Under Chapter 13, a Bankruptcy Court can help a debtor reorganize his debts and pay them off over time. There are many reasons why a Chapter 13 bankruptcy might be a better choice.
Mortgage Lien Strip – It cannot be stressed enough that a mortgage lien strip is only available as part of a Chapter 13 bankruptcy. If you’re home is underwater and the amount of your first mortgage exceeds your home’s value, it is then possible we will be able to assist you to “strip” the second mortgage lien.
Foreclosure - Chapter 13 bankruptcy can stop foreclosure and allow a homeowner to get caught up on past due mortgage payments.
Cram Down Car Payments - By making car payments through a chapter 13 plan, it is possible to reduce the interest rate and even the principle on your loan. The Bankruptcy Code allows debtors to “cram down” or reduce their car loan to equal the actual value of the vehicle.
Retain Non-Exempt Property – Chapter 13 bankruptcy allows for retention of the property as long as the non exempt value of the asset is paid out over the life of the re-payment plan. The non-exempt value of property is paid out incrementally over the life of the payment plan.
Income- Sometimes a person makes simply too much money to file a Chapter 7. Therefore, another option would be filing a chapter 13 Bankruptcy Case.
Debt Not Dischargeable in Chapter 7 - A Chapter 13 gives you some breathing room and lets us come up with a plan to get caught up on some debt that is not dischargeable in Chapter 7. During this process you have some peace of mind. We represent you and become your advocate, ensuring that you can get all of your debt paid off in a 3-5 year period without harassment.
PERALTA LAW, INC charges convenient flat fees and offers long-term payment plans for those that qualify. The majority of our practice is devoted to bankruptcy, so we can provide skilled and knowledgeable services in an efficient manner.
With the help of the PERALTA LAW, INC., in just a short period of time you will be on the way to a more secure financial future.
For a free initial consultation with a personal bankruptcy lawyer at PERALTA LAW, INC., call 888-685-4344 or contact us online. Our firm serves clients in the Southern California, including, San Gabriel valley, San Fernando Valley, Los Angeles, Orange County, Inland Empire, Riverside, San Diego, Santa Barbara.