Chapter 13 Bankruptcy Attorney in Los Angeles
Benefits of Chapter 13 Bankruptcy
Although it is not the right solution for every Los Angeles debtor, there are particular benefits to be had by filing for bankruptcy under Chapter 13 of the U.S. Bankruptcy Code. Possibly the most well known benefit is its ability to stop foreclosure and enable a homeowner to save his or her home by including past due payments and penalties in the Chapter 13 repayment plan. However, there are other benefits as well, and a bankruptcy attorney at our law firm can help you understand all of these as they apply to your particular case.
By contacting our law offices and discussing your financial situation with a Los Angeles Chapter 13 bankruptcy lawyer who understands the ins and outs of this often complicated form of bankruptcy, you can get the information that will enable you to make the right choices about filing. For example, some of the other benefits that may be associated with this type of bankruptcy are as follows:
- Once you file, all debt collection efforts against you must cease, including lawsuits (this includes foreclosure);
- All of your property and assets will be protected during the entire bankruptcy process;
- Your repayment plan will be calculated based upon your income versus expenses, establishing an amount of “disposable income” that will be used to make a monthly payment for up to 5 years;
- You may be able to include mortgage arrears and certain secured debt in your repayment plan, depending on the particular debt; and
- You do not necessarily have to pay all of your debt through your payment plan. Once you successfully complete your plan, all remaining debt (if any) will be discharged. You will be released from any further obligation to the discharged debt.
Make sure you have the opportunity to experience all of the benefits that Chapter 13 bankruptcy may have to offer you. Contact a Los Angeles Bankruptcy Lawyer at our firm today.