Palmdale Chapter 13 Bankruptcy Lawyers
Chapter 13 bankruptcy is an attractive option for debtors seeking to get out from under the weight of crushing debt, through an affordable plan to pay back creditors. It is sometimes referred to as reorganization or restructuring bankruptcy, because your debts are compiled into one lower payment. You pay what you can afford for a period of years, and then much of the remaining debts are discharged through Chapter 13. Once the case concludes, you have better financial standing to move forward.
Chapter 13 may be a wise option for your situation, but it is essential that you understand how these cases work and the implications of bankruptcy. Plus, the process itself is highly complex as you deal with restructuring debts and protecting eligible assets. At Wadhwani & Shanfeld, our firm’s primary practice area is bankruptcy, so we have the knowledge and experience to support your needs. Please contact us to set up a consultation with a Palmdale Chapter 13 bankruptcy lawyer, and read on for some background.
Factors to Consider with Chapter 13
Because you are reorganizing your debt and will pay back a portion of what you owe through a Chapter 13 repayment plan, you should be aware of some important factors.
- Chapter 13 may be right for you if you have too much income for Chapter 7.
- This type of bankruptcy is also effective if you have assets to protect, which you might lose in Chapter 13.
- If you are facing foreclosure on your home, you stop all legal efforts by the lender once you file your petition.
Benefits of Chapter 13 Bankruptcy
The primary advantage is being able to take control over your debt, since you have a little breathing room in terms of lowered payments and additional time to pay them. Depending on your circumstances, you may have three or five years for your debt repayment plan. Some remaining debts may not need to be paid at the close of the case.
Another key benefit is how filing Chapter 13 affects creditors. They must cease all collection efforts because an automatic stay goes into effect when you file your petition. Plus, creditors are bound by the terms of the Chapter 13 repayment plan.
Legal Help with the Process
Our Southern California bankruptcy lawyers at Wadhwani & Shanfeld will assist with all essential tasks for Chapter 13. You can rely on us to:
- Carefully evaluate your finances and goals for bankruptcy;
- Organize supporting documents;
- Prepare and file the Chapter 13 bankruptcy petition;
- Attend the meeting of creditors, who are allowed to provide input on the debt repayment plan;
- Draft all documents necessary for the final Chapter 13 plan; and,
- Appear in court for the final hearing.
Consult with a Palmdale Chapter 13 Bankruptcy Lawyer for Details
There are numerous benefits to going through Chapter 13 to resolve your debt struggles, but you will need legal help to gain them. For more information on how our team can help, please contact Wadhwani & Shanfeld. We are happy to schedule a consultation with a Southern California bankruptcy lawyer who will advise you.
