Chapter 13 Bankruptcy
The stress that some creditors and lenders put on borrowers who find can’t make their payments can be an incredibly difficult burden to bear. The debt that accompanies such stress greatly reduces the quality of life that one might otherwise experience. If you are unable to qualify for Chapter 7 bankruptcy in the Eastvale, CA, area, then filing for Chapter 13 bankruptcy may be the next best course of action. This is the category of bankruptcy that provides relief for those who face immense pressure from lenders to keep up with strict deadlines. It is also built for those who still maintain a decent income and are simply ready to gain more freedom with their finances and their life.
Chapter 13 is different from Chapter 7 bankruptcy in that it allows for those who file to pay back their debts on a restructured plan. Filers can keep possession of their most vital assets, such as their vehicles and home, while simultaneously handling their debts in an efficient manner
The typical timeline for full repayment for those who file for Chapter 13 bankruptcy ranges between three and five years, depending on a variety of factors, such as income. The debts that this type of filing tackles include credit card debts, medical bills, and personal loans. Individuals who file for Chapter 13 bankruptcy have the power to stop a foreclosure in its tracks, as it safeguards their home and protects from future financial mistakes. In Eastvale, CA, Chapter 13 bankruptcy requires a Chapter 13 Trustee who will help those who file pay debts on a monthly basis to creditors out of disposable income. This Trustee will also be responsible for supervising and implementing the repayment plan that is approved by the bankruptcy court. Call the Law Office of W. Derek May today and together we can break you free from the financial restraints that are stopping you from reaching your full potential.