Torrance Chapter 13 Bankruptcy Lawyer
If mounting debts are weighing you down and making it impossible to stay afloat financially, filing a Chapter 13 bankruptcy in Torrance could provide the lifeline you need. This legal process allows you to consolidate multiple debts into one manageable monthly payment plan tailored to your income. As you make payments, portions of your debt may be reducible or even dischargeable by the end.
The bankruptcy lawyers at Wadhwani & Shanfeld’s Torrance office can evaluate your circumstances to determine if Chapter 13 is the ideal path forward. If so, we will craft a robust plan to ensure you emerge with minimal remaining debt and renewed financial stability. Don’t let unmanageable debts drown your finances any longer. Contact our seasoned Torrance Chapter 13 bankruptcy lawyer right away for a free consultation.
When Should You Consider Chapter 13 Bankruptcy?
Chapter 13 bankruptcy could be the ideal solution if you find yourself in any of these situations:
- Your income is too high to qualify for Chapter 7 bankruptcy, but you are still struggling with overwhelming debts.
- You have fallen behind on mortgage payments and want to stop foreclosure proceedings to keep your home.
- You have valuable assets (like non-exempt property) that you want to protect from being seized and sold off to repay debts.
- You have debts like car loans, taxes, or other obligations that you want to repay but need more time to do so.
Chapter 13 is known as the “reorganization” bankruptcy because it reorganizes and restructures your debts into a manageable repayment plan. If you have a stable income source but more debts than you can realistically pay off, this process allows you to consolidate those debts into a single monthly payment plan spanning 3-5 years. The payment amounts are adjusted to an affordable level based on your income. Certain debts may even be partially or fully dischargeable by the end.
Creditors in Torrance must accept the terms of your court-approved Chapter 13 plan. This means they cannot garnish wages, repossess property, place liens, or pursue other collection actions against you while making payments. Chapter 13 stops the harassment and gives you breathing room to regain financial stability.
Saving Your Home From Foreclosure
For homeowners, the mortgage is likely your biggest monthly financial obligation. Missing even a few payments can quickly put you in default and at risk of foreclosure. Once you receive a default notice, the lender can start foreclosure proceedings in as little as 90 days if payments are not caught up. After a foreclosure sale, you may face eviction from your home.
Filing for Chapter 13 bankruptcy in Torrance can stop an impending foreclosure in its tracks. As soon as you file, the automatic stay goes into effect, prohibiting your mortgage lender from taking any further collection actions, including foreclosure. This legal protection buys you time to get back on track by consolidating your missed mortgage payments and other debts into an affordable repayment plan over 3-5 years.
Contact Wadhwani & Shanfeld Today
If unmanageable debts make you feel hopeless, Chapter 13 bankruptcy could provide the fresh start you need. The skilled Torrance Chapter 13 bankruptcy lawyers at Wadhwani & Shanfeld’s Torrance office will guide you through the entire process with personalized counsel. Reach out today for a free consultation.
