Whether you file Chapter 7 or Chapter 11 is largely based on how much income you earn. Learn some key differences between the two bankruptcies in New York.
Category Archives: Bankruptcy
What Can You Keep? Income and Assets Exempt From Garnishment in New York
Wage garnishment takes place when the government or a court order notifies your employer that a portion of your paycheck will be removed to pay a debt. This could be from credit card debt, student loan debt, medical bills, bank loans or unpaid taxes. It can be a difficult process to go through, especially when […]
Chapter 13 Bankruptcy Process
There is certain information you will need to gather before filing for Chapter 13 bankruptcy.
Chapter 13 Bankruptcy
The other common type of bankruptcy is Chapter 13 bankruptcy. This is also called “wage earner” bankruptcy, because you must have a regular source of income in order to file for Chapter 13 bankruptcy.
Chapter 13 Repayment Plan
Your repayment plan will describe how you plan to pay each type of debt. Arrears on your secured debts, like car loans and mortgages must be repaid 100% through the plan.