Chapter 13 allows you to keep your property and to catch up on past due rent, car, tax and mortgage payments by making payments over a five-year period.
Chapter 13 allows you to keep your property and to catch up on past due rent, car, tax and mortgage payments by making payments over a five-year period.
Chapter 13 - Individual Debt Adjustment
A Chapter 13 bankruptcy allows individuals who do not qualify for a Chapter 7, or who are behind on mortgage, car payments, taxes, and other debts, to get rid of most debt and to keep their homes or cars. You cannot file a Chapter 13 if you are a stockbroker. You must have a steady job to qualify. You cannot have more than $419,275 in unsecured debt, like credit cards, and no more than $1,257,850 secured debt, such as your mortgage.
We can stop a wage garnishment, foreclosure, eviction or repossession in many cases right up until the date it happens. We may even be able to reduce the amount of your mortgage or car loan, or do a mortgage loan modification through the bankruptcy court. Payments are made over a five-year period in a Chapter 13 to catch up on the amounts you are behind on your mortgage, rent, car payments and taxes, in addition to making the regular monthly payments. The process to calculate how much you pay is complicated and often involves expert negotiations with the Chapter 13 Trustee. It is virtually impossible to do a Chapter 13 without a highly experienced bankruptcy attorney. Contact us now so we can discuss whether a Chapter 13 is right for you. |
Practice AreasRelated Links: |
|
Thousand Oaks Office
|
Certified Family Law Specialist*
(*State Bar of California), Also Licensed in Texas. We are a debt relief agency. We help people file for Bankruptcy relief under the United States Bankruptcy Code. |
Important Links |
Contact Us
|