Chapter 13 Bankruptcy in Castroville CA
Chapter 13 Bankruptcy Castroville CA
If you are considering filing for bankruptcy it can be confusing on what type to file. This short guide will help you determine if Chapter 13 bankruptcy, also known as reorganization bankruptcy, is the right choice for you. You’ll learn what Chapter 13 bankruptcy in Castroville CA is, eligibility requirements for filing Chapter 13, and how Chapter 13 bankruptcy repayment works. 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
Chapter 13 bankruptcy in Castroville CA allows you to file bankruptcy and still keep your possessions and property. When you make a Chapter 13 bankruptcy filing, all your creditors are contacted, and a plan is put together for you to repay them over time. This way you can keep your assets. Another advantage of Chapter 13 is it stays on your record for 2 years less than Chapter 7 bankruptcy.
Eligibility for Filing Chapter 13 Bankruptcy in Castroville CA
You might not qualify for Chapter 13 bankruptcy in Castroville CA. Chapter 13 can’t be taken by sole proprietorships or corporations. As an individual filing Chapter 13, you must have adequate disposable income to meet the repayment plan set by the terms.
You must be under certain limits to file 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 Castroville CA
Repayments for your bankruptcy are the job of the trustee to handle. The trustee will put your creditors in an order of priority for repayment. Debt that is secured is paid first. Loans that are unsecured get paid last.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 a lot to process. We’ve covered the basics of bankruptcy options, repayment options, and how to know if you qualify. When dealing in a complicated legal question like bankruptcy filings it is important to seek out the help of a seasoned Chapter 13 bankruptcy attorney in Castroville CA.
Attorney-at-law Stephen H. Kim is available to assist any questions you have with the process of filing Chapter 13 bankruptcy. We provide seasoned representation you can depend on. Please don’t try and tackle Chapter 13 without any help. Stephen H. Kim is undoubtedly an attorney you can trust. We have dealt with a lot of Chapter 13 bankruptcy cases in Castroville CA and will ensure that a person’s interests are protected. You need to contact us immediately if you’re considering submitting Chapter 13 bankruptcy in Castroville CA.
I am here in order to make the procedure of filing Chapter 13 bankruptcy in Castroville CA as quick and painless as it can possibly be.
Stephen H. Kim, Attorney at Law
10 S Filice St #1, Salinas, CA 93905
831-221-5022