Count on the Top Bankruptcy Attorney in White Plains NY
Bankruptcy is a way out for people whose debts have become unsustainable. The debtor can pay, and then enjoy a fresh start. However, in the United States, there are different alternatives for those who file for bankruptcy. The most common are known as chapters 7 and 13.
If you are thinking of going to bankruptcy in White Plains, you may wonder which one to choose? The wisest thing to do is to have a top-of-the-line White Plains bankruptcy attorney to advise you on the best course of action for your case. Nevertheless, you must know the differences between the two options so that you can discuss with your top bankruptcy attorney in White Plains NY which one to choose.
What is the difference between Chapter 7 and 13?
This chapter is commonly known as the settlement Chapter. However, the reality is that in most cases, no property is liquidated. This chapter is ideal for those individuals or families with a lot of unpaid debt, such as credit cards and loans.
One advantage of this chapter is that after filing bankruptcy with this alternative, a relief order is initiated. This protects you from having any of your assets taken away. It also prevents your creditors from trying to collect from you in any way, including lawsuits and wage garnishments. The period of these processes is short, ranging from 3 to 6 months. You can consult with a prime White Plains bankruptcy attorney such as William W. Waldner for further assistance.
The court will appoint a trustee who will determine if you owe any property to pay the debts. Your primary home, car, and household items will usually remain with you. The trustee will select assets such as a second home, a high-value home, or other secondary property. After you pay off most of the debt at the end of the process, the court will eliminate the remaining amount giving you a new beginning.
This chapter is known as individual reorganization. This process takes between 3 and 5 years. In this alternative, the debtor can reorganize his payments, and establish a plan to pay the full amount. In developing the plan, it is advisable to have the expertise of a leading White Plains Bankruptcy law firm, such as the Law Office of William W. Waldner.
For the evaluation of this chapter, three types of debts will be considered. The primary obligations are those from which the debtor cannot be discharged, such as tax debts. Besides, there are secured debts, which are those in which the creditor gave you something in exchange for the loan (a house, a car). Finally, there are unsecured debts, including credit cards and payments for services rendered, such as medical expenses.
In the repayment plan, you should plan for all payments to include an amount for both principal and secured debts. Then, depending on how much money is left over, you will pay off the unsecured ones.
Do You Need Assistance?
If you are in financial trouble and want help deciding which path to take and how to successfully complete the bankruptcy process, you are in the right place. William W. Waldner is the best among the greatest White Plains NY bankruptcy lawyers, and he is here to help you. Contact him by phone, email, or online. He will be happy to help you.