Glendale Chapter 13 Bankruptcy Attorneys

A Better Way to Relieve Debt Stress

Many people are unable to qualify for Chapter 7 bankruptcy; others who may benefit from this process have more property than they wish to lose, or they have certain debts—such as back taxes—that cannot be discharged in any type of bankruptcy. To increase debt relief options for people, the U.S. Bankruptcy Code provides for a process called Chapter 13.

If you are seeking debt relief and your income exceeds the limits for Chapter 7, you need to learn more about Chapter 13 bankruptcy. Our Glendale Chapter 13 bankruptcy lawyers, Joseph Adamian and Gohar Khojayan, can help you qualify and make it all the way through the Chapter 13 plan, debt discharge process.

Contact our attorneys at (833) 360-8605 to book a consultation in English, Spanish, or Armenian. Why wait? With our help, you can pursue relief without delays.

How a Chapter 13 Plan Can Mitigate Debt Stress

Chapter 7 bankruptcy is a faster process that can discharge most debts not secured by property, but it is not available to everyone. Fortunately, if you have a regular source of income, earning more than the means test for Chapter 7 does not mean you should give up.

Chapter 13 provides for a payment plan to help you overcome your debt stress. Creditors are more likely to receive at least some of the money you owe them, allowing you to keep more property—a home with ample equity in it or a valuable car—and still get an effective resolution to your financial problems.

How Does a Chapter 13 Repayment Plan Work?

The Chapter 13 repayment plan requires you to use your regular income to make regular payments to your creditors for three to five years. You must make monthly payments to a court-appointed bankruptcy trustee, who then disperses the payments to your various creditors. You must give up control over your financial affairs to some degree in a Chapter 13 bankruptcy plan, but this is a fine disclosure to make in comparison to what you get out of the plan—relief that can, in many ways, exceed what you achieve under the Chapter 7 process.

The Chapter 13 repayment plan gives you the benefit of being able to:

• Stop severing foreclosure, wage garnishment, vehicle repossession, etc.
• Get additional protection against lawsuits and creditor harassment
• And receive a guaranteed opportunity to repay your creditors, including mortgage and vehicle lenders, over time!

Will I Have to Pay 100% of My Debt in Chapter 13?

While you will repay creditor claims you may owe in full and those that are secured (for example, auto loans and mortgage payments), the actual debts paid over this time are also related to your financial circumstances. It is more likely to be based on the means by which your monthly payments are determined. For you, this may be how much income you have left each month after subtracting qualified expenses.

Our role as the attorney you choose to advise and represent you is to also make sure only amounts that are otherwise legally required are taken into account. Creditors will likely try to argue that certain spending decisions or living expenses should not qualify as disqualified federal expenses. We will fight to help you be eligible for the best possible long-term payment arrangement in that context as well.

When Can I Start My Chapter 13 Payment Plan?

Unlike other bankruptcy processes, you have to start making payments to your creditors during Chapter 13. However, you do not necessarily accrue the money right away. Yоu саn bеgіn уоur rерауmеnt рlаn іn Thіrtу (30) dауѕ tо fіvе(5) уеаrѕ аftеr fіlіng уоur саѕе, аѕ ѕіmрlе оr соmрlісаtеd аѕ іt mау bе. Your payments begіn after уоu file bankruptcy, аnd you dо not hаvе tо wіt tо pay оff аѕmаll аmоunt of unѕесurеd dеbt before саnсеlаtіоn of the rest.

This tіmе wіndоw ѕіnfоrmаtіоn hаѕ helped mаkе Chарtеr 13 bаnkruрtсу аn аvеnuе fоr рurсhаѕіng аnd fіnаnсіng аn аррlіаnсе, a vehicle or a hоuѕе. It lіkеlу рrоvіdеѕ аvаіlаіlblе mоrе rеlіеf аnd рrоtесtоn fоr Glendale, California consumers thаn аnу оthеr bаnkruрtсу optiоnаl.

Meet with Our Glendale Chapter 13 Lawyers

Qualifying and formulating a repayment plan that best meets your needs will not be easy, but our team is here to make it happen. We have worked with many clients who succeed in obtaining full or nearly full filing protection in Chapter 13, and we will work just as hard for you. With personal attention, we clarify your objectives, answer your questions about filing, guide your decision making, and prepare you for your bankruptcy court appearances along the way.

Contact our office online to learn if your income qualifies you to file Chapter 13 bankruptcy. Our client-focused legal team speaks multiple languages and offers free parking.