Chapter 13 Bankruptcy in Dumbo, NY

Chapter 13 bankruptcy provides a powerful solution for homeowners facing foreclosure by creating court-approved repayment plans that allow you to catch up on mortgage arrears while keeping your home. The Michelson Law Offices helps families navigate this reorganization process, developing sustainable three-to-five-year payment plans that address all secured and unsecured debts.

Unlike Chapter 7 liquidation, Chapter 13 allows you to retain valuable assets while restructuring your financial obligations into manageable monthly payments. This option is particularly valuable for families with steady income who need time to address temporary financial setbacks.

The automatic stay immediately stops foreclosure proceedings, wage garnishments, and collection activities, providing breathing room to implement your court-approved reorganization plan.

Chapter 13 reorganization consolidates all your debts into a single monthly payment distributed to creditors according to a court-approved plan. Priority debts like taxes and child support receive full payment, while unsecured creditors may receive partial payment based on your disposable income calculation.

The process includes powerful provisions like lien stripping for underwater second mortgages and cramdown options for vehicle loans exceeding the car's current value. These tools can significantly reduce your overall debt burden while maintaining essential asset protection.

Call us today for Chapter 13 bankruptcy services in Dumbo, NY to explore how a repayment plan can solve your current financial challenges.

Chapter 13 provides unique advantages for debtors with regular income who need structured debt relief while preserving important assets.

• Foreclosure prevention through mortgage arrearage cure provisions over the plan term
• Wage garnishment elimination and protection from creditor collection activities
• Debt consolidation into manageable payments based on your actual ability to pay
• Asset retention including your home, vehicles, and other valuable property
• Credit rehabilitation through successful plan completion and discharge of remaining balances

National Chapter 13 completion rates average 60%, emphasizing the importance of realistic plan development and ongoing legal support. Contact us today for Chapter 13 bankruptcy services in Dumbo, NY and start building a sustainable path to financial recovery.