Although Chapter 13 might be the right move for some, it’s not always the best course of action. You can do plenty of your own research online about bankruptcy, but at the end of the day, it’s strongly recommended that you consult with a New York bankruptcy attorney so that you can be clear about the facts. Falling for myths and misconceptions can turn out to be harmful to you later, so it’s better to get a clear picture upfront and make an informed decision.

First of all, you will create a payment plan that relies on your after-bankruptcy income. This means that over the course of the plan period, your income is tied to this. It can be difficult to adjust financially to this burden. Since Chapter 13 filings are usually more complex, the legal fees are also higher. Your plan and your debt will last for three to five years. While this can be a good thing if you’re able to make payments according to the plan, it does not give you the instant freedom and fresh start that you might experience with Chapter 7, for example. This is one reason why people tend to struggle with Chapter 13 after the fact.

Chapter 13 might be right for you if you think you’ll have the income to stick to the repayment plan. If you cannot, however, you are facing a long and challenging road. The best way to determine the type of bankruptcy to file is to set up a meeting with an experienced New York bankruptcy attorney. A lawyer can tell you more about the pros and cons so that you can make the right decision about moving forward. Do not hesitate to get advice if you do not know how to file.

If you are considering filing a personal bankruptcy, then you should consult with a lawyer. Jayson Lutzky offers free in-person consultations at his Bronx, NY office. He offers convenient weekday and Saturday hours and has over 32 years of legal experience. Call 718-514-6619 to set up an appointment or visit to learn more about Mr. Lutzky.