Helping Clients Find Relief From Overwhelming Debt
Considering current economic conditions, it is not surprising that many people are finding themselves in serious financial trouble. If you were laid off, you know how hard it is to find a new job. If you were injured and cannot work, you know how quickly medical bills mount. Events like these, which cause significant gaps in income, can lead to an unmanageable amount of debt.
At the law offices of Michael A. Fakhoury, Esq., P.C., we help people in the Hudson Valley find debt relief through the bankruptcy process. We have over a decade of bankruptcy experience, including hundreds of Chapter 13 cases. Our founding attorney, Michael Fakhoury, also worked in the bankruptcy court before starting the firm.
To arrange a free initial consultation with an experienced Dutchess County Chapter 13 bankruptcy lawyer, call 845-896-5200 or contact our law offices online. Se habla español.
What Happens in Chapter 13 Bankruptcy?
If you have some ability to pay back at least a portion of your debts, Chapter 13 may be the right solution for you. It is also the best choice for those who do not qualify for Chapter 7 bankruptcy. In Chapter 13, all of your debts, both secured (like your mortgage) and unsecured (like credit card debt) are all combined into a payment plan that lasts anywhere from three to five years.
You make monthly payments, which are applied first to secured debts, with only a small percentage going toward unsecured obligations in most cases. At the end of the payment period, you will be current on your secured obligations and your remaining unsecured debt is eliminated.
Mortgage Loss Mitigation
During the Chapter 13 process, it may be possible to change the terms of your mortgage in order to avoid foreclosure later. The bankruptcy court may allow you to obtain a loss mitigation order, which is similar to a regular mortgage modification, only specific to Chapter 13 cases. These are complex issues, but Michael Fakhoury was one of the pioneers in this area of New York law. He can give you the appropriate guidance.
Other Benefits of Filing for Chapter 13 Bankruptcy
Many other important benefits go along with filing for Chapter 13. A few of these are:
- Stopping creditor harassment
- Stopping wage garnishment and vehicle repossession
- Stopping home foreclosure
- Eliminating second mortgages, in some cases
Contact a Poughkeepsie Debt Relief Lawyer for a Free Consultation
You do not have to keep running from debt collectors. We can help you confront the issue and resolve it. To learn what we can do for you, schedule your free initial consultation by calling 845-896-5200 or by contacting our law offices online.
We are a debt relief agency. We help people file for relief under the U.S. Bankruptcy Code.