- Chapter 13
- Chapter 13Posted 447 days ago
Most consumers in California file for Chapter 7 or 13 bankruptcy.
Chapter 13 bankruptcies differ from Chapter 7 in that they involve a repayment of certain debts depending on the debtor’s ability to repay.
In a chapter 13 bankruptcy, the debtor’s income and expenses are analyzed using the means test and a determination regarding the debtor’s disposable monthly income is made. Once it is concluded how much, if…
- Chapter 7
- Chapter 7Posted 447 days ago
In California it is most common for consumers to file for either Chapter 7 or 13 bankruptcy.
Chapter 7 Bankruptcy, also referred to as liquidation, is a process by which people eliminate unsecured debt, while liquidating all unexempt assets.
Unsecured debt is any debt that is not secured by a lien on an asset (i.e. homes and cars). This debt is commonly in the form of credit…
- Life After Bankruptcy
- Life After BankruptcyPosted 453 days ago
When considering bankruptcy, it is natural to worry about how your credit score will be affected after the bankruptcy is complete.
While the bankruptcy may officially stay on a credit report for up to 10 years, many former clients relay that they are quickly offered new credit soon after the process is complete. As a matter of fact, many people just like you find their credit…
- Understanding Bankruptcy
- Understanding BankruptcyPosted 453 days ago
Bankruptcy can be a frightening experience... And there's nothing worse than feeling like you're going through it alone, without a plan or sense of clear direction.
You are creating a New Chapter in your life, and we are here to help you make sure you get a clean start! Our skilled attorneys have years of experience that you can rely on. We can help counsel, guide and…
Chapter 13
Most consumers in California file for Chapter 7 or 13 bankruptcy.
Chapter 13 bankruptcies differ from Chapter 7 in that they involve a repayment of certain debts depending on the debtor’s ability to repay.
In a chapter 13 bankruptcy, the debtor’s income and expenses are analyzed using the means test and a determination regarding the debtor’s disposable monthly income is made. Once it is concluded how much, if any, money the debtor can repay, all the appropriate schedules along with a plan are filed and submitted for the Trustee’s review.
As in Chapter 7, the Trustee will examine the case and then will determine the feasibility of the proposed plan. Once the plan is confirmed, the debtor will begin making the arranged monthly payments to the Trustee and repay over the course of 36 or 60 months a percentage of the debt back to the creditors.
Again, once the plan is filed, the Automatic Stay is created and collection attempts will typically stop. Creditors will usually not contact the debtor during the repayment period. Once the repayment period has finished, regardless of how much the debtor has paid, the debtors are relived from their debt for good. At that point debtors can go about re-establishing their credit and moving forward with their lives.
Is filing for Chapter 13 Bankruptcy right for you? Get a FREE consultation with one of our skilled and experienced bankruptcy attorneys to assess your particular situation!