Bankruptcy: Chapter 7, 11, & 13
Clients who come to Ortiz & Ortiz, L.L.P. receive high quality care from a seasoned New York bankruptcy lawyer. Norma E. Ortiz has more than 20 years of experience tracking and dealing with bankruptcy law in New York and New Jersey. Having previously worked for the U.S. Department of Justice, U.S. Trustee's Office, and a Manhattan bankruptcy judge, Norma E. Ortiz is capable of analyzing every aspect of your economic situation to determine your best financial course of action. Her involvement in bankruptcy law extends into the public arena: she is the chairperson of the Bankruptcy Law Committee for the New York Bar Association and she has taught continuing legal education (CLE) seminars to other attorneys and participates in workshops on bankruptcy to further hone her skills.
Ortiz & Ortiz, L.L.P. represents business and consumer clients who need help filing—
Many of our bankruptcy clients are Spanish and English-speaking individuals, families, and business owners. We provide comprehensive and highly personalized service tailored to your specific needs and goals. We limit our caseload to ensure you receive the attention you deserve at all times.
Chapter 7
Chapter 7 bankruptcy is the most common form of bankruptcy filed in the United States. It affords people the opportunity to eliminate some of their debts without having to enter into a repayment plan. Typically filed by individuals, families, and small businesses, applicants must meet certain income restrictions to qualify for this type of bankruptcy. Those who earn an income above the allowed level must either file for Chapter 11 or Chapter 13 bankruptcy. Filers receive an automatic stay (stop) to all lawsuits, judgment enforcements, and foreclosure proceedings once they file for Chapter 7 bankruptcy.
Chapter 7 bankruptcy allows our clients to clear their credit card debt and stop harassing collection phone calls. After a successful case, our clients enjoy the benefits of restarting their credit history with a clean slate. Everyone should remember that your credit history and score are only snapshots of your current ability to meet your financial obligations. After a Chapter 7 bankruptcy, all past due notices and collection efforts are cleared from credit reports.
Chapter 11
Unlike Chapter 7, Chapter 11 bankruptcy requires petitioners to enter into a repayment plan. Filing Chapter 11 bankruptcy allows debtors to keep certain property and reduce their debts through a court-approved payment plan that can clear a debt even if the petitioner only pays a small percentage of the total debt. As the court carefully monitors debt payments, Chapter 11 bankruptcy petitioners should work with a qualified bankruptcy attorney to develop a sound plan of action. Additionally, the requirements and obligation of Chapter 11 can be daunting if faced alone.
While some individuals choose to file for Chapter 11 bankruptcy because of certain financial restrictions, the vast majority of Chapter 11 filers are businesses and corporations. This demographic frequently chooses to file for Chapter 11 bankruptcy because it creates the opportunity to reorganize debts without closing their companies. Other petitioners who choose this form of bankruptcy include medical groups, professional associations, and non-profit organizations.
Chapter 13
Chapter 13 is the second most common form of bankruptcy and is used by those who do not qualify for Chapter 7 or do not want to sell their assets. Under Chapter 13 bankruptcy, filers must designate a portion of their monthly income to pay off debts over a determined period of time, either 3 or 5 years. Chapter 13 allows filers to keep their assets—such as their homes and vehicles—and can help resolve tax debt by making outstanding taxes a part of a debtor's payment plan. Those who file for Chapter 13 bankruptcy receive the same automatic stop of legal proceeding, such as lawsuits, as Chapter 7 filers. This chapter of bankruptcy enables homeowners to stop foreclosures and provide the opportunity to repay arrears over time as part of the debtor’s payment plan. Similar to Chapter 11, some debtors may be able to pay a small portion of their debt and still have the entire amounts wiped clean at the completion of their case.
Quality Care from Start to Finish
Located close to the bankruptcy courts in New York City, the team at Ortiz & Ortiz, L.L.P. provides quality legal services for bankruptcy petitioners from all five boroughs of New York City, New Jersey, Ulster County, and Westchester County.
Contact our office for additional information from a knowledgeable lawyer on the means test, exempt assets, dischargeable debts, and other elements of bankruptcy law in New York.
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