Chapter 13 “reorganization” or “consolidation” allows you to consolidate your debts into one low monthly payment. The payment amount is tailored to your disposable income after your household expenses are paid. Chapter 13 is technically a bankruptcy, but is viewed differently since it is not a “straight” bankruptcy that simply eliminates debts without any payments whatsoever. Instead, it consolidates all missed mortgage payments (“arrears”), taxes, car payments, and other secured and unsecured debts and spreads the repayment over a three to five year period. Chapter 13 bankruptcy attorney in Los Angeles can help you understand everything about chapter 13 filing and all its processes.
Want To Save Your Home By Consolidating Your Debt?
THIS IS POSSIBLE WHEN YOU FILE FOR CHAPTER 13 BANKRUPTCY WITH NATHAN A. BERNEMAN IN LOS ANGELES, CA
Call Now for a Complimentary Consultation
HIRE THE BEST CHAPTER 13 BANKRUPTCY ATTORNEYS IN LOS ANGELES AND VENTURA COUNTY, CA
HOW CHAPTER 13 BANKRUPTCY CAN SAVE YOUR HOME AND PROVIDE RELIEF FROM TAXES OWED
If you are trying to save your home, the net result for your mortgage would be that it is legally reinstated by Federal Court Order, and you continue to make your normal mortgage payments on an ongoing basis. As for other unsecured debts that were included in the bankruptcy, they will be discharged even if you only paid a small percentage of what may have been owed.
Get in touch
If you owe taxes, Chapter 13 bankruptcy filing in Los Angeles can stop the interest and penalties and allow you to pay the amount owed on the date of filing over the three to five year period.
For example, if you owe $9,000 in arrears on your mortgage, your Chapter 13 payment would be approximately $150 per month (60 months X $150 = $9,000). Note: There would also be a small fee to pay to the Chapter 13 Trustee along with the $150.
Each situation is different, which is why it’s important to review your case thoroughly with a chapter 13 bankruptcy attorney in Los Angeles. You need to make an informed decision as to which type of bankruptcy is right for you.
Advantages of declaring Chapter 13 bankruptcy
There are several advantages to chapter 13 bankruptcy:-
Reduce your monthly payments.
You can keep your home and property.
You will be protected from wage garnishment, harassing collection calls, and lawsuits.
When you declare Chapter 13 with the help of chapter 13 bankruptcy attorney in Los Angeles, at the end of repayment plan you only pay some portion of the debts you owe, and rest of the money which you don’t pay are discharge. It means you are no longer liable for repaying debts.
Non Dis-chargeable debts?
Some debts which are Non Dis-chargeable by chapter 13.
Some examples are:-
Income tax debts.
Criminal reparation or traffic tickets.
Debts are related to child support or spousal support.
Personal injury debts.
Is Chapter 13 bankruptcy good for you?
If you are drowning in debt and don’t have a good income source, chapter 13 bankruptcy may be a good option. But it depends on your case also, and only an expert chapter 13 bankruptcy attorney can guide you and help you to choose which bankruptcy option is good for you.
How chapter 13 bankruptcy can help you?
The whole process of chapter 13 bankruptcy is very difficult to navigate. Your creditor will not easily allow you to repay anything you want. That’s why you must hire the best chapter 13 attorney in Los Angeles for your case because every case is unique, and not everybody understands the difficulty related to each case. We will help you to decide what assets need to save and we will surely restrict your creditor and try to make your repayment plan easy, so all these things can only be achieved if you would hire an experienced chapter 13 attorney.
For more information about your case, contact Nathan A. Berneman, Esq. to schedule an appointment for a free consultation.