Orange County Chapter 13 Attorney
Reorganization of Debt
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.
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
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!