Chapter 13 Attorney In Fresno
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Chapter 13 bankruptcy is one of the most common choices individuals make when attempting to settle debts. Whereas Chapter 7 bankruptcy liquidates all non-exempt assets in exchange for the near-total elimination of debt, Chapter 13 is a debt reorganization program. It allows the filer to retain more of their assets and property in exchange for paying off more of their debt. For some individuals with income above the state median, Chapter 13 is their only bankruptcy option.
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- We Have Filed 1,000+ Bankruptcy Cases
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Is Chapter 13 Right For You?
For those eligible, a Chapter 13 bankruptcy allows you to keep your property and consolidate your debt. For the length of the repayment period, which is between three to five years, your disposable income will be used to repay your creditors. Priority debts such as child support and tax liabilities must be paid in full.
To be eligible for a Chapter 13 bankruptcy, you must:
- Have a regular source of income
- Have less than $1,257,850 in secured debt
- Have less than $419,275 in unsecured debt
- Be up-to-date on your federal and state income tax returns
**Numbers are valid through April 1, 2022**
What Debts Are Eliminated in Chapter 13?
In Chapter 13, you are allowed to restructure your debts through a repayment plan. This allows you to catch up on missing or late payments on your car loan, mortgage, and more. Not all debts are cancelled with this option and keep in mind that you will be paying a portion of these debts. The remaining balances will be discharged when your repayment period is completed.
Examples of nonpriority unsecured debts that may be discharged are:
- Credit card debt
- Lawsuit judgments
- Medical debt
- Old nonpriority income tax obligations
- Personal loans
- Utility bills
How Soon Can You File Chapter 13 Again?
If you’ve filed for Chapter 13 bankruptcy and need to file again, you have to wait for a period of two years from your original file date. Because it is only a two year period, you can file for a second Chapter 13. However you will not be eligible for your second discharge until your first Chapter 13 has closed. Unlike Chapter 7 bankruptcy, there is no limit to how many times you can file.
Contact Fear waddell. p.c. Today!
If you're contemplating bankruptcy, no doubt you have many questions. At Fear Waddell, P.C. we have the answers you’re seeking! Two of our debt relief attorneys are certified specialists in bankruptcy law by the State Bar of California and frequently educate other bankruptcy lawyers. Over the last decade, we've filed more than 1,000 bankruptcy cases in Central California and are eager to put that experience to work for you.
Unsecured debt from credit cards or medical services can be lessened or eliminated altogether. To learn more about what Chapter 13 can do for you, talk to a debt relief attorney at Fear Waddell, P.C.
- What is the Chapter 13 Timeline?
- Modifying Mortgages in Chapter 13
- Should I File a Chapter 7 or a Chapter 13 Bankruptcy?
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