Chapter 13 Bankruptcy Attorney
I frequently tell potential clients, “right now is the right time to contact a bankruptcy attorney.” That’s because getting information and learning about alternatives is always a good thing. You can’t stop the guesswork until you have an accurate picture of your situation—and your options.
If you live in California and are considering filing for Chapter 13 bankruptcy, you need a bankruptcy attorney who can help you protect your assets, protect your family, and protect your credit as much as possible. I hope you’ll call my office to set up your free initial consultation; in the meantime, though, take some time to learn the basics of filing for Chapter 13 bankruptcy.
How Chapter 13 Bankruptcy Works
If you and I decide that Chapter 13 bankruptcy is a best-fit option for you, we’ll develop a repayment plan to pay off the amount of debt you can afford. While the terms of Chapter 13 bankruptcy can vary widely from case to case, a good bankruptcy attorney—like me—can negotiate very fair terms so you can make installments to your creditors over the next three to five years at the amount you can afford. I often times am able to eliminate my clients debt in full as well as some mortgages for a low monthly payment to the court of $80 per month.
You might choose to file for Chapter 13 with the bankruptcy court for these reasons:
- Avoid home foreclosure and car repossession by forcing your creditors to accept monthly payments over a three- to five-year plan so you can get caught up on missed payments.
- Modify your mortgage, modify your car loan, get rid of your second mortgage, restructure or even discharge tax debt, defer your student loans, and protect co-signers on your secured debts.
- Pay a very low amount or even nothing on your credit card and medical bills.
- Protect your retirement; in most cases, retirement accounts aren’t liquidated as part of filing for bankruptcy.
Have questions? I have answers and I’m happy spend time with you—at no charge to you—getting to know your individual financial situation. Give me a call today so we can schedule a free initial consultation.
Do I qualify for Chapter 13 bankruptcy?
Among all the bankruptcy lawyers in California, I’m unique in that there really isn’t a situation or scenario in Chapter 13 bankruptcy that I haven’t seen and successfully handled. If you are significantly behind on your bills and are in danger of losing your home or car, I have good news: I’ve worked with thousands of individuals, families, and businesses to resolve all types of debt issues. And, if you qualify for Chapter 13 bankruptcy, I can help you too. You might consider Chapter 13 bankruptcy if you are an individual who:
- Owes less than $360,000 in unsecured debts and less than $1,000,000 in secured debts.
- Earns a regular income.
- Has not had a bankruptcy petition dismissed in the last 180 days.
Has completed approved credit counseling in the last 180 days.
How long does it take?
I generally will get you case approved but the court around 90 days. This varies on a case by case basis, but the best part for you is you don’t have to worry about the timing the court will take. Once you go to your one court hearing, I take care of the rest! My goal is to keep everything as simple as possible for you, that’s my job.
How does Chapter 13 bankruptcy affect my credit?
When you file for Chapter 13 bankruptcy, the bankruptcy will remain on your credit report throughout the duration of your three- to five-year payoff period and for an additional seven years afterward. This doesn’t mean that you won’t be able to apply for and receive credit—just that you may not be given the most favorable interest rates. However, within just a few years, your credit score can be fairly respectable. When you set up your free consultation with me, we can talk through the ins and outs of how bankruptcy affects your credit and I’ll share with you my plan to help you rebuild your credit as quickly as possible.
Who is the Chapter 13 trustee and what does he/she do?
Once we’ve filed a petition for Chapter 13 bankruptcy, the bankruptcy court will assign a trustee to your case. Once we finalize the terms of your bankruptcy, you’ll make regular payments to the trustee, who will then distribute payments to your creditors. You won’t have to deal directly with your creditors while under Chapter 13 bankruptcy protection. In addition, while you’re under Chapter 13 protection, you’ll have to talk with your trustee before applying for any new loans, credit cards, and so forth.
If I think I want to file for Chapter 13 bankruptcy, where do I start?
Chapter 13 bankruptcy, also known as the “wage earner’s plan,” is for individuals with significant debt but who want to repay some or all of that debt on a modified schedule over three to five years. Filing for Chapter 13 bankruptcy can be complicated; you need an advocate who is familiar with the bankruptcy court, who understands the nuances of Chapter 13 bankruptcy law, and who has your best interests at heart. As one of the most experienced bankruptcy lawyers in California, I invite you to let me be your advocate. It starts with a free, no-obligation conversation. Call today.