Chapter 13

Chapter 13

When an individual does not qualify for Chapter 7 bankruptcy, or in order to keep certain assets such as a home or car, he or she is more likely to file for Chapter 13.  In most cases, individuals who file for Chapter 13 bankruptcy have suffered a temporary loss that has put them too far behind in debt to catch up on their own, or to meet the unreasonable demands or lawsuits of creditors.  The bankruptcy law is on your side.

Chapter 13 bankruptcy will stop creditors in their tracks and allow you to consolidate debt and restructure it into a monthly payment plan that is affordable to you. Usually people who qualify for Chapter 13 make sufficient income to cover their living expenses, but not enough to pay off debts in full or according to the unreasonable demands of creditors.  Through careful planning with a skilled attorney, a debtor who files for chapter 13 bankruptcy pays for living expenses first, and then money left over is used to repay creditors on very affordable terms, often for just pennies on the dollar, and without interest or penalties.

Chapter 13 bankruptcy cases typically last for three to five years from initial filing to discharge, depending on the individual’s ability to pay.

Please contact Attorney Rob R. Nichols to discuss whether Chapter 13 bankruptcy is right for you.
818-914-4741