If you’re navigating through intense financial hardship in Encino, CA, or Sherman Oaks, CA, you’re likely under an incredible amount of stress and feeling overwhelmed by the high-stakes nature of the situation you’re in. But the anxiety you feel, combined with the need to make significant decisions with long-term repercussions in a short amount of time, is just the tip of the iceberg of the challenges you’ll likely face when considering Chapter 13 bankruptcy.
At Burton Law Offices, we are dedicated to helping people just like you make it through these tough financial times. You don’t have to go through this journey alone. We understand the struggles and financial hardship you’re facing and are here to provide support and guidance as you explore filing for Chapter 13 bankruptcy. Our Chapter 13 bankruptcy attorney services are specifically made in such a way so as to offer you the clarity and guidance needed to make the wisest decisions you can while working towards regaining financial stability.
More Information
What Is Chapter 13 Bankruptcy?
Chapter 13 is a debt repayment program that brings houses out of foreclosure over a period not exceeding five years. If a debtor has any unpaid income taxes, they can repay those taxes over five years. Chapter 13 generally takes three to five years to complete. How long it takes exactly depends largely on the results of the means test and the liquidation test, which shows what creditors would receive in a Chapter 7 case.
What May Happen To My Assets And Debts In A Chapter 13 Bankruptcy?
In a Chapter 13 bankruptcy, many kinds of debts are discharged – including family law debts, spousal support, and equalization payments from the settlement of a marital estate. This assumes that these debts can be paid off in five years, with exceptions, however.
Exemptable assets in Chapter 13 bankruptcy are the same across every chapter of bankruptcy – but the exemptions will depend on which state you reside in. California exemptions are expansive.
Debtors do not lose anything in Chapter 13 if they pay the equivalent of what creditors would receive in a Chapter 7 case over a period of time. Typically, this period of time is agreed upon as a five-year repayment plan.
For example, if you owe $50,000, you likely don’t want to file a Chapter 7 because you have too many assets. However, if you can pay the $50,000 and the trustee’s 11% commission, you can do Chapter 13 and keep the $50,000 in non-exempt assets.
Chapter 13 bankruptcy can be particularly complex, so Chapter 13 bankruptcy lawyer assistance is your safest bet to ensure that your case is resolved with as few issues and unnecessary costs as possible.
Turn The Financial Page Now
At Burton Law Offices, we exist to guide you through all of the pitfalls you’d be subject to on your own when navigating the Chapter 13 bankruptcy process. Our experienced Chapter 13 bankruptcy attorneys strive to deliver you with the invaluable clarity, support, and advocacy you need to realize the outcome you need. Don’t risk your financial future—contact us today and turn the financial page now. Email or call us at (818) 514-1355 now, and we’ll schedule your bankruptcy lawyer consultation for Chapter 13. We’ll immediately begin helping you take control of your financial future.
Call For A Free Initial Consultation
(818) 514-1355
