Get A Free Consultation With A Chapter 13 Bankruptcy Lawyer
Finding yourself in financial distress can be extremely trying for you and your family, especially as economic conditions worsen. At Michael A. Fakhoury, Esq., P.C., I have seen virtually every situation which brings someone to consider filing for bankruptcy.
Whether you have recently had an increase in debt due to a loss of job or medical issues, I can help you explore the possibility of filing for debt relief under Chapter 13 bankruptcy. I have nearly 20 years of experience in the field of bankruptcy law and am the former president of the Hudson Valley Bankruptcy Bar Association. My debt relief agency helps people file for relief under the bankruptcy code.
Contact 845-875-4442 for a free consultation to inquire about Chapter 13 and your debt situation.
Determining If Chapter 13 Is Right For You
The people who qualify for Chapter 13 bankruptcy are those who have some income or an ability to make payments towards a portion of their debt. If you have non-exempt assets that you would lose in Chapter 7, Chapter 13 may be the right answer for you. Additionally, filing for bankruptcy can immediately halt any type of collection attempts if you are currently at risk of losing your car or home.
Filing for Chapter 13 can immediately stop:
- Creditor harassment
- Vehicle repossession
- Wage garnishment
- Home foreclosure
Can IRS Debt Be Discharged In Chapter 13?
When filing for Chapter 13, your debts will be arranged into two categories: priority and nonpriority. Priority tax obligations cannot be outrightly discharged in your Chapter 13 bankruptcy filing. Instead, they must be repaid across your three- or five-year repayment plan. Tax debt or other tax obligations owed to the IRS are typically priority and therefore cannot be discharges, but there are exceptions.
IRS debt can be considered nonpriority if:
- Your tax return was due three years before your Chapter 13 filing.
- You filed your tax return two years before your Chapter 13 filing.
- You are not found expressly liable for your tax debt by the IRS at least 240 days before your Chapter 13 filing.
Under these special exceptions, you could potentially have the majority of your IRS debt discharged in Chapter 13, while only repaying the remaining priority tax debt. As your Fishkill and Dutchess county Chapter 13 attorneys, we can help you sort through and understand your debts owed to the IRS, so you know just how much is capable of reduction and discharge.
Meet With A Trusted Local Debt Relief Agency
Trying to avoid debt collectors can be both stressful and prove impossible, especially as you find yourself deeper in debt. If you are facing foreclosure, repossession, or wage garnishment, it is imperative that you do not waste any more time before seeking representation. I can help you determine if filing for Chapter 13 bankruptcy is right for you. If you decide to move forward, I can guide you through the complex steps involved in the process.
Hear It From Our Satisfied Clients!
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Would you like to learn what my firm can do to help? Call a Fishkill bankruptcy attorney now at 845-875-4442.