Chapter 13 bankruptcy is a repayment plan or reorganization of debts. If you’re searching for cheap or inexpensive chapter 13 bankruptcy lawyers in the Los Angeles and San Fernando Valley area, who have decades of experience in handling these types of cases, please contact us at the Law Offices of Kevin T. Simon, APC.
Is Chapter 13 Bankruptcy Right for You?
While in a Chapter 7 case the debtor can completely eliminate their unsecured debt (credit card, loans, and repossessions) all at once, a Chapter 13 bankruptcy requires the filer to commit to a monthly payment plan. Chapter 13 is often used when an individual does not qualify for Chapter 7 due to high income, too much equity in their property, or need to reorganize debts on a house, car, or taxes. It enables individuals to develop a plan to repay all or a small percentage of their debts. We are well versed in both types of bankruptcy options, and we will help you determine which course of action is best 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 entirely. Unsecured debts are reduced or eliminated. The debtor’s total unsecured and secured debt (mortgage and car loans) must fall below a certain dollar amount, which is adjusted periodically for inflation.
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 will lose these benefits. That’s why it is important to hire an experienced Chapter 13 attorney who can help negotiate the right terms with respect to your financial situation.
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 portion of an individual’s debts from their disposable income. At the end of the repayment period any eligible unsecured debt that has not been paid through the Chapter 13 plan is discharged.
A bankruptcy discharge is a powerful and complete elimination of unsecured debt. The debt will not need to be repaid at some 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 reputable L.A.-based Chapter 13 attorneys with inexpensive attorney fees. We have dealt with over 7,500 Chapter 13 bankruptcy cases, and have a discharge rate of over 70%. Our attorney fees are very reasonable, as we know how to efficiently and professionally handle a case.
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 attorneys if filing for Chapter 13 bankruptcy 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.