What is Chapter 13 bankruptcy?
Chapter 13 Bankruptcy allows individuals to develop a plan to repay their debt. This chapter allows individuals to make installment to creditors over a three to five year period. Chapter 13 lets individuals with regular income makes adjustments to the debt that is owed.
Can anyone file for Chapter 13 bankruptcy?
In order to file for Chapter 13 bankruptcy, you must be an individual. You cannot be a corporation or partnership. You need to have disposable income. Finally, you must have liquidated, unsecured and secured debts that don’t exceed the limitations in 11 U.S.C. §109(e).
What are the advantages of Chapter 13 Bankruptcy?
There are several advantages to filling for Chapter 13 bankruptcy. Chapter 13 allows individuals to save their homes from foreclosure. Chapter 13 also allows individuals to reschedule secured debts and extend the life of them.
How do I file for Chapter 13 Bankruptcy?
First you should make sure that Chapter 13 is the right choice for you. Second you should gauge your income and check the value of your property. Third you need to fill out bankruptcy forms and turn them into the clerk of the bankruptcy court. Please call The Langley Law Firm for more information. We provide service for Santa Ana, Orange County and Tustin, CA.