Chapter 13 Bankruptcy Lawyer Victorville, California
Chapter 13 is a repayment plan for individuals that meet certain requirements. The debtor keeps his property and makes regular payments to a trustee out of future income over about a 3 to 5 year period. Repayment in Chapter 13 generally ranges from 10 percent to 100 percent, depending on the debtor's income and the type of debt. he court decides how you will repay your creditors based largely on your income and expenses.
In Chapter 13 bankruptcy, you file a proposed payment plan with the court, describing how you will repay your creditors. You then meet with a chapter 13 trustee to discuss your plan, and afterwards, the judge will decide whether or not to accept your repayment plan. If you follow your repayment plan, your dischargeable debt will be wiped out at the end of the repayment period.
Most people who file for bankruptcy file for Chapter 7 because all dischargeable debts are wiped clean. However, there are reasons to file for Chapter 13 bankruptcy. First, if you have filed for bankruptcy within six years, you have to file under Chapter 13. Also, if you have valuable nonexempt property that you want to keep, under Chapter 7, it would be liquidated, but under Chapter 13, you can keep it. Furthermore, if you are behind on a mortgage or car loan, under Chapter 13, you can keep it and repay through your repayment plan. Our office will help determine if Chapter 7 or Chapter 13 is the best option for you.
Determining whether to file Chapter 7 or Chapter 13 bankruptcy is an important decision. The Law Offices of Ripley & Associates can help you decide what the best option for your individual situation. Contact our office to set up a consultation with an experience attorney to help you make the best decision with all of your credit and debt problems.
Experienced Chapter 13 Attorney
The Law Offices of Ripley & Associates, in Victorville, California, represents clients throughout the high desert area. Contact us toll free at 800-540-8713 to arrange a free initial consultation with an experienced attorney.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
