How Chapter 13 Bankruptcy Filing Can Help You

How Chapter 13 Bankruptcy filing Can Help You

You will be amazed to know the fact that the bankruptcy court is not just the final stop of your financial devastation. Instead, there is some federal bankruptcy code which helps you to eliminate or delay the sale of your property.

Let us understand what this chapter 13 bankruptcy is. Chapter 13 is mainly made for those categories of people for whom income is not a problem, but they face issue in meeting the demand for immediate payment by the creditor. You can also say that chapter 13 has been made for those people who already have enough income to repay their present dept.

One of the categories of chapter 13 is that you can keep your home along with you as long as you are able to pay the mortgage under a fixed settlement plan. Mainly the people falling under chapter 13 will have almost three to five years to resolve their debts, and this is only possible when they apply all their disposable income for debt reduction. Â Â Moreover, this option also allows the applicants to reduce all sorts of unsecured debts while catching the missed mortgage payment. Here, the main point that you need to keep in your mind is that you can easily keep your home with you for years, but it should be under the supervision of court appointed trustee, those are responsible for collecting as well as distribute the payment. n you can simply approach a chapter 13 bankruptcy attorney Los Angeles, they will explain you more clearly.

What are the eligibility criteria for filing chapter 13? Â You will be shocked to know that businesses, even the sole proprietorship, cannot file a chapter 13. Apart from this, the bankruptcy code also prohibits the commodity and stock brokers from filing chapter 13. Even if they have their personal debt, but they still cannot file for it. Â Other than this, if an individual can explain that they have a certain way to clear the debts, then they are eligible to file. As soon as they file a petition, from that day onwards and within fourteen days then need to disclose the source of income to the court. Moreover, the income that we are talking here can be from a variety of sources like Pension income social security payments, royalties, unemployment compensation, or even the income from the sale of the property. Disclosing the source of income is not enough; you must also be up to date with your tax filing.

If you want to get relief from the debt, then you need to opt for the Debt relief Ventura County. They will help you to get rid of debt by making some settlement. In addition, you also need to submit proof that you have filled all the state as well as federal tax for the last four years. To know more details for the same you can approach a Chapter 13 bankruptcy attorney Woodland Hills.

The bankruptcy court will not only review the debts and the income statements, but at the same time, they will also meet the creditors and schedule a date for hearing along with the debt settlement attorney Los Angeles. Chapter 13 is discharged only when the repayment is completed. If you got enough money and want to close the case of debt, then you can simply hire a foreclosure attorney Ventura, and they will help you to make the settlement in a proper way.

At Nathan A Berneman, APC we understand what our clients want from us and therefore we extensively extend our support, which is why we are the best law firm for bankruptcy attorney in Los Angeles. Get in touch with us now.

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