Debt Reorganization: Chapter 13

A Chapter 13 bankruptcy is sometimes referred to as a debt reorganization or debt restructuring bankruptcy. Unlike a Chapter 7 bankruptcy, which reduces or eliminates dischargeable debts, a Chapter 13 reorganization allows people or businesses to pay back all or a portion of their debts in accordance with a debt repayment plan approved by a bankruptcy court.

Your bankruptcy attorney can file with the court a proposed debt repayment plan, usually a three- or five-year plan, which the court will review. If your repayment plan is approved, you will be able to pay off debts in a more gradual manner.

Although results will vary depending on the facts of a given case, a Chapter 13 bankruptcy may allow you to:

  • Prevent a home foreclosure
  • Stop creditor harassment
  • Stop a wage garnishment
  • Avoid an auto repossession
  • Obtain additional time to pay off debts
  • Save money on late penalties/interest rates

If your debt repayment plan is approved by the court, your creditors must abide by the terms of the bankruptcy court order.

To speak with an experienced bankruptcy lawyer at our firm about a Chapter 7 bankruptcy, Chapter 13 bankruptcy or bankruptcy alternatives, contact O'Connor, O'Connor, Bresee & First in Albany, New York.

We Help People And Businesses Throughout Upstate New York

If you are struggling with unmanageable debt, we can help. We provide experienced legal representation on behalf of individuals and businesses throughout Upstate New York. Michael J. O'Connor, an attorney at our firm, has helped thousands of clients with bankruptcy and debt relief services. Mr. O'Connor has more than 30 years of legal experience.

Contact Us

Our firm is located in Albany, New York. If you need to speak with a lawyer about your legal needs, we encourage you to schedule a free consultation with attorney Michael J. O'Connor. For assistance, call 518-465-0400 or contact us toll free at 877-886-4029.

We are a federally designated debt relief agency proudly helping people file debt reorganization plans and bankruptcy for over 30 years.