LOS ANGELES CHAPTER 13 BANKRUPTCY ATTORNEY
What is Chapter 13 Bankruptcy?
A Chapter 13 bankruptcy, often called a wage-earners plan, provides an individual, married couple, or business with a way to reorganize debts in order to achieve a new financial start. There can be many advantages to a Chapter 13 bankruptcy over Chapter 7 bankruptcy, debt settlements, tax settlements, and debt consolidation including but not limited to saving a home from foreclosure Filing a Chapter 13 bankruptcy can stop any foreclosure action on a home or property instantly and allow a structured repayment of the arrears on that loan over a three to five year term.; stripping off a second mortgage, home equity line of credit, or judgment lien from Real property includes a home, rental property, commercial property, or bare land; removing the interest rates on unsecured debt, lowering payments and/or interest rates on debt secured by personal property For instance loans on your automobile, motor home, or furniture loans and/or getting out of debt by paying back only a fraction of what you owe. Further, in a Chapter 13 bankruptcy, you have the option of keeping any and all property that you own regardless of the equity Value after taking into consideration any liens against said property in that property.
In a Chapter 13 bankruptcy your general unsecured debts are combined into one category and a payment plan is developed in order to clear these debts over a three to five year period. In many situations those filing Chapter 13 bankruptcy will pay back only a fraction of the total amount of unsecured debt owed, without interest, thus saving thousands of dollars. What each individual, couple, or business pays in a Chapter 13 bankruptcy is based upon the amount of disposable income Simply put, disposable income is a household’s net income less all reasonably necessary household expenses available over the life of the plan. Because this calculation takes into consideration necessary monthly expenses, you will still have enough of your income to pay your necessary living expenses, such as house payment, car payment, utility bills, food, clothing, insurance, daycare, etc. Once the Chapter 13 plan is completed and all agreed plan payments have all been made, a discharge The discharge releases the debtor from all debts provided for by the plan or disallowed, with limited exceptions is issued for your debts, regardless of whether the payments satisfied the outstanding debts in full.
Speak to your Wajda Law Group Chapter 13 Bankruptcy Attorney about which assets are protected under the laws in your state.
Chapter 13 bankruptcy can also help those that have fallen behind on State or Federal taxes. Although most taxes are not dischargeable, a Chapter 13 plan can eliminate future interest and penalties on back taxes making these troubling debts more easy to pay off in a short period of time. For some, this may be the best tax resolution option available.
Your Wajda Law Group attorney will help you evaluate your financial situation, create a successful and advantageous Chapter 13 plan, and prepare your case for court. Our experience with the complicated nature of Chapter 13 bankruptcy cases gives us the knowledge to get your Chapter 13 bankruptcy plan confirmed This is the term used when your Chapter 13 plan is accepted by the court as an adequate repayment of your debts at a payment you can afford.
For more information on the protections available under Chapter 13 bankruptcy, schedule your appointment for a FREE CONSULTATION with a Chapter 13 Bankruptcy Attorney in Los Angeles today!
For a full detailed description of Chapter 13 bankruptcy, please visit http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter13.aspx
DO YOU THINK BANKRUPTCY MIGHT BE RIGHT FOR YOU?
Talk to us! We promise we can help you! Call Now! (877) 550-0003
Nicholas M. Wajda came highly recommend by Legal Zoom. After talking to him regarding my situation, I knew I could trust him. He listened and had a caring tone in his voice. My situation is now settled and I couldn't have done it without Nicholas Wajda help. I Highly recommend him. Ps. You can always get him on the phone. Great service.
It took a while to decide to file for bankruptcy. First I had a bad experience with an attorney who was incompetent. Once I found Mr. Wajda I knew I was in good hands. He was very polite and professional from the first time I called him. By the way he answers all his calls himself and returns calls promptly. He made everything go smoothly and in no time I got a discharge of my debts. I recommend him highly. Thank you Nick.
The best!!!! Very smooth transition the best of it was I was able to make monthly payments till I had it paid to start my BK-Chap 7 and then sent reminders to me for a payment what ever I was able to afford that month that helped me out so much that I was able to do the BK now When I would send a email with a question I got a fast response I just got my discharge and I'm very thankful to Michael for his understanding and for letting this entire ordeal be so smooth I highly recommend this firm
ARE YOU READY TO TAKE CONTROL OF YOUR DEBT AND MOVE TOWARD FINANCIAL INDEPENDENCE?
Chapter 13 bankruptcy is the second most common chapter for individuals. Chapter 13 permits a debtor to repay his or her debts over a period of three to five years. Chapter 13 bankruptcy can also be used to save a vehicle or a home if a debtor has fallen behind on payments. In certain situations, a Chapter 13 bankruptcy can even eliminate the junior mortgages on a property.
Contact us and we will work with you to determine what is right for you.
ESTATE PLANNING ENSURES THAT YOU AND YOUR FAMILY ARE PROTECTED.
LET'S GET STARTED PREPARING FOR YOUR FUTURE
An essential step in protecting you and your family’s future is to create an all-encompassing estate plan. Here at Wajda Law Group, we have the knowledge and experience to create such protection for you. Although discussing an estate plan is something most people do not want to think about, proper protections are necessary in nearly all situations, and planning early can save you and your loved ones valuable time and money in the future.
IT MIGHT BE TIME FOR YOU TO GET HELP.
WHEN SHOULD YOU HIRE A FORECLOSURE ATTORNEY?
When it comes to foreclosure, hiring an attorney early in the process helps ensure that you have more options available to you than what might be available later in the foreclosure process. For example, the lawyer can help you work out a deal with the lender that will allow you to stay in the home, or, if necessary, fight the foreclosure in court. If you wait too long, however, it might be too late to stop the process.