Glendale Chapter 13 Bankruptcy Attorney

Understanding Chapter 13 Bankruptcy

Filing for bankruptcy is not a decision one should make lightly. You must first ask yourself, "is bankruptcy right for me?". Many factors must then go into determining if it is actually right for you. If you have exhausted all other alternatives to bankruptcy and you think bankruptcy may be your only option, we advise you to consult with a Glendale bankruptcy lawyer at our firm right away. Our knowledgeable attorneys will take the time to answer your questions, review your case and help you determine the best course of action to pursue.

Should you decide bankruptcy is the best option for you or your business, the next question becomes which type of bankruptcy should you file? Chapter 7? Chapter 11? Or Chapter 13? While an attorney from our firm could probably best educate you on the difference between the various types of bankruptcy, if you have a significant amount of debt which you cannot repay, despite having a steady income and assets, Chapter 13 bankruptcy may be your best option.

Unlike a Chapter 7 bankruptcy where a person must pass a means test and assets such as home equity, or other real estate holdings, can be liquidated to pay off creditors, Chapter 13 bankruptcy allows you a little more flexibility and therefore is referred to as the reorganization bankruptcy. Your debts are not discharged in a Chapter 13 bankruptcy like they are in a Chapter 7 bankruptcy, however when you have assets you wish to hold onto, that point may not be a deciding factor. Additionally, Chapter 13 bankruptcies offer full protection to your assets and property, no matter how large.

In Chapter 13 bankruptcy, you are given between 3-5 years to repay your debts. This is done by restructuring your debts and creating a specific payment plan to help ensure your bills are paid on time and in full every month. In most cases, you will only be required to pay around two-thirds of what you owed. Providing you have sufficient disposable income to get your debts paid off in the 3-5 year time frame, once your payment plan is complete you will no longer be held accountable for your debts.

Chapter 13 Bankruptcy Lawyer Serving Montrose and La Crescenta

If you have found yourself buried underneath significant debt and are unable to see a way out, you need to consult with a knowledgeable bankruptcy attorney from The Law Offices of Khachik Akhkashian immediately. We understand what you may be going through and we know how difficult mounting bills and subsequent credit harassment can be on you and your family.

That is why, with over 10 years experience practicing bankruptcy law, Attorney Akhkashian and the other attorneys at our firm are here to help you. We are dedicated to giving each of our clients the best service and representation possible in order to get them back on the road to success. Let us evaluate your current financial situation, review the best course of action and assist you with all your bankruptcy needs.

If you have questions about bankruptcy or need to determine if Chapter 13 bankruptcy is right for you, contact a Glendale Chapter 13 bankruptcy attorney at our firm today.