Legal Question in Bankruptcy in New York

$60,000 in debt

I am $60,000 in credit card debt. I am currently enrolled in a debt consolidation program that reduces the interest rates, however, I just got a pay cut and can't afford to pay the $1600 a month required. What alternatives do I have?


Asked on 11/15/03, 10:10 am

1 Answer from Attorneys
Andrew Nitzberg Andrew Nitzberg & Associates

Re: $60,000 in debt

1600 is a lot of money! There a re options in Bankruptcy that can help you. CH7 will discharge all of the debts. On the other hand, CH11 can help by managing the monthly payments.

In CH11, the debtor (you) submit with your attorney a 'plan' to pay back your crditors. The plan can be very favorable to you. As long as it makes a 'dent' in the debt every year, the court will approve the plan.

Then, as long as you follow the plan, you are protected against your creditors.

You are welcome to a consultation for no fee at my offices at 42 west 44th St. Please call for an appointment first, (646) 591-5786

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Answered on 11/17/03, 3:55 pm


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