Chapter 13 Bankruptcy Attorney in L.A. and Surrounding Areas
Chapter 13 bankruptcy is a repayment plan or reorganization of debts. If you’re searching for professional Chapter 13 bankruptcy lawyers in the Los Angeles and San Fernando Valley area, whose fees are cheapest and inexpensive due to their decades of experience and efficiency in handling these types of cases, please contact us at the Law Offices of Kevin T. Simon, APC.
While in a Chapter 7 case, an individual can completely eliminate their unsecured debt (credit card, loans, and repossessions) all at once. A Chapter 13 bankruptcy requires an individual to commit to a monthly payment plan. Chapter 13 is often used when an individual does not qualify for Chapter 7 bankruptcy due to high income, too much equity in their property, or a need to reorganize debts on a house, car, or taxes. It enables individuals to develop a plan to repay their debts at a monthly payment they can afford.
We are well versed in both types of bankruptcy options, and we will help you determine which course of action is right for you. When you need a bankruptcy attorney in the San Fernando Valley, give us a call at the Law Offices of Kevin T. Simon, APC.
Is Chapter 13 Bankruptcy Right for You?
Under Chapter 13, an individual can keep their home, car, and personal property. Our Chapter 13 attorneys may even be able to remove a second or third mortgage or lien(s). Unsecured debts—such as credit card debt—are reduced or eliminated. A person’s secured debt (mortgage and car loans) must be below $1,257,850 and their unsecured debt (credit card) must be below $419,275.
As soon as you file for Chapter 13 bankruptcy, legal actions such as repossessions, foreclosures, lawsuits, garnishments, liens, and creditor harassment are immediately stopped. However, you must fulfill the terms of your payment plan, or you could lose these benefits. That’s why it is important to hire an experienced Chapter 13 attorney who can help navigate you through the confirmation of the case and assure your monthly payments are affordable.
Under Chapter 13 bankruptcy, individuals propose a manageable monthly repayment plan to be paid over three to five years. This payment is paid through the Chapter 13 Trustee, and repays a percentage of an individual’s debts from their disposable income (income minus expenses). At the end of the repayment period, any eligible unsecured debt that has not been paid through the Chapter 13 plan is discharged or eliminated.
A bankruptcy discharge is a powerful and complete elimination of unsecured debt. The debt will not need to be repaid at any point in the future. A better financial future may be possible!!
Why Choose the Law Offices of Kevin T. Simon?
Contact our law firm if you want to hire a reputable L.A.-based Chapter 13 attorneys. Due to our 20 year experience, we can efficiently handle your case, which allows our attorney fees to be inexpensive. We have filed over 7,500 Chapter 13 bankruptcy cases, and have a discharge rate of over 70%. (the national average is 13%). Our attorney fees are very reasonable, as we know how to efficiently and professionally handle a case. We are located in Woodland Hills, California.
At the Law Offices of Kevin T. Simon, APC, our job is to guide our clients to a stress-free and better life during and after bankruptcy. Our Chapter 13 bankruptcy lawyers take care of everything—including preparing and filing all paperwork with the Court, attending all court hearings, developing an affordable repayment plan approved by the Court, and managing the case to its conclusion. Ask our San Fernando Valley bankruptcy attorneys if filing for Chapter 13 is the best option for you.
Call (818) 783-1674 or contact us online to schedule a free consultation with Kevin Simon, an experienced Chapter 13 bankruptcy attorney in Los Angeles.
Frequently Asked Questions (FAQs)
● How much does it cost upfront to file a Chapter 13 Bankruptcy?
Our fees range from $500 to $1,500 upfront depending on your financial situation and completion of your case.
● Will I lose any of my property?
No. While Chapter 7 sometimes requires you to liquidate certain non-exempt assets, Chapter 13 sets up a repayment plan wherein you can keep all your assets.
● How much do I have to pay every month?
The monthly repayment amount depends on the amount of money you owe and your current income. We prepare your budget and work with the Chapter 13 Trustee to determine a reasonable repayment plan. This is the amount you will pay every month.
● Am I eligible for Chapter 13 bankruptcy?
Under current bankruptcy law, you can file for Chapter 13 provided that you owe no more than $1,257,850 of secured debt and $419,275 of unsecured debt. (These debt limits are effective through April 2022.) You must have enough disposable income to be able to afford a monthly repayment plan.
When filing for bankruptcy, any Chapter 13 repayment plan must be approved by a Judge, Chapter 13 Trustee and your creditors. That is why it’s important to have an experienced attorney on your side. Come to us for an affordable bankruptcy lawyer in the San Fernando Valley and L.A. who will fight for you.
Contact us today to set up an appointment with an inexpensive bankruptcy lawyer based in Southern California. Debt relief is just a phone call away. Remember, your initial consultation is free.