Chapter 13 Bankruptcy in Seaside CA
Chapter 13 Bankruptcy Seaside CA
What type of bankruptcy to file can be confusing. But is this the right choice for you? Here you will find out how Chapter 13 bankruptcy in Seaside CA works, how payments work, and if you are eligible. By the time you are done, you will have a clear understanding of whether Chapter 13 bankruptcy is the right choice for you. We will show you what filing for bankruptcy in entails, how your repayment works, and if you qualify. When you finish you will be able to decide if this is the type of bankruptcy you need to file.
Chapter 13 Bankruptcy Explained
With Chapter 13 bankruptcy in Seaside CA, you are able to keep your assets. 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 Seaside CA
You might not qualify for Chapter 13 bankruptcy in Seaside CA. For instance, if you are a corporation or a sole proprietorship you cannot file, you should file for Chapter 11 bankruptcy. 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. Debt above $1,081,400 makes you ineligible for Chapter 13 bankruptcy in Seaside CA and over Three hundred sixty thousand four hundred and seventy five dollars
Repayment and Chapter 13 Bankruptcy in Seaside CA
Once you have filed for bankruptcy, the court will appoint a trustee to handle the repayment process. The trustee will put your creditors in an order of priority for repayment. Secured debts are usually paid first. Unsecured debts such as medical bills, student loans, etc. are paid last.Distributing repayment is the job of the trustee job. A trustee might have you pay your mortgage directly to your debt 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 an advanced legal problem such as bankruptcy filings it is recommended to obtain help from a qualified Chapter 13 bankruptcy attorney in Seaside CA.
Attorney Stephen H. Kim is available to aid any questions you have with the process of declaring Chapter 13 bankruptcy. We offer qualified representation you can trust. Do not make an effort to manage Chapter 13 all on your own. Stephen H. Kim is undoubtedly an legal professional you can rely on. We have taken care of a great deal of Chapter 13 bankruptcy cases in Seaside CA and can make sure a person’s interests are protected. Be sure to contact us right away if you are considering filing for Chapter 13 bankruptcy in Seaside CA.
I am right here to help make the whole process of filing Chapter 13 bankruptcy in Seaside CA as speedy and pain-free as it can be.
Stephen H. Kim, Attorney at Law
10 S Filice St #1, Salinas, CA 93905
831-221-5022