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Bankruptcy Information
Alternatives to Bankruptcy
Bankruptcy Benefits
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Bankruptcy Overview
Bankruptcy Process
Bankruptcy Means Test
Bankruptcy Myths
Bankruptcy Warning Signs
Benefits of Chapter 13 Bankruptcy
Chapter 13
Chapter 7
Credit Restoration
Creditor Harassment
Debt Settlement
Discharging Your Debt
Foreclosure Defense
Is My Property Protected?
Life After Bankruptcy
Loan Modification
Mistakes to Avoid
Stop Wage Garnishment
Should I File?

Los Angeles Bankruptcy Attorney

What is Chapter 13 Bankruptcy?

With more individuals not qualifying for Chapter 7, Chapter 13 bankruptcy is the alternative for those who have a regular income and can repay some of their debt. Unlike Chapter 7, which eliminates the debt by disposing of your assets to repay creditors, Chapter 13 restructures your debt to be repaid over time. It also allows you to keep certain assets. The debt is consolidated into one lump sum by a Plan which is submitted to the Court for approval. The Plan allows for the debt to be paid off over time, between three to five years. These terms of payment which are scheduled and approved by the bankruptcy court judge must be made on time in order to maintain bankruptcy protection. Once your bankruptcy petition is approved by the judge, your creditors will be required to cease from contacting you any further regarding your outstanding debt.

If you are considering filing for bankruptcy, it is important that you contact a Los Angeles bankruptcy attorney to properly evaluate your situation. Since many individuals no longer qualify for Chapter 7, a knowledgeable attorney at your side can determine whether a Chapter 13 bankruptcy will work for you. Even if you own a home, you may have the chance to do a loan modification to lower your mortgage payment and be able to keep that as part of the bankruptcy filing. Pacific Attorney Group is well versed in handling either type of bankruptcy for you, including negotiating a loan modification for you as needed.

Bankruptcy Lawyer in Los Angeles

Preparing for and choosing the correct type of solution for your financial situation should not be something you attempt to do without the help of a bankruptcy attorney. The proper evaluation of your debt, income, assets and property you may own is needed to ensure your best interests are safeguarded. The correct handling for your mounting debt problem can be found. Using the Chapter 13 bankruptcy filing allows you to repay all of your debts through a negotiated settlement in addition to a court approved Plan. Having to deal with harassing creditors and collection agents calling at all hours is very stressful. Getting your debts under control can greatly relieve the pressure you likely are finding yourself in. Finding a solution to losing your home to foreclosure is also an alternative that can be pursued with Chapter 13 bankruptcy. Our proficient attorneys can carefully evaluate your finances in order to direct you in the best course of action.

With the complexity in bankruptcy laws, finding the best option for you is best left to a professional. Pacific Attorney Group will assist you with care and compassion in this difficult time and help you through your bankruptcy filing.