Woodland Hills Chapter 13 Bankruptcy Attorney
Chapter 13 Bankruptcy Representation In The Central District Of California
Realizing you cannot keep up with your debt is immensely stressful and frustrating, especially if you still have a consistent income, and even more so if you’ve consistently made prudent financial decisions but are now suffering as a result of circumstances largely beyond your control, such as a job loss, a medical emergency, or a marital dissolution.
The Law Offices Of Hagen & Hagen is here to help you escape your endless cycle of debt and work toward a fresh financial future. Our Woodland Hills Chapter 13 bankruptcy lawyer will work directly with you to create a repayment plan that allows you to pay off all or a portion of your outstanding debt on terms you can afford. In addition, Chapter 13 eliminates certain types of debt and stops pending foreclosures, repossessions, wage garnishments, and bank levies. You will work directly with our attorney, Jeff Hagen, throughout your case, and he will always be available to answer your questions and provide guidance and instructions.
Contact us online or call (818) 217-8781 to request a free initial consultation. Our firm provides services to clients in Los Angeles, Orange, Riverside, San Bernardino, San Luis Obispo, and Ventura Counties.
Understanding Chapter 13 Bankruptcy In California
Chapter 13 bankruptcy is an excellent option for people who own valuable assets such that Chapter 7 is too risky, who are facing foreclosure of real estate or repossession of vehicles, who owe substantial tax obligations, and/or who earn too high an income.
Instead of Chapter 7's focus on a swift elimination of debt, Chapter 13 allows you to repay creditors in whole or in part by paying them your disposable income over a period of three to five years. Our Woodland Hills Chapter 13 bankruptcy attorney will quickly determine whether Chapter 13 is a good fit for you.
Upon filing for Chapter 13 bankruptcy, a stay automatically goes into effect preventing all collection actions being pursued against you. Collection lawsuits, creditor communications, foreclosures, repossessions, wage garnishments and bank levies cannot proceed. Chapter 13 accordingly provides you immediate relief.
We must propose a repayment plan that will be reviewed by the bankruptcy trustee and the judge. To be approved by the judge, the Chapter 13 plan must repay all mortgage arrearages owing to mortgage lenders on real estate you wish to keep and must pay all delinquent income taxes that are entitled to
non-dischargeable priority status. Whether or not your plan will require that you repay all unsecured nonpriority creditors, such as credit card bills, personal loans and payday loans, medical bills, unpaid utility bills, business suppliers and vendors, former landlords, deficiencies to auto lenders following repossession, deficiencies to mortgage lenders following foreclosure, and personal guarantees of the debts of others, will depend primarily on the value of your assets and how much disposable income you have. Typically, such unsecured debt not paid through the Chapter 13 plan will be permanently discharged upon the successful consummation of the Chapter 13 plan at the end of the three to five year plan period. The Law Offices Of Hagen & Hagen will tailor your plan to maximize the benefits of Chapter 13.
Successfully navigating a Chapter 13 bankruptcy process requires careful strategy, and we are ready to help you make the most of your filing. Our Woodland Hills Chapter 13 bankruptcy lawyer will be your guide and advocate every step of the way. If Chapter 13 is not the best of your available options, we’ll suggest alternatives, including Chapter 7.
What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy allows individuals with regular income to develop a plan to repay all or part of their debts over time. Under this chapter, debtors propose a repayment plan covering three to five years, depending on their income level. This bankruptcy option is often suitable for those who have substantial
non-dischargeable debts, such as tax debts or those behind on mortgage payments, and want to protect their assets from foreclosure. A significant benefit is that upon filing, an automatic stay is put in place, preventing creditors from pursuing collection activities during the repayment period.
Is Chapter 13 Bankruptcy Right For Me?
Determining if Chapter 13 bankruptcy is right for you involves evaluating your financial situation, including the amount and type of debt you have, your income, and your financial goals. This option is generally favorable for individuals who are delinquent on secured debts such as a home mortgage and need time to get caught up without sacrificing property. At Law Offices Of Hagen & Hagen, we assess your specific circumstances to ascertain whether Chapter 13 aligns with your needs, potentially offering better solutions like negotiating a debt settlement or considering Chapter 7 for a swifter discharge.
What Happens To My Assets In Chapter 13?
In a Chapter 13 bankruptcy, you can retain your assets, including your home and vehicles, as you repay debts over the agreed plan period. The protection from liquidation, unlike under Chapter 7, means that you can continue to use and benefit from your property as long as payments are made according to the court-approved plan. This aspect can be particularly beneficial if you have significant equity in your home or other valuable items that you wish to maintain through the bankruptcy period.
How Does Chapter 13 Affect My Credit?
Chapter 13 bankruptcy will appear on your credit report for seven years from the filing date, which can impact your ability to obtain new credit, rent an apartment, or even find employment. However, it also provides an opportunity to rebuild your credit over time as the repayment plan progresses. Demonstrating consistent, on-time payments during your Chapter 13 plan can prove to future creditors that you are a responsible borrower, potentially improving your credit profile once the bankruptcy is discharged.
What Are The Costs Involved In Filing Chapter 13?
The costs associated with filing Chapter 13 bankruptcy include court fees, attorney fees, and additional administrative expenses related to the creation and management of your repayment plan. While these costs can vary, Law Offices Of Hagen & Hagen ensures transparency in all financial matters, providing a detailed breakdown of anticipated fees up front. It’s essential to consider these expenses within the context of your broader financial situation, and many find that the relief and protection afforded by Chapter 13 outweigh these initial costs.
Why Consider Chapter 13 Bankruptcy In Simi Valley
Choosing Chapter 13 bankruptcy in Simi Valley provides distinct advantages. The community, known for its suburban tranquility and access to the greater Los Angeles area, has residents who often face financial challenges such as high living costs and unexpected expenses. Chapter 13 can be particularly advantageous given these circumstances. Residents can protect their valuable assets while setting a structured plan for debt repayment. Moreover, the local legal landscape, with knowledgeable courts and judges familiar with bankruptcy laws, ensures a fair assessment of your case. This local familiarity can be a significant benefit as you navigate the complexities of bankruptcy.
At Law Offices Of Hagen & Hagen, our understanding of Simi Valley's economic climate allows us to tailor strategies that consider these unique challenges. From detailed budgeting strategies to one-on-one financial counseling, we offer a comprehensive approach ensuring that our clients not only cope with debt but also regain financial stability and peace of mind.
Contact us today to see if Chapter 13 bankruptcy is right for you. Call (818) 217-8781 or reach out online to get started.
Our FAQ
How Can We Help You?
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Does my spouse have to file bankruptcy with me?
No. One spouse may file without the other. However, because California is a community property state, all marital community assets and all income earned by both spouses must be disclosed.
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Do you offer payment plans for your fees?
Yes and no. For Chapter 7 cases, you may pay in increments, but fees must be paid in full before we file your case with the Court. In most Chapter 13 cases, only a portion of the fee is due before filing; the remaining balance is paid through your Chapter 13 payment plan via the bankruptcy trustee.
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How much do you charge for a bankruptcy?
It depends on which chapter is most appropriate for your situation and on the complexity of your case. The simpler your case, the less I charge. At the end of your no-charge initial consultation, I’ll provide a firm written quote for my services.
