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Unlock the Secrets of Chapter 13 Bankruptcy in New York: Essential Insights You Can’t Miss
Unlock the Secrets of Chapter 13 Bankruptcy in New York: Essential Insights You Can’t Miss Understanding Chapter 13 Bankruptcy Chapter 13 bankruptcy, often referred to as a “wage earner’s plan,” allows individuals with a regular income to create a plan to repay all or part of their debts. Unlike Chapter 7, which provides immediate relief by discharging debts, Chapter 13 reaffirms your financial commitments but restructures the repayment terms. Eligibility Requirements for Chapter 13 Bankruptcy Before diving into the specifics, it’s important to understand the eligibility criteria for Chapter 13 bankruptcy in New York. Your unsecured debts must be less than $419,275. Your secured debts must be less than $1,257,850. You must have filed taxes for the previous four years.