Chapter 13 Bankruptcy Lawyer in Los Angeles, California
Chapter 13 Bankruptcy is less common than Chapter 7 bankruptcy and few people are familiar with how it works. Chapter 13 Bankruptcy is a repayment plan that is set up through the bankruptcy court. The repayment plan can last3 years or 5 years and how much you repay is based on a number of factors.
Unlike a Chapter 7 bankruptcy, under a Chapter 13 bankruptcy there is no danger of losing any assets. Thus Chapter 13 bankruptcy is a popular choice for homeowners who have a lot of equity in their house, which would be in danger of being seized and sold off in a Chapter 7 bankruptcy.
Chapter 13 bankruptcy also has some other benefits. If a house is in danger of foreclosure, Chapter 13 bankruptcy allows people to catch up on unpaid mortgages and get current. In some instances, people may be able to get rid of a second mortgage on their home. Another benefit of Chapter 13 is paying large tax debts through a repayment plan.
Get a Free Consultation with a Los Angeles Chapter 13 Bankruptcy Lawyer
The greatest obstacle in a successful Chapter 13 bankruptcy case is the repayment plan. People who file for Chapter 13 bankruptcy must have a reliable source of income. This requirement eliminates many prospective Chapter 13 filers.
Another obstacle is the amount of the payments. How much a person is required to pay each month is based on a number of factors. Some repayment plans are less than $100.00, while others are in the thousands. If you are interested in learning more about a Chapter 13 repayment plan, contact a Los Angeles Bankruptcy Lawyer at MacLean Chung Law Firm.
A Los Angeles Chapter 13 bankruptcy lawyer at MacLean Chung Law Firm will give you a full bankruptcy evaluation and discuss both Chapter 7 and Chapter 13 bankruptcy options. We offer free consultations and can give you a quote on your fees via a short telephone conversation.
Our bankruptcy attorneys serve all of Los Angeles County. Our main office is in Burbank, California. We also have branch offices in Pasadena, Torrance and Valencia (Santa Clarita). We can meet you at the office location that is most convenient for you.