Chapter 13 Bankruptcy
Northern California Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is also known as a reorganization bankruptcy, and it allows individuals to consolidate their debts into one monthly payment over a 3-5 year period, while generally paying less than 100% of unsecured debts. It can also lower interest rates on some secured debts, like car loans. Because you are continuing to pay on your secured debts, you will likely be able to keep all of your property. Call us today to learn more.
Chapter 13 is ideal for catching up on missed mortgage, auto, and outstanding tax payments. Because you will be catching up on missed payments, Chapter 13 bankruptcies generally prevent foreclosures and repossessions. For those who owe more on their first mortgage than the property is worth, a Chapter 13 allows you to remove any junior mortgage or equity line secured against your real estate.
Depending on your income, expenses, and assets, you will only pay back a portion of your unsecured debts such as credit cards, personal loans, medical bills, and repossession/ foreclosure deficiencies. The attorneys at Younger & Hennecke will work with you to propose an affordable repayment plan.
At Younger & Hennecke, we pride ourselves on the fact that the attorney you hire will see your case through to completion. Our attorneys handle all paperwork personally instead of relying on paralegals, forms, and applications filled out by clients. We will guide you through each stage of the bankruptcy process and ultimately put you on a path towards rebuilding your credit.
Some of the benefits of Chapter 13 bankruptcy include:
- Eliminating a second or third mortgage on your home
- Lowering payments on car loans
- Preventing foreclosures by allowing the borrower to catch up on missed payments over a 3-5 year period without incurring additional interest or penalties
- Stopping the accrual of interest on tax debts
- Protecting cosigners who are not filing bankruptcy
- Keeping property that might be subject to liquidation in a Chapter 7
- Allowing you to continue operating your small business
Our clients are our top priority. Call us today to find out what we can do for you.
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