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Chapter 13 bankruptcy was designed with those in mind who are under tremendous amounts of debt. Those in such situations are often under constant pressure from creditors via phone calls and other means, which can ultimately make life much more difficult than it already is. If you find yourself struggling to get your finances and debts in order but don’t qualify for Chapter 7 bankruptcy or are worried about losing potentially valuable and cherished assets, then Chapter 13 may be the next best route for you to take. With Chapter 13 bankruptcy, the potential of a “soft landing” is offered to those who are still able to maintain a decent income but who simply cannot keep up with the deadlines set forth by their lenders.


Chapter 13 bankruptcy is different from Chapter 7 bankruptcy in that it is structured more like a repayment plan as opposed to the liquidation of assets. With supervision of both a bankruptcy judge and a Chapter 13 Trustee, you are able to keep all of your assets, such as your home and vehicles, while simultaneously paying and chipping away at your debts using only your disposable income. 

In most of the instances where an individual files for Chapter 13 bankruptcy, about three to five years are provided to pay off most or all of their debts. These debts include credit card debts, overwhelming medical bills, and personal loans as well. A major benefit of this type of bankruptcy is that it completely stops foreclosures and repossessions in the majority of cases, meaning that you can keep your home and other assets. It also sets up a mortgage plan that you must commit to paying throughout your filing. In Chino Hills, a Chapter 13 Trustee will be involved to oversee and enforce the payment plans for your debt to keep you accountable. A better future is possible for you by filing for Chapter 13 bankruptcy but without an attorney your chances of getting a plan approved are slim. 

Contact us at the Law Office of W. Derek May, and we’ll work together to get you started toward a better future. 


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