Chapter 13 Bankruptcy Attorney

Awareness of Chapter 13 rules is vital for anyone considering this type of bankruptcy protection as it requires repaying most of their debts, particularly certain priority claims including child support. A fundamental bankruptcy case invariably does not need a lawyer, though it is highly suggested while trying to save the property by filing bankruptcy under Chapter 13. Rules have since changed during 2005, but are virtually accessible to any resolute consumer.

Financial distress happens due to many reasons such as medical bills for uninsured illnesses, job loss, and physical disabilities among other reasons. In most cases in Plainview, these are out of the debtors' control. Under the provisions of Chapter 13 it is implied that one has a steady and sufficient income to repay the debts after taking care of one's basic living expenses. One may have to completely clear up one's debts through Chapter 7 bankruptcy if there is lack of enough stable income to satisfy the court's requirements.


Most repayment plans must be completed within three to five years, as per latest provisions of Chapter 13. Without judicial consent, one cannot get any new credit under Chapter 13 rules during the pendency of court-approved bankruptcy repayment plan.

Unlike total bankruptcy, rules of Chapter 13 allow consumers to include debts incurred like credit card/cash advances prior to filing the paperwork for debt relief. Under its proviso, a bankruptcy petition stays on consumer's credit report for seven years which is three years less than that in Chapter 7 cases. If one has unsecured debts like credit cards and personal loans for $300,000 or more, rules of Chapter 13 will not be beneficial and one has to pursue alternative bankruptcy petition.

Since there are a number of bankruptcy chapters, wage earner bankruptcy is merely a different way of referring to a Chapter 13 bankruptcy, otherwise known as reorganization bankruptcy and refers to a type of bankruptcy as explained in Chapter 13 of the United States Bankruptcy Code applicable in New York, New Jersey, Nassau County and Suffolk County.

Since a wage earner bankruptcy is a financial relief program to help debtors to revert on their feet, its most vital aspect is building a repayment plan to pay back the creditors over time. The support to repayment plan is provided by Debtor's income or wages, which clarifies the term wage earner bankruptcy wherein the debtor himself/ herself proposes a repayment plan based on his/her income to the court along with the rest of his/her wage earner bankruptcy.

The wage earner bankruptcy rules also include restructuring the debtor's assets, a list of exempted assets besides any relevant information about money owed to the creditor. If the debtor is married, all appropriate information about the spouse's financial status will be required forming part of the Chapter 13 bankruptcy petitions. The court will review the bankruptcy petition and appoint a trustee to manage the entire different processes involved in the wage earner bankruptcy.

In any form of bankruptcy, the trustee is, in fact, a court-appointed representative of the creditors. The role of the trustee in a rule under Chapter 13 is to ensure that the entire information in the Chapter 13 bankruptcy petition is correct and complete, and to supervise the reimbursement to the creditors by first reorganizing the debtor's assets and then the repayment plan. If one is in deep debt but having a monthly income, one is best advised to seek the legal advice of a Chapter 13 bankruptcy lawyer. He/she will be able to appraise one's financial and legal standings and advise whether one is eligible for wage earner bankruptcy or if another form of debt relief is appropriate.

Few words about Bankruptcy Attorney Scott-Schneider

The Legal Offices of Scott R. Schneider is a complete-service law firm to deal with bankruptcy besides real estate disputes. The firm provides premier legal assistance in discharging their credit card debt and affording them with a fresh lease of life and besides saving their homes from facing foreclosure. Many people are hesitant to call or seek help for their financial problems arising out of inability to pay their debts or unexpected foreclosure of their homes to save from embarrassment among relatives, friends and ultimately feel guilty or think they can somehow get the same resolved on their own.

The Legal Offices of Scott R. Schneider assists people in resolving their debt and create a plan for reverting to normal life. Attorney Schneider can assist with finding a suitable solution for resolving any matter pertaining to debtor-creditor relations particularly under Chapter 13 reorganization apart from others. For further information, visit somekeyword

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