Chapter 13 Bankruptcy - Reorganization
Santa Monica Bankruptcy Lawyer
If you are facing foreclosure and overwhelming debt but make a steady income or have substantial assets to protect, Chapter 13 bankruptcy protection is more likely the best option for you, if you are seeking bankruptcy relief. Filing for bankruptcy under Chapter 13 places an automatic stay on all foreclosure proceedings as well as any other debt collection efforts currently being undertaken against you.
Are you considering bankruptcy? Contact me today if you would like to learn more about your particular financial situation and how a Chapter 13 bankruptcy may affect you. A Santa Monica bankruptcy attorney experienced with these matters can offer you the honest advice and guidance you deserve.
How Does a Chapter 13 Bankruptcy Work?
In a Chapter 13 bankruptcy, a debtor will work out a repayment plan wherein he or she will make one monthly payment to a bankruptcy trustee, who will distribute this payment amongst your creditors. A Chapter 13 payment plan typically lasts 3 to 5 years, at the end of which all eligible debt will be discharged. Chapter 13 can stop foreclosure and offers debtors the opportunity to keep their home, car and other valuable assets.
Bankruptcy Attorney Serving Santa Monica
Not everyone will qualify for a Chapter 7 liquidation. And sometimes, a Chapter 7 liquidation is not the best option for a debtor. A Chapter 13 case typically offers more protection for your home, car and other assets. If you would like to learn more about how a Chapter 13 bankruptcy may affect you personally, I recommend you consult an attorney as soon as possible. A thorough evaluation with a legal professional can go a long way in your ability to make an informed decision about how to move forward.
Learn more about the advantages of a Chapter 13 bankruptcy and how this may affect you. For a free consultation, contact Santa Monica bankruptcy attorney George Kim today! Evening and weekend appointments available. Locations throughout Los Angeles near you.