Don’t be Afraid of Chapter 13 Bankruptcy Court in New York City
People facing serious financial hardship in New York City can often be saved through Chapter 13 bankruptcy, but many that would easily qualify will delay filing because they are afraid of going to court. While there is a of mandatory appearance for any bankruptcy filer, the required appearances are very straight forward and usually last only a few minutes. Many people unfamiliar with bankruptcy envision a crowded courtroom and may believe the bankruptcy process will expose or embarrass them. The truth is that millions of Americans file bankruptcy every year. The stress that comes from not making your ends meet is much worse than a couple of brief appearances at the bankruptcy court. With a qualified Chapter 13 bankruptcy attorney at your side you will have nothing to fear and will be on your way to a fresh start after your confirmation hearing.
After filing bankruptcy you will meet first with the bankruptcy trustee assigned to your case. Known as the “341 Meeting”, or “Meeting of Creditors” this first appearance will be attended by you, your attorney, and the bankruptcy trustee. Your creditors are also made aware of the meeting, and will be invited to attend, but only very rarely appear at this meeting. The meeting is usually conducted entirely by the trustee in an office or meeting room, not a court room. You will be sworn in and will submit all your required financial paperwork. The trustee will review your bankruptcy petition and ask about your debts, assets, expenses and basic financial state. If you have the right bankruptcy attorney in New York City that is usually about all there is to it.
Once the 341 Meeting of Creditors is completed and any unlikely objections from the trustee or your creditors have been worked through your repayment plan will need to be “confirmed” by the bankruptcy court before becoming official. About 30 to 90 days after the 341 Meeting you will attend a confirmation hearing with a bankruptcy judge, and the trustee. You will review your Chapter 13 repayment plan with the court as well as the payments you have made since filing. The judge will formally approve your petition and you will continue with your monthly payments to the bankruptcy trustee.
After the confirmation hearing you will likely never hear from your creditors again, and will have the full power of the law behind you to keep them off your back. Your secured property like your house and your car will be saved through Chapter 13 bankruptcy as will your retirement accounts, valuable possessions, your car and more. Your unsecured debt like credit cards, medical bills and personal loans will be entirely eliminated, or paid off at only pennies on the dollar. Chapter 13 can also help with student loans, alimony, tax issues and in New York City is the only sure way to save a rent stabilized lease Update: Rent Stabilization Update. Once your plan payments are completed you will already be well on your way to a fresh start and fully restored credit, and way ahead of those who avoided Chapter 13 for silly reasons. Chapter 13 can be a complex process, but with a qualified bankruptcy attorney your brief court appearances will be easy and straight forward.
Chapter 13 and bankruptcy in general is not for everyone in debt, but the benefits for those who qualify can be life changing. If you think you need bankruptcy protection speak to a qualified bankruptcy attorney. A free consultation can go a long way towards understanding all of your relief options. Don’t let the fear of a couple of brief meetings keep you from the financial fresh start you deserve. Most clients are pleasantly surprised to hear how fast a Chapter 13 bankruptcy can help. If you live in New York City contact the Law Offices of William Waldner online or at 212.244.2882 to arrange a free consultation today. We only practice bankruptcy law and maintain a 99% Chapter 7 bankruptcy discharge record in New York City as of 5/11/2015.
**** DISCLAIMER: This article is intended for educational purposes only. By reading no attorney-client relationship has been created. Prior results do not guarantee a similar result for future clients. Attorney Advertising. We are a debt relief agency, we help people file for Bankrutpcy.