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How Do Debtors Prioritize Their Debts? – Bankruptcy Lawyer Brooklyn NY

Chapter 13, by contrast, does allow debtors to discharge these debts, giving debtors another advantage. If you are struggling financially, and you owe old tax debts, then talking to an experienced New York bankruptcy lawyer will help you assess your options, which can include bankruptcy or making an offer in compromise to the IRS.

Creditor / debtor rights attorneys deal with any form of credit or debt issues such as credit lending, the collection of debts, liens, and debt recovery during a bankruptcy proceeding. Creditor / debtor attorneys assist with lawsuits or other legal collection techniques for consumer or commercial debts, assist with the foreclosure of homes or commercial real estate, and assist with repossessions or levies.

Priority These types of debts are deemed important enough by the federal government to be moved to the top of the list for repayment. They are considered unsecured in terminology only as they must be paid regardless of a bankruptcy. This classification will consist of: Student loans. Alimony. Child support. Some tax obligations. Criminal fines.

Bankruptcy Attorneys in Brooklyn, NY. Hide Filters. Specialties. Bankruptcy. Real Estate. Estate Planning. Tax. Foreclosure. My Location. Search By Name. reset filters. information on this page is provided ‘as is’ and solely for informational purposes, not for any other purpose or advice.

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 · When debtors have too few funds to pay too many debts, they don’t try to distribute their money among all their debts. Rather, they prioritize some debts over others. The insight, courtesy of a blog post at the Federal Reserve Bank of New York’s Web site, can help debtors and New york bankruptcy lawyers determine which chapter is best to.

I am an experienced lawyer dedicated to protecting members of the Brooklyn and greater NYC community against home foreclosure and in seeking debt relief through Chapter 13 bankruptcy. If you are overcome by debt and facing foreclosure, contact The Law Offices of Glenn S. Kessler for an initial consultation.

For example, its linear/square footage replacement cost parameters are not changing; the definition of allowable concrete work is not changing; and condo units owned by holders of debt. Brooklyn.