Filing for Chapter 13 – A Repayment Plan for Overdue Debt
Chapter 13 bankruptcy is a different process than Chapter 7, and is often a better form of debt relief. If an individual is currently employed, whether working for another or self-employed and is getting a paycheck and has some disposable income, you can take advantage of the federal bankruptcy laws and file Chapter 13, allowing you to avoid losing your property through liquidation.
People who are facing foreclosure often choose this form of bankruptcy for that advantage alone. There are some significant advantages to filing Chapter 13, one of which is you will have a 3 – 5 year period in which to pay off your overdue bills, including mortgage payments. If your home has dropped in value since you purchased it, if your second mortgage is no longer secured by the value of the property, it could be possible to strip this mortgage.
Why Choose Our Firm?
It is well worth your time to speak with us at Merritt & Hagen, APC. We have assisted over 9,000 people and businesses to file for bankruptcy since 1988, and we are very familiar with how to work within the system and get our clients real debt relief through bankruptcy, as well as alternatives to bankruptcy. The first step is to get in touch with us so we can evaluate your situation and advise you about what process would get you the most relief, and protect your assets.
The process of filing Chapter 13 involves a full disclosure of your financial situation, and working with our Calabasas bankruptcy lawyer to establish a repayment plan to present to the court. You are never alone – we will work closely with you and are with you at any court appearance. You will be fully briefed on how the process of filing Chapter 13 will unfold, what to expect, and how we plan to strategize your repayment plan so that it is most beneficial to you. Call us today and we will can evaluate your finances and advise you about filing Chapter 13 in Calabasas.
