NEW YORK, N.Y. – Lanin Law P.C. successfully confirmed a Chapter 13 plan in the United States Bankruptcy Court, Eastern District of New York, Brooklyn Division. The case began with difficult circumstances several years ago. Our clients were a married couple who owned a condo apartment in Brooklyn. They were actually current on their mortgage payments and common charges but owed substantial credit card debt because one of them had a reduction in income due to a job loss. With a relatively high amount of equity, the best interest of creditors test would have required that the clients pay 100% of their credit card debt back over 5 years. This test is based on what creditors might receive in a hypothetical Chapter 7 liquidation case. Before the case was filed, we knew that New York State was going to enact new legislation to increase the homestead exemption. Based on this, we advised our clients to delay filing their Chapter 13 bankruptcy until the homestead law was changed. Once the exemption increased, it had the effect of reducing our clients’ non-exempt equity, and, in turn, reducing the amount that they would be required to pay their unsecured creditors back in a Chapter 13 plan. We filed the case and, after amending the plan to make certain adjustments required by their trustee, the case was approved. The confirmed plan will pay approximately 35% of the credit card debt. Our clients were able to keep their home and will discharge (wipe out) approximately 65% of their debt! They were thrilled with our legal advice and strategy and with the outcome.
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