El Cajon Chapter 13 Bankruptcy Attorney
Helping Clients in San Diego County
Chapter 13 bankruptcy is a powerful legal tool that can give you the opportunity to keep your property, repay your debts over time, and get a fresh start. While many people think that Chapter 13 is only for people who can afford to pay their debts, this is not the case. Chapter 13 can be an excellent option for people who have fallen behind on their mortgage payments and are facing foreclosure, or for people who have fallen behind on their car payments and risk having their car repossessed.
If you are behind on your mortgage or car payments, Chapter 13 can help you avoid foreclosure or repossession, and it can help you save your home or car. If you have fallen behind on your other debts, Chapter 13 can help you catch up on your payments, often in 3-5 years.
Call Law Offices of Andrew H. Griffin III at (619) 853-3009 for aconsultation.
What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is often referred to as a wage earner's bankruptcy. It is a form of consumer bankruptcy that is designed to help individuals who have a regular income repay all or part of their debts. Under Chapter 13, debtors propose a plan to repay their debts over time, usually 3-5 years. Some debts can be discharged, while others must be paid.
Chapter 13 is designed to help debtors repay debts over time, not necessarily to eliminate debts.
Chapter 13 is an excellent tool for debtors who want to keep their property and want to repay what they can afford to their creditors. It is not an option for people who want to eliminate their debts. In fact, some debts cannot be eliminated under Chapter 13.
Who Is Eligible for Chapter 13?
To qualify for Chapter 13, you must pass a means test, which measures your current income against your current expenses. If your income is too high, you cannot file for Chapter 13.
If you have too much income, you can file for Chapter 7 instead. If you pass the means test, you can file for Chapter 13.
What Are the Benefits of Chapter 13?
Chapter 13 can help you:
- Keep your property by repaying your debts over time
- Repay your debts in a way that works for you
- Protect your assets from creditors
- Get a fresh start
Learn more about Chapter 13 by contacting our El Cajon bankruptcy lawyers at (619) 853-3009.