Our Anaheim bankruptcy lawyers should understand your financial situation.
Our Anaheim bankruptcy lawyers realize that the vast majority of people who contact them are hardworking individuals. Like the average American, many did have more than one credit card and sometimes they may have run up a bill that required a longer period of time to pay back. However, they never thought that they may suddenly find themselves in a situation where they were not able to even make the minimum payments on all of their monthly obligations.
What happened? Our Anaheim bankruptcy lawyers should tell you that many people end up filing a case because they were suddenly also hit with large, unexpected obligations such as uninsured medical bills. Or, many of the clients for our Anaheim bankruptcy lawyers also faced a sudden loss of income through a job layoff or divorce.
Our Anaheim bankruptcy lawyers understand that no one plans on needing to file a Chapter 13. That does mean, however, that it may be a good idea to know how filing such a case could help your current situation. By filing a Chapter 13 petition, our California bankruptcy lawyers may be able to help you set up a sensible repayment plan.
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They should draft your repayment plan as a positive agreement between you and your creditors. Your creditors should agree to forgive a portion of your debts to them in exchange for your commitment to repay your reduced debts over time. Most plans require you to make monthly payments to the bankruptcy trustee - a federal official who is appointed by the court to oversee your case - someone who in turn makes distributions to your creditors.
Typically, repayment plans last from three to five years. While you may be making payments under a repayment plan, your creditors should not take any collection actions against you, and they are required by law to abide by the terms of your repayment plan.
Not everyone qualifies to file a Chapter 13 case
To qualify for a Chapter 13 petition, you must satisfy three requirements:
You must have a regular source of income that is considered to be "stable and regular." This assures the court that you will be able to meet the terms of your repayment plan.
You must have enough disposable income to allow you to make your monthly payments in a timely fashion.
Your debts must not be too high. If your secured debts exceed $922,975, you are not eligible for a Chapter 13 bankruptcy.
If you have any questions, call on the people who may be able to help.
It's easy to contact your nearest sponsoring law firm. Call us toll free, at 1 (877) 349-1309. Or, use our online case evaluation form. Simply fill out this secure online form with a few details about your situation. All information is kept strictly confidential. One of our experienced attorneys should contact you to schedule a free, no-obligation consultation.
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The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.