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March 2019 Archives

Buying time with Chapter 13 bankruptcy

It is not only those who have little in the first place who can experience financial difficulties and struggle to pay off debt. At Macco & Stern, we have seen people in dire straits despite earning a substantial income on a regular basis. Your financial problems may have resulted from circumstances beyond your control, such as an economic downturn. Chapter 13 bankruptcy is for those who have the ability to earn enough to pay off their debts but need extra time to do so. 

Filing Chapter 11 as an individual

In most cases, individuals filing for bankruptcy in New York have the choice of filing either Chapter 7 or Chapter 13. At Macco & Stern, we know that both Chapter 13 and Chapter 7 have strict eligibility requirements. As an individual with a high net worth, you may have accumulated too much debt, in the form of car loans and mortgages, to qualify for either. If that is the case, you may have the option of filing under Chapter 11. 

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