CHAPTER 13 BANKRUPTCY
Being under tremendous debt, and pressure from creditors, can take a toll on your quality of life. If you are struggling to get ahead of your debts, but don’t qualify for liquidation or Chapter 7 bankruptcy in Upland, Chapter 13 may be right for you. This is a type of bankruptcy that offers a kind of “soft landing” to those who still have a decent income but can’t keep up with the pressure and expected timelines of their lenders. Unlike Chapter 7, which discharges many debts, but can also compromise assets, Chapter 13 allows for a structured repayment plan. Under this plan, as supervised by your bankruptcy judge and Chapter 13 Trustee, you can keep assets like your home and vehicles, while paying down your debts.
Most individuals who file for Chapter 13 bankruptcy are given three to five years to pay off all or a portion of their debts, such as credit cards, medical bills, and personal loans. This type of filing can halt foreclosure proceedings, saving you the devastation of losing your home, and outline a mortgage payment plan that you can commit to making. Chapter 13 bankruptcy in Upland involves a Chapter 13 Trustee that to oversees and implements your debt payment plans, so you can stay accountable and on track for a better future.
Want to know if you’re eligible for Chapter 13? Contact us at the Law Office of W. Derek May to get started.