Chapter 13 Bankruptcy Equals Debt Reorganization
Chapter 13 is exclusive to those people and businesses who are experiencing unmanageable financial setbacks but still do not want their assets to be liquidated and instead choose to pay off their debts over time. This is why this type is usually attributed to as the debt reorganization bankruptcy, permitting you three to five years to pay off your debts without interest.
Only those who possess a regular income which is enough to pay back their debts and is too high to qualify for Chapter 7 can get the protection and debt relief from Chapter 13 bankruptcy. To know more about this, call our office and speak to a Rancho Bernardo bankruptcy legal professional.
Like any other alternative kinds of bankruptcy, once the process has begun, an automatic "stay" is issued to forestall bill collectors and other collection agencies from contacting you anymore. As long as you can work out maintaining your mortgage payments as part of your debt reorganization, it can further shield you from the menace of foreclosure.
In cooperation with your bankruptcy lawyer from the Law Office of Pamela Kleinkauf, you will be required to submit a complete financial statement indicating all your income, assets and liabilities, together with your proposal on debt reorganization. You will be constitutionally compelled to create your scheduled payment to the bankruptcy trustee who will then pay a portion to every creditor you have.
Bankruptcy Attorney In Rancho Bernardo
Below are the cases you need to consider in helping you decide whether Chapter 13 bankruptcy could be the appropriate solution for your financial situation:
- You are facing reacquisition of your car and other vehicles
- You earn a regular income but have just fallen behind on your bills
- You experience invariable harassment by collection agencies and creditors due to collection malpractice
- Your home is susceptible to foreclosure as a result of unpaid or late payments
- Your income or assets are overqualified for Chapter 7 bankruptcy type
Once you consult and coordinate with one of our knowledgeable and experienced lawyers, all your confusions shall be clarified, all your queries shall be answered, and all your financial information shall be reviewed. We can assist you from preparation and application of your bankruptcy until its conclusion.
We understand that this segment of your life is crucial, playing a vital part in your future. That is why, we make it sure that your case will be taken cared of by an attorney, adept with debt relief options, and not just by any clerical office worker. We will advice and assist you with all aspects of the personal bankruptcy proceeding, handling all paperwork, representing you on hearings and court procedures.
Whatever situation you are in right now, we will guide you in determining the appropriate course of action pertinent to your specific needs and goals. We commit to help you achieve debt relief through Chapter 13 bankruptcy as well as Chapter 7 bankruptcy, whichever will be deemed more appropriate for your case.
Consult a Rancho Bernardo bankruptcy attorney to determine whether Chapter 13 bankruptcy debt relief is the best course of action for your current financial situation.