California Chapter 13 Bankruptcy Attorney

Filing a chapter 13 bankruptcy can be as easy or as tough as you make it. If you have an experienced California attorney with you, you can end up saving a lot of money while filing bankruptcy. But if you get the help from some small-time and inexperienced attorney, your case could weaken without your knowledge. But before anything else, it is very important that you understand what Chapter 13 bankruptcy is and how an attorney can help you with the bankruptcy process.

Key points About Chapter 13 Bankruptcy

 

• The Chapter 13 bankruptcy is also referred to as the individual debt adjustment chapter as it allows debtors to forego some debts and repay most in a readjustment plan lasting 3 to 5 years.

 

• You will need to have a regular income before you file for Chapter 13 bankruptcy. From the regular income, you will have to first meet your daily expenses and then repay debts according to a schedule set by the bankruptcy courts.

    

• Hiring an experienced bankruptcy attorney is very important as he will be the person who will make the repayment plan after understanding your present financial condition. The attorney will plan for repayment in such a way that it covers most or all of your debts without making things difficult for you.

 

• Once you have filed for Chapter 13 bankruptcy, the creditors cannot directly contact you for debt repayment nor can they make any plans to collect pending debts.

 

• After your repayment plan is approved by the court, you do not directly pay the creditor. The monthly remuneration goes to a court-appointed trustee who then distributes the amount to the creditors. This process ensures that the creditors cannot contact the debtor directly.

 

• In case you are unable to meet the repayment plan in the designated 5 years because you lost your job or do not have any stable income, your Chapter 13 can be converted into Chapter 7, the case can be dismissed or your debts can be discharged. You should always be prepared for the worst and keep in touch with your attorney.

 

• An experienced California attorney will help you get the credit counseling that needs to be completed within 180 days before filing for bankruptcy under Chapter 13.

 

• Lastly, it should be remembered that you have to pay an administrative fee to the court when you file for Chapter 13 bankruptcy. Apart from this the attorney will have his separate charges.

 

Considering all the above points, it can be said that Chapter 13 is a good answer for any debtors who have the possibility to repay their debts but need time. The right approach can only be decided by a California attorney. Choose an attorney you can trust blindly and with whom you wouldn’t hesitate to hide any information. While looking for a California attorney it should also be remembered that a firm which charges huge fees may not be the best. There are several attorneys in California who come cheap yet are extremely trust-worthy.

Attorneyforbankruptcy.com is a leading law firm of California where you can hire most experienced california chapter 13 bankruptcy attorney and tax attorney san jose.