San Jose Chapter 13 Bankruptcy Lawyers
There are certain limits to the amount of debt you can have while still qualifying for Chapter 13 bankruptcy. But if you want to keep assets or income that would have to be liquidated in a Chapter 7 case, are seeking to prevent foreclosure, or have the means to be able to make good on past due car payments, Chapter 13 may be a good solution.
At Diemer, Whitman & Cardosi, LLP, we help Bay Area individuals and families obtain meaningful debt relief through the Chapter 13 bankruptcy process. If you have been struggling under a mountain of crushing debt, it may be time to explore your options for a fresh financial start. To do that during a free consultation with an experienced attorney, call our offices directly at 408-971-6270 or contact our firm online.
How Does Chapter 13 Bankruptcy Differ From Chapter 7?
Chapter 7 bankruptcy is an asset-based form of debt relief in which your non-exempt assets are liquidated (sold) by the bankruptcy trustee in order to pay creditors as much of what you owe as possible. By contrast, a Chapter 13 bankruptcy is income-based, meaning that your creditors will be paid what you can afford to pay based on your income minus fixed expenses and a reasonable living allowance.
Under Chapter 13, debtors get the relief they need through reorganization of their debts and the creation of a three- to five-year repayment plan by which those debts will be paid in full or in part. (In a business bankruptcy, this is handled under Chapter 11.) At the end of this period, the balance of any remaining unsecured debt is wiped away.
Creating Individualized Solutions
If Chapter 13 is the right solution for you — based on a careful assessment of your financial situation, individual goal-setting and an evaluation of all your bankruptcy and non-bankruptcy options for debt relief — our legal team will begin to design a plan that allows you to make the most of this opportunity.
To learn more about Chapter 13 bankruptcy and other available debt relief options, call or contact our offices in San Jose, California, to schedule a free initial consultation with an attorneys.
