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Chapter 13 Bankruptcy: A Woodland Hills, California, Attorney

Information About Chapter 13 Bankruptcy

Chapter 13 bankruptcy is a court-supervised reorganization of your debts. Reorganizing debts as opposed to liquidating them allows debtors to repay some of them. If you fail to qualify for Chapter 7 bankruptcy through the means test, you can still get relief through Chapter 13 bankruptcy. There are some advantages to Chapter 13, so even if you think you won’t qualify for Chapter 7, you should still consider filing bankruptcy.

At the Woodland Hills, California, Leventhal Law Group, P.C., I provide clients with assistance throughout the bankruptcy process. From initial counseling through the filing and submission of documentation, I am available and responsive to clients’ needs.

Call a Los Angeles-area Chapter 13 bankruptcy lawyer at 818-347-5800 for a free initial consultation.

Differences Between Chapter 7 and Chapter 13 Bankruptcy
  • Repay your debts. Unlike in Chapter 7 bankruptcy, a Chapter 13 debtor does not surrender any of his or her assets, such as the home or car. Rather, Chapter 13 involves a repayment plan over time — usually three or five years. The repayment plan is based on the debtor’s anticipated income over the period of repayment. Because of this, it is sometimes known as wage-earner’s bankruptcy.
  • Automatic stay in place for three to five years. Another difference is that the debtor does not discharge his or her remaining debts until the payment plan is complete. The person is protected by the automatic stay that applies for the entire duration of the repayment plan — for three or five years.
  • Requires regular income. Most people are eligible for Chapter 13 bankruptcy; there are upper limits on the amount of secured and unsecured debt that can be included. Debtors do need to have regular income so that they can make the agreed-upon payments to creditors. As with Chapter 7, the debtor must complete a credit/bankruptcy counseling session and file a certificate of completion with the bankruptcy petition.
  • Save the house. A Chapter 13 bankruptcy filing can stop impending foreclosure and save the debtor’s house, because past-due mortgage payments may be folded into the debt to be repaid over time. As long as the ongoing payments are made, the debtor is usually able to keep his or her house.

 

Contact a Los Angeles Debt Reorganization Lawyer

Contact the law firm of Jonathan Leventhal. Call 818-347-5800 to find out how an attorney can help you file Chapter 13 bankruptcy.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code