Encino, CA Chapter 13 Bankruptcy Lawyer

With the ailing global economy, it is no wonder people are turning to an Encino, CA Chapter 13 bankruptcy lawyer about their finances. With so many societal factors that hinder people from getting ahead, it’s no surprise that filing for bankruptcy becomes a realistic option. If you are overwhelmed with your debts and are not able to find a solution in the near future, instead of losing hope and feeling depressed, have a member of our team consult with you. At Resolve Law Group, we can understand the mental turmoil that comes along with financial challenges. Let us learn more about your situation and then suggest whether filing for bankruptcy is going to benefit you.
Chapter 13 bankruptcy lawyer Encino, CA

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About Chapter 13 Bankruptcy

There are six bankruptcy chapters that you can choose from, but each is designed to help an individual or company based on their circumstances. You don’t want to file for a bankruptcy chapter that doesn’t suit your needs and preferences. Chapter 13 bankruptcy is one of the most commonly filed for chapters, and may also be referred to as a repayment plan. This chapter aims to help people catch up on debts based on their earnings. After partaking in a 3-5 year repayment plan, the remaining debts may be eliminated and the person is no longer obligated to pay. If you have more questions about Chapter 13 bankruptcy, we are available to answer them.

How Long Bankruptcy Takes

Before choosing to file for Chapter 13 bankruptcy, you have to remember that there is a time commitment for this type of filing. Chapter 13 can take longer to complete compared to other bankruptcy chapters. This is because you will have to pay monthly towards your debts over a few years to bring your account up to date. As an Encino Chapter 13 bankruptcy lawyer explains, depending on how your plan is created, it can take some time to pay off what is required of you. The bankruptcy court assigns you a repayment plan according to your earnings in an effort to reorganize your credit. But before you can start paying, you will have to undergo a means test, which assesses which creditors will be repaid.

Other Bankruptcy Chapters

After consulting with you, we can let you know which bankruptcy chapter is most appropriate. There are six chapters in total, including Chapter 7, Chapter 11, Chapter 12, Chapter 13, or Chapter 15. Chapter 7 is referred to as liquidation bankruptcy, as it lets you use your assets to pay creditors back. Chapter 11 is mostly used by businesses, as it allows a reorganization of debts while the business stays in operation. Chapter 12 was created for family farmers or fishermen, as a means to reorganize their business, pay off debts, and continue operating. Chapter 15 is for bankruptcy cases that involve more than one country.

Don’t let financial difficulty get you down any longer. Filing for bankruptcy with help from an Encino Chapter 13 bankruptcy lawyer could yield the benefits you are looking for. If you have further questions about bankruptcy, our team at Resolve Law Group is ready to assist you. We hope to hear from you today.

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