Chapter 13 bankruptcy case an experienced attorney will draft a plan to restructure a Client’s current debt obligations. Chapter 13 plans typically have a 36-60 month timespan. Clients are not required to always repay their debts in full – in fact, in most cases Clients repay some portion of their debts while the rest is discharged. For example, many clients in Chapter 13 will repay mortgage defaults but not unsecured debt like credit cards. This scenario is especially prevalent here in the Los Angeles area where we were hit hard by the real estate bubble. Chapter 13 can also be used to strip away junior mortgages (such as 2nd mortgages, HELOCs, etc..) or to lower the balance of a car loan to the current value of the car. Chapter 13 bankruptcy is a complex area of law and Clients should select an experienced bankruptcy attorney to handle their case. If you think Chapter 13 may help you, or have questions about bankruptcy, contact us today to setup an appointment.
Disclaimer: We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Nothing contained in this website should be construed as legal advice. Consult with an attorney for advice regarding your individual situation. Contacting us through this website does not create an attorney-client relationship. Nothing in this website is intended as tax advice, nor is it intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Attorney Brett Bodie is responsible for this website.