A Chapter 13 Bankruptcy permits you to pay your creditors in monthly installments over three-to-five years. You will submit a formal plan to the court which states the amount of money that will be paid each month to your creditors to satisfy their claims. You do not have to pay your creditors in full. The amount that you must pay your creditors is determined by two tests:
As hard as you work to make ends meet, you still struggle under a mountain of debt. You may have considered bankruptcy, but with a regular income, you don’t want to lose your property to a Chapter 7 process. Chapter 13 may be the option for you. Our bankruptcy attorney at the Law Office of Madaen can help you achieve an affordable Chapter 13 filing to preserve your property while setting a course for your financial recovery.
Mr. Madaen, our skilled Bankruptcy Attorney, lives and works in the Orange County area and understands the all-too-common struggles of working families to keep one step ahead of debt and ever-rising expenses. Madaen Law, Inc. offers inexpensive filing and management of your Chapter 13 case. As dedicated as we are to keeping costs low, we are as generous with our time and skill in managing the complex aspects of your case.
Filing for Chapter 13 bankruptcy reorganizes your debts into one monthly payment plan. While Bankruptcy Chapter 7 takes 90 days, the Chapter 13 repayment plan takes from three to five years to pay off some debts and eliminate others. The length of time it takes depends on the amount you can afford to pay each month after paying necessary living expenses, such as insurance premiums and your mortgage or rent.
You may be able to use Chapter 13 to avoid foreclosure, vehicle repossession or the repossession of other personal property. Despite Chapter 13’s primary function as a repayment plan, it is still Bankruptcy and affects your credit rating.
For more information on the process of Chapter 13 bankruptcy, please visit our Frequently Asked Question Page.
If you’re at risk of foreclosure, you need to know that you have options. Let the Madaen Law, Inc. help you find a way to organize your finances and keep your property. Call us today at (888) 266-1138 or (714) 782-7275, or contact us through our Contact Form. Our hours are 9 a.m. to 5 p.m., Monday, Wednesday and Friday, and our office is easily accessible by public transportation. Madaen Law, Inc. has office locations throughout the Los Angeles County, Orange County, and San Diego County.