Riverside, Long Beach, and Los Angeles Chapter 13
The personal bankruptcy attorneys of The Law Offices of Todd B. explain how a Riverside, Long Beach, or Los Angeles Chapter 13 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 a Riverside Chapter 13 bankruptcy or a chapter 13 in Los Angeles 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. Undera Los Angeles, Long Beach, or Riverside Chapter 13, the individual adopts a repayment plan that allows the loans to be repaid over three to five years. Chapter 13 bankruptcy in Los Angeles, Riverside, and Long Beach ends the foreclosure process and allows debtors to keep their homes.
While declaring Chapter 13 bankruptcy in Riverside, Long Beach, or Los Angeles 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 with chapter 13 in Riverside, Los Angeles, and Long Beach and other bankruptcy alternatives.
