San Diego Chapter 13 Lawyers
Personalized Legal Representation from Experienced Attorneys
Are you feeling the overwhelming weight of accumulated debts gathering
on your shoulders? Especially amid a growing recession, many individuals
have become stressed and anxious as their salary and savings decrease
on account of the poor economy, which has been even further affected by
the terrible consequences of COVID-19. When it feels like your pile of
debt has become a volcano ready to erupt, you need to know there is hope.
Our Chapter 13 attorneys in San Diego can support you in an application for
bankruptcy, which provides immediate relief to those suffering from growing arrears
on mortgage payments or car debts. At Debt Relief Legal Clinic, our team
is dedicated to offering you a lifeline from crippling collections from
Call us today at
(619) 639-9228 to get a personalized, effective plan to resolve your financial stress.
How Does Chapter 13 Work?
One of the common terms for Chapter 13 is that of a “reorganization”
bankruptcy strategy, also called a “wage earner’s plan.”
This is because those who file for Chapter 13 usually still have a steady
source of income, but one that is simply not enough to help you get rid
of all your debts immediately.
When you file for Chapter 13, your skilled bankruptcy lawyer will mediate
between you and your creditors to first seek opportunities to decrease
the amount of payment due. Then there will be a negotiation of your plan
of payment. Rather than trying to scrape up enough funds to pay a large
sum every month, the monthly payment can be greatly reduced into more
manageable, bite-sized chunks.
Calculating Your Chapter 13 Repayment Plan
Each payment plan will be different, and is based on what you can afford
to pay monthly.
When creating your repayment plan, you must factor in:
Disposable income - The higher your disposable income (your monthly income minus your necessary
expenses), the higher your monthly plan will be.
Debts - You must include all of the debts that you need to repay, including priority
debts (alimony, back taxes, child support) and unsecured debts.
Length of plan - Most payment plans last between 3 to 5 years, depending on how much debt
you have to repay.
Make sure that you work with an attorney to help you determine a manageable
plan. Our attorneys can review your finances, income, and debts to help
you determine an effective debt relief solution.
When to Consider Filing for Chapter 13
If you are wondering whether Chapter 13 bankruptcy is an option for you,
there are several indicators that can let you know if this payment relief
plan will suit your individual needs.
Some of the scenarios where Chapter 13 is the optimum choice are when you:
Owe debts which are unable to be forgiven and discharged under
Chapter 7, including settlements for child support, marital property, or taxes
- Have been forced to experience liens that are larger in monetary value
than the property or object being used for debt security
- Need to fulfill loan requirements for your retirement, which are barred
from Chapter 7 payment plans
Have been falling behind or completely unable to pay your mortgage or automobile
payments, and are
facing foreclosure or repossesion
How to Know if You Are Eligible for Chapter 13
There are a number of requirements that are necessary to begin the process
for this bankruptcy plan. Your knowledgeable lawyer can also help you
determine exactly whether you fit the required attributes.
The eligibility requirements for Chapter 13 include:
- Applying as an individual, since no corporations or partnerships are allowed
- Receiving a reliable, steady income which has at least a slightly larger
amount of earnings than what you typically spend on living costs
- Possessing unsecured and liquidated debts which total less than $383,175
- Having secured debts that amount to being less than $1,149,525
Certified Bankruptcy Support
At the Debt Relief Legal Clinic, our dependable attorneys are dedicated
to giving you the support you need. Unlike most San Diego Chapter 13 lawyers,
our entire team is fully Certified Bankruptcy Specialists. You can count
on our experience to help you no matter what the challenges are surrounding
Contact us now at
(619) 639-9228 to experience a wave of financial relief from your debts today through
a Chapter 13 bankruptcy plan. Schedule your
free case consultation today.