Hudson Valley Chapter 13 Bankruptcy for Asset Protection
One of the main assets that people want to protect is their home. There are other assets that may be just as important on an emotional level, if not a financial level. Perhaps you want to save your second home in the Catskills. Or a sailboat on the Chesapeake. Or your art collection.
If you are seeking to protect assets, including a second home, cash, securities or other assets, a Chapter 13 bankruptcy will enable you to keep those assets as long as you stay current with the Chapter 13 payment plan. My name is Roger Glenn, and I am a one the co-founders to the New York law firm Glenn & Glenn, L.L.P. I can help you determine whether bankruptcy is a good option for you, and if so, the proper chapter.
For a free initial consultation, please call 845-256-8396 locally or toll-free at 877-862-7197, or send an e-mail to Glenn & Glenn, L.L.P.
Repayment Plan for Wage Earners
One of the common names for Chapter 13 bankruptcy is the wage earner bankruptcy. If you fail the means test, and your income is sufficient, a Chapter 13 bankruptcy will allow you to keep your assets while continuing to pay down your debts. In summary, the process looks like this:
- Complete the questionnaire provided by Glenn & Glenn, L.L.P.
- If you fail the means test, file a petition for Chapter 13 bankruptcy.
- Attend a mandatory meeting of creditors (called a 341 meeting).
- You make payments to a trustee for 3-5 years. The trustee will pay your creditors.
At the end of the time period, any remaining debts are forgiven if you are current with the bankruptcy payment plan. If you are a sole proprietor or small business owner, I can help protect business assets through a Chapter 13 bankruptcy. Non-exempt assets that can be protected using a Chapter 13 bankruptcy include:
- Accounts receivable
- Disability income
- Life insurance
- Medical savings account
- Pre-paid college programs and 529 college plans
- Retirement accounts
- Second homes
- Unemployment benefits
- Wages
The Right Lawyer for a Difficult Time
Experienced New Paltz asset protection lawyers Roger and Susan Glenn are available to discuss your case and advise you on how to move forward to solve your legal issues and find debt relief. For a free initial consultation with an attorney, please call 845-256-8396 locally or toll-free at 877-862-7197, or send an e-mail to Glenn & Glenn, L.L.P.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
