Chapter 13 Bankruptcy
New York

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What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is a form of debt relief intended to help hard-working individuals who are behind on payments, such as their mortgage. Unlike chapter 7 bankruptcy, which dissolves unsecured debt, Chapter 13 bankruptcy reorganizes a person’s debt with a repayment plan, allowing them to repay some or all of their debt over a period of 3 to 5 years. Once the repayment plan is completed, the debtor will receive a discharge of debts and will be able to keep his or her property. Chapter 13 bankruptcy is ideal for individuals who have a regular source of income and have substantial equity in secured assets such as their home or vehicle. Chapter 13 bankruptcy may be ideal in several instances, such as preventing foreclosure on a home, helping make up for missed payments (on a mortgage, rent, or a car,) halting interest from accruing on tax debt and helping people repay back taxes.

Who Qualifies for Chapter 13 Bankruptcy in New York?

You may be eligible for Chapter 13 if you meet the following criteria:

  • You are an individual (or you and your spouse jointly) with a reliable, regular income.

  • Your unsecured debts and secured debts do not exceed the statutory limits.

  • You have completed credit-counseling from an approved organization within 180 days prior to filing.

  • You are willing and able to commit your “disposable income” (income remaining after allowed living expenses) to the repayment plan.

Despite the eligibility requirements, even many higher‐income filers favour Chapter 13 when protecting real estate or dealing with non-liquidable assets.

Should I File for Bankruptcy?

Chapter 13 bankruptcy may be an ideal form of debt relief if you have a regular income but are struggling to stay on top of your debts, such as mortgage payments. The best way to determine if chapter 13 is a viable option for you is to schedule a free consultation with William Waldner, a reputable NYC bankruptcy attorney who is vastly experienced in filing chapter 13 and chapter 7 bankruptcy.

During your free consultation with William Waldner, you can discuss if filing chapter 13 bankruptcy is the best strategy for debt relief.
  • Potential Benefits of Filing Chapter 13 Bankruptcy
  • Save your home from foreclosure
  • Stop repossessions of valuable assets
  • Keep all of your property
  • Stop interest from accruing on tax debt
  • Petition court for a loan mortgage modification
  • Strip off a second mortgage
  • Eliminate unsecured debt such as credit card debt or medical bills
  • Protect your co-signers from collection efforts
  • Lower your payments and amount of debt you owe

What the Chapter 13 Process Looks Like

Here’s a straightforward timeline of what to expect:

  1. Initial consultation: We review your income, debts, assets, and goals.

  2. Credit counselling session: Must be done before filing.

  3. File petition and proposed plan: Typically you file your bankruptcy petition and proposed repayment plan with the court. United States Courts

  4. Automatic stay goes into effect: Collections stop, including foreclosure or repossession efforts.

  5. Confirmation hearing: The court reviews your plan; creditors and trustee may object. United States Courts+1

  6. Make payments: You pay the trustee or directly to creditors as set by your plan — usually monthly. midtownbankruptcy.com+1

  7. Completion and discharge: Once you complete the plan, remaining eligible debts are discharged. United States Courts

  8. Credit rebuilding begins: You start rebuilding credit and financial stability post-case.

What is a Chapter 13 Repayment Plan?

When filing for Chapter 13 bankruptcy a debtor must submit a repayment plan to be approved by the court. Repayment plans are complicated and require the expertise of a qualified NYC bankruptcy lawyer to ensure your repayment plan is approved by the courts and that your plan provides you with the most advantageous repayment schedule possible.

Repayment plans propose scheduled payments, typically monthly payments, paid directly to a court trustee. The trustee then distributes the payment to your various creditors in accordance with your repayment plan’s directives. Depending on your income, the repayment plan spans 3 to 5 years. Once the repayment plan is completed, any remaining debt is discharged.

How much does bankruptcy cost in NYC?

How much your Chapter 13 Bankruptcy costs depends on several factors: filing fees, fees for court-mandated education courses, fees for acquiring the necessary information for filing (such as credit reports) and preparation/representation fees of a NYC Bankruptcy Lawyer.

Why You Should Hire an Experienced NYC Bankruptcy Attorney

Filing Chapter 13 is significantly more complex than Chapter 7—your entire repayment plan hinges on accurate paperwork, proper calculations, and strategic planning under New York and federal law. While some people consider filing on their own, the reality is that in NYC, having skilled legal guidance can make the difference between a confirmed repayment plan and a case that gets dismissed.

An experienced New York Chapter 13 attorney can help you:

  • Prepare and file all paperwork correctly, reducing the risk of objections, delays, or dismissal by the court or trustee.

  • Structure a repayment plan that works, ensuring your proposal meets all legal requirements and is realistic for your budget.

  • Protect your home and vehicle, using Chapter 13 to catch up on arrears and prevent foreclosure or repossession.

  • Apply New York exemptions effectively, so you keep as much of your property as possible.

  • Handle creditor issues, including stopping wage garnishments, collection lawsuits, and aggressive collection tactics.

  • Determine whether Chapter 13 is truly your best option, or whether Chapter 7 or another alternative may offer better results based on your goals.

  • Stay on track through the entire 3–5 year plan, ensuring deadlines, payments, and required courses are completed so you stay protected.

With our team by your side, you’ll get:

  • Clear, straightforward guidance in plain English (no confusing legal jargon).

  • Strategy tailored to New York’s rules and court expectations, so there are no surprises.

  • A dedicated attorney who remains with you from filing through final discharge, helping you stay compliant and confident throughout your repayment plan.

Why File Chapter 13 With Us

At our Midtown Manhattan law firm, we understand the stress of mounting debt, especially when you’re juggling mortgage arrears, car payments, garnishments, or nonstop collection pressure. Chapter 13 gives you a structured path to regain control, catch up on what you’ve fallen behind on, and protect the assets that matter most.

When you choose to file Chapter 13 with us, you receive:

  • Straightforward guidance every step of the way.

  • Customized legal strategy designed around New York laws and your financial reality.

  • A committed attorney who stays with you until your plan is completed and your discharge is granted.

We’re here to help you create a repayment plan that works, protect your property, and move toward a stable financial future with confidence.

An experienced New York Chapter 13 attorney can help you:

  • Prepare and file all paperwork correctly, reducing the risk of objections, delays, or dismissal by the court or trustee.

  • Structure a repayment plan that works, ensuring your proposal meets all legal requirements and is realistic for your budget.

  • Protect your home and vehicle, using Chapter 13 to catch up on arrears and prevent foreclosure or repossession.

  • Apply New York exemptions effectively, so you keep as much of your property as possible.

  • Handle creditor issues, including stopping wage garnishments, collection lawsuits, and aggressive collection tactics.

  • Determine whether Chapter 13 is truly your best option, or whether Chapter 7 or another alternative may offer better results based on your goals.

  • Stay on track through the entire 3–5 year plan, ensuring deadlines, payments, and required courses are completed so you stay protected.

With our team by your side, you’ll get:

  • Clear, straightforward guidance in plain English (no confusing legal jargon).

  • Strategy tailored to New York’s rules and court expectations, so there are no surprises.

  • A dedicated attorney who remains with you from filing through final discharge, helping you stay compliant and confident throughout your repayment plan.

Can I qualify for Chapter 13 Bankruptcy ?

In order to file chapter 13 bankruptcy in NYC an individual must meet specific qualifications laid out by the state of New York. Many individuals file for chapter 13 bankruptcy when they do not qualify for a chapter 7 filing. Disqualifications for chapter 7 bankruptcy include:

  • Assets exceed the exemption limit for chapter 7
    Household income is too high to qualify for chapter 7

There are also debt limits that determine an individual’s eligibility for filing for chapter 13. To qualify for chapter 13, the amount of debt of an individual, even if they are self-employed or operating an unincorporated business, cannot have:

  • Unsecured debts more than $419,275.
    Secured debts of more than $1,257,850.

If you are a married couple you can’t double these limits but on the advice of your attorney, you may be able to file two Chapter 13 cases to further protect your family.

Lastly, to qualify for chapter 13 bankruptcy your monthly earnings must exceed your monthly expenses or you will need a third party to help pay for your case. This ensures the court you are financially capable of making the monthly payments proposed in your repayment plan.

 

What You Need Before Filing Chapter 13

To make your free consultation as productive as possible, please be prepared to share or discuss the following information. Having these details helps us determine what your repayment plan could look like and how Chapter 13 can protect your assets:

  • A complete list of creditors, including names, addresses, account types, and approximate balances.

  • Your most recent tax returns, typically from the last one to two years (required for Chapter 13 compliance).

  • Proof of income, including pay stubs, bonuses, self-employment records, side-job income, and — if filing jointly — your spouse’s income.

  • A breakdown of your monthly household expenses, such as rent or mortgage, utilities, transportation costs, insurance, childcare, medical expenses, and other essentials.

  • A list of all assets, including your home, vehicles, bank accounts, retirement funds, investments, and any liens or judgments attached to property you own.

  • Any legal or collection documents, such as wage-garnishment notices, judgments, foreclosure or repossession letters, or active collection lawsuits.

Having this information allows us to evaluate your eligibility, estimate your repayment plan, and give you clear, personalized guidance on your best path forward under Chapter 13.

File For Chapter 7 Bankruptcy in New York

If you’re ready to take control of your debt and protect the assets that matter most, contact our office today for a no-obligation consultation. We’ll review your financial situation, outline how a Chapter 13 repayment plan would work for you, and help you understand the costs, timeline, and whether Chapter 13 is the right path for long-term stability.

Call or Text: (212) 244-2882, available 24/7. Let us guide you toward a structured, manageable path out of debt so you can rebuild confidently and focus on the future ahead.

 

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