Orange County Chapter 13 Attorney

Reorganization of Debt

Although Chapter 7 is the most common type of bankruptcy declared among individuals in the United States, many individuals also file Chapter 13. Often if you are not eligible for 7, you could be qualified to declare 13. In this type of bankruptcy, your debt is not cleared, but is instead restructured and consolidated in order to give you one manageable monthly payment in a scheduled agreement that could last from 3 to 5 years, depending upon your debts and your situation. If it is impossible to repay your debt within a reasonable amount of time, you may be eligible to declare Chapter 13.

At The Law Office of Bruce C. Bridgman, there are many professional, qualified and experienced Orange County bankruptcy lawyers on call to help you. Mr. Bridgman and his team believe that everyone deserves a chance to get their finances under control. You might think that declaring bankruptcy is somehow bad or even shameful. Nothing could be further from the truth. When you file bankruptcy, you are doing exactly what you should do about the situation per the United States government. Bankruptcy exists to help individuals just like you when they are in an overwhelming financial situation.

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What is Chapter 13 bankruptcy?

It is important to get more information about this type of bankruptcy before you file. Not only should you get basic information about the subject, but it is helpful to discuss exactly how it may affect you. This is one of the services that an Orange County bankruptcy attorney at our law firm can provide. Our goal is to help you make the right choices about your case.

Chapter 13 bankruptcy is often referred to as a "wage earner's plan" or "reorganization". This form of bankruptcy is often recommended for debtors with high incomes and property that they would like to protect. It is a useful tool to save a home from foreclosure and is a debtor's only option if he or she did not pass the means test to file under Chapter 7.

When a person files his or her Chapter 13 petition, all debt collection efforts (including foreclosure and any lawsuits) must cease. The debtor will then present a proposed payment plan to repay creditors over a period of 3 to 5 years, depending on the amount of debt to be addressed and the debtor's disposable income. If the debtor makes scheduled payments for the duration of his or her plan, all remaining eligible debt will be discharged.

File Your Chapter 13 Case with an Orange County Bankruptcy Lawyer

When you successfully file for Chapter 13, you will see results right away. Harassing and embarrassing phone calls, letters and other contact from creditors, mortgage companies, debt collectors and other entities to which you owe debts will cease immediately as required by federal law. Even if your house is in foreclosure, that process will also halt.

If you are considering bankruptcy, it is important that you do what you can to ensure that you get the best possible service in order to make your bankruptcy process smooth and easy for you and your family. With the help of an experienced lawyer, you can get the counsel and representation that you need. Contact The Law Office of Bruce C. Bridgman today!