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Chapter 13 Bankruptcy Attorney
Here to Help You Rebuild Your Life
What Is Chapter 13 Bankruptcy?
In Chapter 13 bankruptcy, a debtor is allowed a modified repayment plan and schedule to discharge his or her debts, usually spanning a period of 3-5 years. The plan may also allow for only partial repayment, instead of the total amounts owed. As with a Chapter 7 bankruptcy, debtors can usually protect all of their property through state law exemptions.
Each Chapter 13 payment plan will vary depending on the unique circumstances of the debtor. Most plans take into consideration what the debtor can afford each month after paying all their other necessary monthly expenses. With Chapter 13 bankruptcy, creditors are required to accept the amounts paid. After a debtor completes his or her repayment plan, any remaining unsecured debt will be discharged at that time.
How Can We Help You File for Chapter 13 Bankruptcy in California?
When you decide to file for Chapter 13 bankruptcy, it’s essential to reach out to the Law Office of Jacqueline D. Serrao, formerly known as the Leibowitz Law Group. Our experienced attorneys will guide you through the process, starting with a detailed consultation to understand your debts and financial situation. We will work closely with you to develop a personalized strategy that best suits your needs.
Our dedicated team will assist you in scheduling and completing the required pre-filing credit counseling course. Once the course is finished, we will help you prepare and file the bankruptcy petition, ensuring that you attend all necessary hearings and meetings related to your debt.
Benefits of Filing Under Chapter 13
Filing for Chapter 13 offers several significant advantages. Firstly, it provides a valuable opportunity to stop foreclosure proceedings and save your home. If you’re behind on mortgage payments, Chapter 13 allows you to create a repayment plan, enabling you to catch up on arrearages over a period of up to 60 months.
Additionally, Chapter 13 safeguards liable third parties, such as co-signers, from being pursued for the debts included in your bankruptcy case. With Chapter 13, you have indirect contact with creditors through a bankruptcy trustee, who oversees communication between you, your attorney, and your creditors. The trustee reviews your repayment plan, collects payments, and distributes them among your creditors.
Filing for bankruptcy also puts an end to creditor harassment. Under the Fair Debt Collection Practices Act (FDCPA), creditors are prohibited from contacting you while you are in the process of completing your Chapter 13 plan.
Lien Stripping Process in California
As part of a Chapter 13 bankruptcy, you may have the opportunity to strip off a second or third mortgage upon completing the repayment plan. This powerful tool eliminates the need to pay those mortgages in the future, potentially saving you hundreds of thousands of dollars. Our qualified attorneys at the Law Office of Jacqueline D. Serrao will determine if you qualify for a lien strip and guide you through the process.
Schedule Your Free Case Evaluation Today
Are you ready to take the first step towards becoming debt-free? Schedule a free consultation with our Long Beach Chapter 13 attorney today. Learn more about how the Law Office of Jacqueline D. Serrao can assist you in finding the most effective solutions for your financial situation.