income tax filings are current.
  • Your debts are within the limitations

You will need to submit official paperwork to verify that you meet these eligibility requirements. If you do, then you will be considered eligible and as long as the proposed plan is accepted, you can proceed with your repaying your debts.

In Chapter 13 the Right Option for You?

If you are interested in filing for bankruptcy but aren’t sure if Chapter 13 is the better option for you, contact Richard S. Feinstein, Esq. With more than two decades of experience, he will help you weigh your options and make the best decision for your financial future. To schedule a consultation, call 516.873.6330 today!

  • Learn more about New Cassel, NY 11590
  • Open a New Cassel, NY map
  • Find the New Cassel, NY United States Post Office
  • Locate nearby New Cassel, NY pharmacies
  • View the current New Cassel, NY weather report
  • Browse a list of New Cassel, NY public and private schools
  • New Cassel, NY is located in Nassau county in New York State

Tips For Hiring a Bankruptcy Lawyer

A good bankruptcy lawyer will understand your financial situation and provide you with the best advice. He or she will review your financial records and will handle your interactions with the trustee and creditors. Additionally, your attorney will be … Read more...

Four Common Financial Mistakes

When we talk about personal finance it’s usually more about what you should be doing now, but too often the mistake has already been made. Many people regret what they didn't know when they were younger. As a society, we are seeing the impact the … Read more...

It Pays To Be Familiar With Your Credit Report

It pays to be familiar with your credit report. The information it contains determines your credit score, your ability to access credit and loans, and even your chances of landing a job or signing a lease. It's a good idea to check your credit report … Read more...

Our Office Locations

Nassau County

One Old Country Road
Suite 347
Carle Place, New York 11514
Appointment Only
855-334-6529 (local)

Click for Map
Eastern Suffolk County

80 Orville Drive
Suite 100
Bohemia NY 11716
Appointment Only
855-334-6529 (local)

Click for Map

We are a debt relief agency serving individuals and businesses located in New York’s Queens, Nassau and Suffolk Counties on Long Island including the towns of Hempstead, North Hempstead, Oyster Bay, Huntington, Islip, Babylon, Smithtown, Brookhaven, Riverhead and the North Fork (Montauk) and South Fork (Hamptons) of Long Island. We assist people and businesses to file for relief under the bankruptcy codes. For a full list of the areas Richard Feinsilver and his associates serve, please check this areas served page.

This is an advertisement for legal services provided by an attorney serving the residents and businesses of the counties of Queens, Nassau and Suffolk (Long Island) in the state of New York.

Copyright © 2025 · Genesis Framework · WordPress · Log in