Rancho Cucamonga Chapter 13 Bankruptcy Lawyer
Chapter 13 bankruptcies are an attractive choice for consumers staggering beneath heavy debt loads. Less popular than the Chapter 7 option, a Chapter 13 bankruptcy nonetheless offers flexibility for consumers who don’t want to lose assets (like their home) but have large debts they cannot pay. If you file for Chapter 13 protection, you reap immediate benefits, such as the automatic stay, which will stop a foreclosure and other collection actions.
Contact Wadhwani & Shanfeld today. A Rancho Cucamonga Chapter 13 bankruptcy lawyer can review your financial situation, including debts, and help you decide if this is the right choice based on your goals. The sooner you act, the sooner you can attain financial freedom. Call us today!
Should You Choose Chapter 13 Bankruptcy?
A Chapter 13 bankruptcy works like this: you come up with a payment plan, lasting 3-5 years, based on your disposable income. Each month, you’ll make payment to your creditors. At the end of the plan, any unpaid, qualifying debts are eliminated, and you walk away from them free and clear.
Most indebted consumers choose between Chapter 7 and Chapter 13. The Chapter 13 option makes sense if:
- You own a home or other large, non-exempt assets. In a Chapter 7, the trustee can sell your non-exempt assets, before distributing the proceeds to your creditors. That’s a problem if you have a lot of equity in your home or own rental property or other large assets. With a Chapter 13, you won’t lose any property.
- You need breathing room to catch up on debts. You can’t eliminate unpaid child support, alimony, or secured debts (like a mortgage) in bankruptcy. However, if you are sticking to your payment plan, your creditors can’t sue you or foreclose on your house. The stay lasts for the duration of the bankruptcy. This means you have time to catch up on unpaid mortgage payments or child support obligations.
- Your income is too high. Chapter 7 is reserved for those who have lower incomes, and you must pass a means test to qualify. You might make too much money, which means Chapter 13 is the only available option.
Give us a call. Our debt relief attorneys work closely with our clients to ensure they choose the right debt solution. Many people doubt they can stick to a payment plan for up to five years. It’s a long time, but we have seen many people exit a Chapter 13 successfully. If hired, we can complete all paperwork for you and represent you in court.
Let’s Connect to Discuss Your Debt
At Wadhwani & Shanfeld, we have seen how a bankruptcy can empower our clients and set them up for success going forward. We opened our doors to help ordinary consumers get out from under crushing, burdensome debts. The law rarely works to the benefit of ordinary people, but a Chapter 13 bankruptcy can help you regain your footing and ultimately eliminate unnecessary debt. Contact us today to schedule a consultation with a Rancho Cucamonga Chapter 13 bankruptcy lawyer at our firm.
