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Chapter 13 Bankruptcy

Calabasas Bankruptcy Lawyer for the San Fernando Valley and Ventura County, California

In a Chapter 13 bankruptcy case, you are allowed to repay all or a portion of your debts under the supervision and protection of the court over a 3 to 5 year period. This type of bankruptcy is known as a wage earner's plan as you must have a steady income with which to pay the court to meet your payment obligations. Individuals who do not qualify for a Chapter 7 filing may seek relief through a Chapter 13 filing. This type of bankruptcy allows property owners keep their homes, autos, and other assets while working out a way to handle debt.

If you are located in Calabasas, Simi Valley, Thousand Oaks, Woodland Hills, Agoura Hills, Moorpark, Westlake Village or Ventura County and you would like to explore your bankruptcy options, you should contact a Calabasas bankruptcy attorney at our firm. We will discuss your financial situation with you to determine if Chapter 13 is the right solution for you, help you understand how it works, and get you started on initiating the process.

How the Chapter 13 Bankruptcy Process Works

A Chapter 13 filing does not require that you undergo a means test, as does a Chapter 7. It is an option for those who have a regular source of income. Under this type of filing, you may be able to substantially reduce or eliminate unsecured debt, such as credit card debt. You will submit a repayment plan to the court which the court must approve. Once the court approves the plan, most of your creditors will not be allowed to attempt to collect from you but will have to pursue payment through the court. You will make regular payments to a Chapter 13 trustee who will disburse funds to creditors per the plan approved. Once the payments called for in the plan are completed, you will be released from any further obligation for your dischargeable debts.

A Chapter 13 plan offers relief to those who have temporarily fallen behind on their debts, whether through illness, a job loss, or some other unexpected financial setback. It allows you some breathing room to get back in control. A Calabasas bankruptcy lawyer at our firm can evaluate your particular situation to ensure that a Chapter 13 plan will meet your needs and objectives.

Contact a Calabasas bankruptcy attorney at the firm for a financial case evaluation today concerning a Chapter 13 filing.

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