Chapter 13 Bankruptcy Attorney in San Fernando Valley
Clearing Your Debt and Reinstating Your Financial Freedom
Chapter 13 is an attractive solution for debtors who want to regain prosperity without liquidating their assets. It’s a lengthier process, but it allows people and businesses a chance to restructure their situation, continue business operations, and work towards recovering from this unfortunate financial hiccup to become even stronger than before the hardships hit.
If you’re contemplating Chapter 13 bankruptcy, call the Tax Relief & Bankruptcy Group. Our attorney is intimately familiar with Chapter 13 filings and has the knowledge and skills necessary to help you understand how your situation could benefit and regrow from it, and help you create the repayment plan you need to do so.
Call us today to begin your Chapter 13 filing: (818) 960-6088.
What Are the Benefits of Chapter 13 Bankruptcy?
As the reorganization plan, Chapter 13 affords more freedom to filers to retain their property while working towards discharging their debts. Debtors are typically drawn to it because:
- You get to keep your property
- You may be able to use lien stripping to reduce junior mortgages
- You may be able to reduce your owed car loan to reflect the current value of your car
- Your remaining debts are discharged if you followed your repayment plan, including unsecured debts
Our lawyer will help you decide if these benefits best address the financial help you need.
Am I Eligible for Chapter 13 Bankruptcy?
Since Chapter 13 filings rely on your disposable income to repay debt rather than profits from liquidating your assets, filers must be able to show that they can afford a repayment plan to satisfy their debts over three to five years. The debts that must be addressed and repaid include:
- The full amount of priority debts, such as federal and state taxes and child support
- The full amount of back payments on your mortgage or care note if you wish to keep them
- Between 0% and 100% of unsecured debts, depending on how much those creditors would have received through a Chapter 7 filing and your disposable income
Those unable to complete their Chapter 13 bankruptcy repayment plan may choose to convert to a Chapter 7 filing. Our lawyer will remain present throughout the entire process to help you work towards a more prosperous tomorrow.
For more information on how Chapter 13 could help you or your business embark on a journey of financial recovery, contact Tax Relief & Bankruptcy Group.
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Services Available in Spanish & Farsi
Tax and financial hardship can cause you to lose visibility of what's most important and effect you and your family. Contact us today to work with compassionate and experienced attorneys who will navigate you to a save destination.