If you are seeking debt relief, but were unable to establish eligibility for Chapter 7 bankruptcy through the means test, are you interested in pursuing a Chapter 13 consumer bankruptcy approach that reorganizes your debt for repayment in a comfortable three-to five-year plan?
In Glendale and throughout Southern California, the skilled attorney who can help you file for Chapter 13 is David A. Tilem, founder of the Law Offices of David A. Tilem — serving individuals, couples and family clients in Los Angeles County and Ventura County for more than 30 years.
Chapter 13 is a repayment bankruptcy for debtors who have enough income to meet their basic needs, but have fallen behind in their regular mortgage payments or car payments or who have significant tax debt that can be paid over time without interest or penalties.
With real estate assessments and property values falling below the amount owed on many homes, Chapter 13 can be used for lien stripping, or the removal of a second mortgage. Chapter 13 plans govern how payments are made by the debtor and how that money is paid to creditors. Given pending legislation intended to help struggling homeowners, Chapter 13 may become even more important.
Find out more about Chapter 13 facts, options and strategies by contacting the Law Offices of David A. Tilem to arrange your free, confidential initial consultation.
Pasadena Debt Reduction Lawyer Offers Experienced, Dedicated Representation
Basic features of a personal Chapter 13 bankruptcy are:
- The debtor makes payments from projected disposable income for three to five years.
- The debtor generally keeps all of his or her property.
- When payments are complete, all debt except mortgages are discharged (eliminated) or paid.
Chapter 13 is primarily for wage earners, but it is also available to anyone who has a regular source of money such as government support, gifts from a family member or business proceeds.
Chapter 13 is frequently used by debtors to refinance motor vehicles, bring mortgages current, remove junior liens and keep property that would be lost in a Chapter 7 plan.
If you need "breathing room" for repayment of debt, want to rebuild your credit and return yourself and your family to a sound financial footing, you should speak with our experienced Chapter 13 bankruptcy lawyer in Glendale, free of charge. Contact the Law Offices of David A. Tilem by calling toll free to 800-474-0097 or sending an email.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.