Chapter 13 Bankruptcy in Los Angeles, Riverside, and Long Beach
The personal bankruptcy attorneys of The Law Offices of Todd B. Becker in Riverside and Los Angeles explain how Chapter 13 personal bankruptcy works as a repayment plan for your debts in California.
Depending on the financial situation, an individual may not need to take the more extreme step of liquidating personal assets in order to pay off debts, as is the case in a Chapter 7 bankruptcy proceeding. A declaration of Chapter 13 bankruptcy may be enough to satisfy creditors while the debtor retains ownership of their home and possessions.
Who Should Consider Chapter 13 Bankruptcy?
Chapter 13 bankruptcies are appropriate for individuals who have a steady income but need some assistance repaying their debts. Under Chapter 13, the individual adopts a repayment plan that allows the loans to be repaid over three to five years. Riverside, Long Beach and Los Angeles Chapter 13 bankruptcy ends the foreclosure process and allows debtors to keep their homes.
While declaring Chapter 13 bankruptcy may seem like a clear solution if a person is facing a mountain of debt, any declaration of bankruptcy should be thoroughly discussed with a knowledgeable attorney. Any declaration of bankruptcy will remain on the debtor’s credit report for a minimum of seven years and may affect their ability to get a loan, mortgage or other credit-based financing.
Seek Experienced Legal Personal Bankruptcy Assistance
If you find yourself in a difficult personal financial situation, it is important to hire an experienced legal team that truly cares about your case and wants to assist you. The attorneys at The Law Offices of Todd B. Becker have extensive experience in Riverside, Long Beach, and Los Angeles Chapter 13 bankruptcy law and other personal bankruptcy alternatives.
