Bankruptcy

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is usually referred to as “straight bankruptcy”. It is a liquidation proceeding where your allowable debts are all forgiven. This means you do not have to pay any creditor. The process is easy and usually requires only a five-minute appearance before a bankruptcy trustee who asks questions designed to find out whether you have any assets to repay your creditors. Chapter 7 is a liquidation proceeding and is the most common type of bankruptcy that is filed in the country today. Depending on your individual financial situation, this may be the type that is ideal for you.

Heriberto Cabrera, Esq. is a former ADA in New York County and has been practicing in the state and federal courts of New York for more than thirty-six years (36). Our law firm is here to evaluate your circumstances and help you make an informed decision about the right form of debt relief for you. Experience should always be the first test when hiring a lawyer. This is why so many clients have chosen the Law Offices of Heriberto Cabrera and Associates to represent them in their legal matters.

We do not just rely on words to show you we care. We have been serving New York residents for more than thirty-six (36) years and we want to help you in this time of extraordinary need. This is why we have considerably reduced our pricing… to show you WE REALLY DO CARE.

Chapter 13 Bankruptcy

A Chapter 13 bankruptcy petition is more suitable for the person who has assets, or equity in a home which needs to be protected from creditors. Chapter 13 bankruptcy, often requires the filer to pay off some of their outstanding debts. Under a Chapter 13 bankruptcy you combine all your unsecured debts and develop a payment plan based on the amount of your disposable income (the amount that remains after subtracting allowed bankruptcy expenses from your monthly gross income). In calculating your disposable income, the following expenses are subtracted from your monthly gross income: living expenses, such as house payment, car payment, phone bills and utility bills. The amount left-over, the disposable income, will be used to pay off your unsecured creditors over a 3 to 5-year period. Once the agreed payments have all been made, you will receive a discharge for your debts that were included in the bankruptcy, whether or not you were able to pay all the outstanding balances.

Filing a Chapter 13 bankruptcy requires substantial work. You are required to submit a detailed budget to the court and the trustee for approval. The Law Offices of Heriberto Cabrera & Assocs. will work with you and help you evaluate your financial situation and prepare your case for filing and court approval. When you file a Chapter 13 Bankruptcy petition, it will stop the government from adding more penalties and interest to any back taxes you may owe. Go with experience. GoNYLaw.com has the experience and know how to get the job done for you in your time of need. Bankruptcy laws are designed to give you a new start. We will help to reduce your anxiety by offering solutions that work.