At the Law Office of Jacqueline Y. Blade, we help clients achieve essential debt relief objectives through intelligent use of the Chapter 13 bankruptcy procedure. Contact us in Westlake Village to find out whether Chapter 13 makes sense for you and your financial situation.
Debt Relief Through Monthly Plan Payments Under Chapter 13
Chapter 13 represents a flexible approach to bankruptcy that does not necessarily represent a debtor's first choice, but that nonetheless can accomplish several goals, including several that Chapter 7 cannot achieve.
For example, a Chapter 13 bankruptcy will allow a person to pay down nondischargeable debts such as tax arrearages or student loans over time under Bankruptcy Court protection. It can also allow the debtor to get out from under a portion of mortgage debt through lien stripping. Another positive advantage of this chapter is the debtor's ability to protect important nonexempt assets by paying their value over time, rather than immediately turning over the assets or their value to a trustee.
Bankruptcy under Chapter 13 is not always easy. Its main feature is the formulation and performance of a debt repayment plan, which requires the ability and commitment to make monthly payments over a three- to five-year period. Missing a payment, and especially a sequence of payments, raises a real risk of dismissal from Bankruptcy Court protection. The Chapter 13 debtor needs to generate steady income that can support living expenses and plan payments for the entire period.
Westlake Village Chapter 13 attorney Jacqueline Y. Blade helps people understand the procedures and strategies that can make bankruptcy work for you, especially in cases involving mortgage arrears or difficulties with nondischargeable debts. Ms. Blade will make sure that your plan payments are based on a realistic view of your monthly income and expenses, so as to minimize your risk of missing a payment.
If you file a Chapter 13 petition then later lose your job or other source of income during the repayment period, our law firm can help you convert your case to Chapter 7. Chapter 7 will accelerate your discharge on unsecured debts, which might open up cash flow for maintaining mortgage payments.
Ventura Chapter 13 Bankruptcy Attorney: Call 805-409-3790 or 818-495-4908
When the Chapter 13 case is completed after your last plan payment, you will receive a discharge of all remaining general unsecured debts, and your mortgage defaults will have been cured. To learn more about the ways an experienced bankruptcy lawyer can guide you through Chapter 13 in Southern California, contact the Law Office of Jacqueline Y. Blade in Westlake Village.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.
