Chapter 13 Bankruptcy in Monterey CA
Determining what type of bankruptcy to file is often confusing. This short guide will help you determine if Chapter 13 bankruptcy, also known as reorganization bankruptcy, is the right choice for you. What is Chapter 13 bankruptcy in Monterey CA, are you eligible, and how does repayment work? By the time you are done, you will have a clear understanding of whether Chapter 13 bankruptcy is the right choice for you. Filing for bankruptcy is often confusing.
Chapter 13 Bankruptcy Explained
With Chapter 13 bankruptcy in Monterey CA, you are able to keep your assets. Chapter 13 bankruptcy requires you to set up a repayment plan with your creditors. This allows you to keep your assets while declaring bankruptcy. A Chapter 13 filing doesn’t stay on your credit as long.
Find Out if You Qualify for Chapter 13 Bankruptcy in Monterey CA
Not everyone is eligible for filing Chapter 13 bankruptcy in Monterey CA. Chapter 13 can’t be taken by sole proprietorships or corporations. To file Chapter 13 you must be able to make your payments.
There are also limits set on how much debt you have to be able to file for Chapter 13 bankruptcy. You cannot have more than one million eighty one thousand and four hundred dollars in secured debt and over Three hundred sixty thousand four hundred and seventy five dollars
Repayment and Chapter 13 Bankruptcy in Monterey CA
A trustee will be appointed to handle your repayments. Creditors are put in order of repayment by the trustee. Secured loans get paid first. Last unsecured debt is paid.Your trustee will handle all payments towards your loans. Sometimes you might be required to repay your mortgage directly to your loan holder.
Filing for Chapter 13 can be confusing. Now that you know the basics of what Chapter 13 is, the eligibility requirements for filing, and how the repayment plans work it is not the end of your search. When dealing in a complex legal topic like bankruptcy filings it is very important seek help from a qualified Chapter 13 bankruptcy attorney in Monterey CA.
Bankruptcy Lawyer Stephen H. Kim is here to support any queries you might have with the process of declaring Chapter 13 bankruptcy. We offer qualified representation you can rely on. Please don’t try to handle Chapter 13 without any help. Stephen H. Kim is an lawyer you can rely on. We have taken care of numerous Chapter 13 bankruptcy cases in Monterey CA and will ensure that a person’s interests are safe. Please make sure to contact us immediately if you’re considering submitting Chapter 13 bankruptcy in Monterey CA.
I am here to help make the entire process of processing Chapter 13 bankruptcy in Monterey CA as easy and painless as it can possibly be.
Stephen H. Kim, Attorney at Law
10 S Filice St #1, Salinas, CA 93905