Chapter 13 Bankruptcy Lawyer Los Alamitos
Chapter 13 Bankruptcy Lawyer in California
When filing for Chapter 13 bankruptcy in California, the rule allows you to keep the property that you own, whether it’s exempt or not. However, this is one of the most expensive types of bankruptcy. A Chapter 13 bankruptcy lawyer can help you to determine if this is the proper bankruptcy for your finances for people living in California. By evaluating your finances, he can make an informed decision on which type of bankruptcy will work best for your financial situation.
How to File Chapter 13 Bankruptcy in California
Before you decide to file for Chapter 13 bankruptcy, it’s important to remember that there is a time commitment associated with this type of bankruptcy filing. While Chapter 7 is short, Chapter 13 generally is not and is a much longer process to finish before completion of that filing. The process can take anywhere from three to even five years. This is because you must pay continuous monthly payments that are devised in your payment plan to bring your account up to date, which may take some time based on your plan and how it is arranged.
With Chapter 13, this is a payment plan that the court assigns to you in California. This plan helps you to reorganize your credit, which allows you to pay your creditors. Before you begin to repay in California, you have to undergo a means test, which allows you to determine which creditors must be repaid. Personal loans and credit cards are unsecured debts that are paid back with this type of bankruptcy.
Pros and Cons of Chapter 13 Bankruptcy
One of the biggest advantages of Chapter 13 bankruptcy in California is that you can keep exempt and non-exempt properties. This is because liquidation isn’t required with this bankruptcy type. If your home is already in foreclosure, it is stopped for a period of time when you are considered bankrupt. The amount of time that you have to pay back your debts are extended during your bankruptcy period as well. One disadvantage of Chapter 13 bankruptcy is that you won’t have a clean credit report for as long as 10 years after this type of bankruptcy is filed and processed.
Call to Schedule a Free Consultation With a California Chapter 13 Bankruptcy Attorney Today
If you are having financial problems and are considering Chapter 13 bankruptcy, call to schedule a free consultation with a California Chapter 13 bankruptcy lawyer today. We will be able to review your financial situation and answer any financial questions that you have regarding which type of bankruptcy is right for you. The legal professionals at the Law Office of Kerry P. O’Brien of California will be your legal advocates and can use our experience and knowledge to effectively deal with the necessary paperwork involved with bankruptcy. We serve the cities of Los Alamitos, Long Beach, Lakewood, Huntington Beach, Seal Beach, Garden Grove, Westminster and Anaheim. Stop by our website at kerryobrienlaw.com or call us at 866-983-0747 and let us give you legal guidance you can trust.