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Chapter 13 Bankruptcy
Van Nuys Chapter 13 Bankruptcy Attorneys
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Chapter 13 bankruptcy is designed to help debtors reorganize on their debts through a three-to-five-year repayment plan. If you’re able to pay back at least a portion of the debts that you owe, Chapter 13 bankruptcy may be an option. A Chapter 13 bankruptcy is also a good alternative for those who make too much to qualify for a Chapter 7 bankruptcy.
Chapter 13 has certain advantages over Chapter 7, especially for homeowners who have fallen behind on their mortgage and are facing foreclosure proceedings. Filing a Chapter 13 will often help debtors save their home by stopping foreclosure proceedings and allowing debtors to repay their mortgage arrears through a Chapter 13 plan. Similarly, if debtors have fallen behind on their car payments, Chapter 13 will enable them to catch up and keep their car.
“Karine was very knowledgeable, informative, had great communication and excellent customer service.” - J.M.
“Bankruptcy can be a very scary thing to go through, but with Karine by your side, you have nothing to worry about.” - Aurora R.
“Karine was able to address all my concerns and gave me advice on how best to proceed with my case.” - Jaclyn D.
In certain situations, you may be able to get your second mortgage/home equity line stripped in a Chapter 13. Assets are not liquidated in a Chapter 13. You’ll get to keep all of your property, including nonexempt assets. However, you may have to pay a portion of your unsecured debt back. The amount you pay is highly individualized based on your budget and disposable income. With an experienced bankruptcy attorney by your side, you can often get a low-percentage Chapter 13 payment plan confirmed. Chapter 13 is also a good option if you owe income or property taxes or alimony and child support, as it will enable you to repay these non-dischargeable debts over several years while still allowing you to discharge your dischargeable unsecured debts.
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