Considering chapter 13 bankruptcy attorney Upland CA
Are you having trouble making your house payments or paying other bills and considering filing for bankruptcy so you can get out of debt? If you have a steady income, but just aren’t able to meet your debt payments, you may be eligible for a Chapter 13 bankruptcy. It is best to discuss your situation with the most experienced Chapter 13 bankruptcy attorney Upland CA offers. This type of bankruptcy is intended for those who have a regular income and can repay their debts within three to five years. One of the benefits of filing for a Chapter 13 bankruptcy is you get to keep your assets.
Unlike a Chapter 7 where everything that is non-exempt is liquidated to pay off debt, the Chapter 13 allows the debtors to enter into a repayment plan and keep their assets. Depending on your annual income, you may not even qualify for a Chapter 7 and must file a Chapter 13 if you want to declare bankruptcy.
Your bankruptcy attorney will help you create your Chapter 13 repayment plan. The plan will be determined by what you can afford. The plan is not determined by how much you owe or by your creditors. The plan must be approved by the Trustee appointed to oversee your case and notice of the plan is provided to your creditors. The creditors can protest the plan, but once it is approved by the court, this is what you will be paying for the term of your bankruptcy.
Chapter 13 bankruptcy filing with expert lawyers
Most people end up in a Chapter 13 bankruptcy because a debtor has brought foreclosure proceedings and refuses to agree to a reasonable repayment plan. When the Chapter 13 bankruptcy is filed, the foreclosure is stopped and the bank or lender must accept the payments under the Chapter 13 repayment plan.
While Chapter 13 has certain advantages for the debtors, there are a few things to be aware of before making the decision to file this type of bankruptcy. Debtors must make all plan payments on time and in full. These payments are sent to the trustee who then pays the creditors. If a debtor misses a payment, the court can dismiss the bankruptcy.
Filing a Chapter 13 bankruptcy also locks you into a repayment plan for at least three years. Depending on your income, that term could be extended up to five years. This means you will be making payments that might stretch your monthly budget for quite a while.
If you want to pay off your debt, but just can’t make the current payments, filing a Chapter 13 can help you. Once your payment plan is in place, you are relieved of the interest payments and creditors hounding you night and day.
If you meet all payments on time and in full, your remaining debt will be discharged by the court at the end of your payment plan period. Once this debt is discharged, you are no longer responsible for paying it off. Give us a call to discuss your situation with the Chapter 13 bankruptcy attorney Upland CA residents trust.
Contact us to get a quality chapter 13 bankruptcy attorney in Upland CA.