The Help You Need With the Chapter 13 Bankruptcy Process
Although Chapter 13 bankruptcy is usually thought of as a bankruptcy option for people with too much income for a Chapter 7, the fears and concerns are the same. Many of our clients who come to us for Chapter 13 bankruptcy are concerned about the complicated legal processes involved. When you work with experienced attorneys, the process is not as complicated as it might seem at first.
Contact our knowledgeable California debt-relief attorneys. During a free initial consultation, we will work with you to determine whether Chapter 13 bankruptcy is the right choice for you. We will explain the process to you and help you prepare for the initial filing and the other steps in the process.
A Complicated Process Made Simple
Because of our exceptional experience and skill with Chapter 13 bankruptcy, we thoroughly understand the entire process, so we can help you through every stage:
- Initial analysis and filing: There is more analysis involved on the front end for Chapter 13 bankruptcies, because generally we're dealing with a higher income and more assets to work with. We can help you plot out the bankruptcy path that will maximize your benefits, and we will be there for you every step of the process.
- Bankruptcy trustee hearings: We will represent you as you meet with the bankruptcy trustee. There will be at least one, and often a couple of hearings with the bankruptcy trustee to work out the plan for liquidating some of your debts and reorganizing others into a Chapter 13 bankruptcy repayment plan.
- Debt reorganization: Once your payment amount and length of plan is approved per the budget submitted, you will begin to make monthly payments directly to the bankruptcy trustee who will then disperse them to the allotted creditors. At the end of the plan, there will be a discharge of any remaining unsecured debt. Chapter 13 plans are either 3 or 5 years in length depending upon your total income vs. the state approved median income.
This process is very different to the Chapter 7 bankruptcy process due to plan payments that are required. The goal of a Chapter 13 is to reorganize debt, allowing you to keep the assets on which you can still afford to make payments.
Free Consultations ∙ Serving Clients in Corona, Beaumont, San Bernardino, Palm Springs and Orange, California
The lawyers at the Sobti Law Group are waiting to help you find the debt reorganization that you need for a fresh start on life. We can look over your financial situation with you, give you some advice as to the best path for your circumstances, and explain the bankruptcy process to you. Either call 888-627-8013 or contact us online to schedule your free initial consultation.
