Macco Law Group, LLP

Eliminate Your Debt - Free Consultation


Eliminate Your Debt - Free Consultation


Chapter 13 Bankruptcy In Suffolk County

A serious economic downturn affects almost everyone, and today many people who earn regular, substantial income are in dire straits. Some individuals in Suffolk and Nassau Counties may opt to file for Chapter 13 bankruptcy in order to correct their debt problems. Chapter 13 “wage earner” bankruptcy requires a payment plan to satisfy certain priority and secured debts and also some portion or all of your unsecured debts.

Chapter 13 provides many of the same key benefits as a Chapter 7, including stopping creditor harassment and garnishments. If you are wondering whether consumer bankruptcy can help save your home, other assets, and assist in your financial recovery, the experienced attorneys at Macco Law Group, LLP, can help you determine if this is the right option for you.

Preserving Specific Assets — Buying Time to Pay Tax Debt or Family Support

Our lawyers will take the time to answer your questions about Chapter 13, and explain what happens throughout the process. We can discuss the impact that filing will have on your financial situation, and what this means for you long-term. Chapter 13 may be an option if you:

  • Obtain years to catch up on mortgage arrears without having to deal with the delay and frustration of attempting to negotiate a modification with the bank
  • Want to save “nonexempt” assets such as bank accounts, vehicles valued over $4000, investment property, or jewelry that would be sold by the trustee in a Chapter 7 proceeding
  • Require time to pay “priority debts” that cannot be discharged, such as back child support, tax debt, or student loans
  • Need financial relief but fail to qualify for a Chapter 7

Under certain circumstances, filing Chapter 13 bankruptcy can be the best avenue to stop, prevent, or delay foreclosure on your home. A Chapter 13 may result in the reinstatement of your current mortgage, with a payback period of up to five years as an alternative to foreclosure.

Our lawyers can help you explore the best exit strategies if your home or investment properties are overburdened with debt. We may be able to help get those debts discharged. Possible restructuring or surrender of unwanted assets wisely may be the key to getting that fresh start you need.

Is Chapter 13 Right For You? Call Us Today For More Information

Waiting too long can limit your options, and tapping into retirement accounts or other exempt assets, or borrowing from family and friends, may be the wrong approach to resolve burdensome debt. Call our office today at 631-479-2869 or send us an email to arrange a time to meet with a member of our team.

We are a debt relief agency. We help people obtain relief under the Bankruptcy Code.