Riverside Bankruptcy Attorney J. Arthur Roberts

Chapter 13

Filing for a Chapter 13 bankruptcy may be of benefit to you if you are facing foreclosure on your home.  When you file Chapter 13, the foreclosure action will automatically be “stayed” or stopped.   This bankruptcy filing is used when a person has an income from a steady job, either as an employee or in many cases when self-employed.  It is considered debt reorganization, and the money owed is arranged to be paid over a certain period of time, usually 3 – 5 years.  During that period of time, all collection actions cease, and may include halting foreclosure proceedings on your home.  No lawsuits or collection actions including collection phone calls, letters or any other contact will be allowed during that time.  Chapter 13 can be a better arrangement if you have a co-signer on your home, as the co-signer has more protection than in a Chapter 7.  If you have questions about a Chapter 13 bankruptcy filing, contact a Riverside bankruptcy attorney to discuss your particular situation.

Bankruptcy Lawyer in Riverside

A corporation or partnership is not eligible for a Chapter 13 bankruptcy.  To be eligible, you must have received credit counseling from an approved agency within the last 180 days, and have a certain level of income and debt.   This type of bankruptcy filing can be a huge advantage to an individual, as they now have time to catch up delinquent payments on their house and restructure your current mortgage loan.  During the time that is allowed to pay off the back debt, your total income will be calculated and your monthly costs subtracted from this number.  What is remaining will be sent to the bankruptcy trustee who will send payments out on your behalf.  For example, if you make $5,000 per month and your expenses are $4,000, $1,000 per month will be sent to the Chapter 13 bankruptcy trustee who will send it out to your creditors.

Filing for Chapter 13 bankruptcy is very complicated and includes paperwork that is difficult to complete.  It is recommended that this be handled by your attorney, so that all of it is correct and you are deemed to be eligible for a Chapter 13 bankruptcy.  With the help of an attorney from the Law Offices of J. Arthur Roberts, you can discuss your particular case and determine what the best course of action for you is.  You can protect your home and take the financial stress of constant creditor calls off your plate.

Contact a Riverside Bankruptcy Attorney from the Law Offices of J. Arthur Roberts to file a Chapter 13 Bankruptcy.