Anaheim Chapter 13 Bankruptcy Lawyer Provides Effective Support
California attorney crafts payment plans to resolve debt issues
If you are employed with a steady income but are still struggling with overwhelming debt and falling behind on your mortgage and other bills, Marlin Branstetter Attorney at Law in Anaheim can help you get relief and save your home through a Chapter 13 bankruptcy. Also known as a wage earner’s plan, this remedy resembles a loan consolidation that lowers your debt liability to a manageable level. You can pay off a portion of your debts in installments over a three-or-five year period and have the remainder discharged. Once you have filed a Chapter 13 petition, your creditors must immediately stop collection activities, including harassing letters and phone calls. With more than 40 years of experience, I can guide you through a Chapter 13 quickly and efficiently.
What is a Chapter 13 bankruptcy?
Unlike Chapter 7 bankruptcy, in which eligible debts are fully discharged, Chapter 13 allows debtors to pay off a portion of their debts over time. Once the debtor has successfully completed the court-approved repayment plan, they will generally have the remainder of their unsecured debt discharged. Chapter 13 can be filed individually or jointly with your spouse. Let me help you learn whether this bankruptcy solution is right for your situation.
Qualification for a Chapter 13 bankruptcy
To qualify for Chapter 13, you cannot have filed a bankruptcy case within the previous four years. Your combined total unsecured and secured debt must be less than $2.75 million as of the date you file. You must have a regular income and be able to show the court that you have enough disposable income to make payments on your debt. You must also be up-to-date on your income taxes. I can help you determine if you qualify for Chapter 13 and help you with the filing process.
How do Chapter 13 payment plans work?
Chapter 13 payment plans usually last three years if your income is below the median income for your state, or five years if your income is above the median. The plan you propose must list all creditors and state how much will be paid to each creditor on a monthly basis. Payments are made to the trustee who then distributes them to creditors. Priority debts, such as child support and spousal support, and secured debts, such as mortgages, must be paid in full. Unsecured debts, such as credit card balances, are then partially repaid to the extent allowed by the debtor’s remaining disposable income. The portion of unsecured debt that remains unpaid at the end of the payment plan may be discharged. I will help you develop a repayment plan that is well aligned to your financial circumstances and needs.
How Chapter 13 can protect your home, car and personal property
One of the many advantages of a Chapter 13 is that you can save your home from foreclosure. An automatic stay takes effect as soon as you file your petition, stopping any foreclosure. You can then cure your mortgage delinquencies over the course of your repayment plan. Chapter 13 allows you to keep other secured property by making past-due payments through the plan. In addition, you can use the California statutory bankruptcy exemptions to keep certain property, such as household items, clothing, jewelry up to a certain dollar amount and most retirement funds. As a long-time bankruptcy lawyer, I know how to use the Chapter 13 protections to safeguard the property most important to you.
The process of filing Chapter 13 in California
There are numerous steps involved in starting a Chapter 13. They include the following:
- Undergoing credit counseling, within 180 days of filing
- Filing a petition with the court, supported by required financial documentation
- Attending a creditors’ meeting convened by the bankruptcy trustee assigned to your case
- Submitting a proposed repayment plan for approval by the court
- Attending a confirmation hearing before a bankruptcy judge
- Obtaining a final discharge once the repayment plan is completed
I will guide you throughout the process to protect your interests and create a plan that will be given court approval.
Contact an experienced Chapter 13 bankruptcy lawyer for help
If you have accumulated debt that you cannot repay based on your current income, Marlin Branstetter Attorney at Law, located in Anaheim, California, will guide you through Chapter 13 bankruptcy to reduce your debt payments and allow you to keep your home. Schedule a time to speak with me by calling 714-276-8589 or contacting me online.
