Chapter 13 Bankruptcy
Riverside CA Chapter 13 Bankruptcy Lawyers

In most cases, people file for Chapter 13 bankruptcy to save their home from foreclosure when they think their financial crisis is temporary, and they will enjoy greater income in the near future. Also known as wage-earner bankruptcy, it is typically filed by consumers who can pay off some, but not all, of the debt they have incurred.

The Chapter 13 bankruptcy process involves creating a plan to pay secured and unsecured creditors an amount, determined by law, that the debtor can afford. Bottom line? If you are able to pay off the pre-determined amount to the Trustee, you will get a Chapter 13 discharge.

In essence, Chapter 13 bankruptcy allows you to keep property that you might lose in a Chapter 7 bankruptcy. Other advantages include:

Eliminating second and third home mortgages. Should the value of your home fall below what you owe on a 1st mortgage, you might be eligible to eliminate a 2nd or 3rd mortgage, and/or any home equity loans.

Restructuring past due home mortgages.

Thanks to our in-depth knowledge of bankruptcy law, we can create a plan to save your home from foreclosure. How? In part, by making your payments more manageable over the next three to five years.

Restructuring car payments.

Given the fact that most people owe more on their car than it is actually worth, Chapter 13 can save you thousands of dollars by paying only the market value of the car rather than the full amount that is owed.

As top Riverside CA Chapter 13 bankruptcy lawyers, we can quickly determine if Chapter 13 is the best option for you, and guide you through the entire process. We know what you are going through and are here to assist you. Click here to read an article written by Mr. Fernandez about Chapter 13. Or, contact us today to learn more.