The Advantages Of Chapter 13 Bankruptcy

Struggling with insurmountable debt can take a toll on your overall well-being. However, you may only need a little help to regain control of your finances. Where can you turn to find the answers you need?

At the Law Offices of Brian A. Barboza, we work with clients throughout the North Bay and Wine Country to help them regain financial stability. From initial bankruptcy decisions throughout the filing process, we are there to help. With offices in Santa Rosa, San Rafael and Ukiah, we can meet you wherever is most convenient.

Chapter 13 bankruptcy allows you to reorganize your debt and prepare a manageable payment plan. We are experienced at negotiating payment plans that fit your budget, so you can get out from under the stacks of bills.

Chapter 13 Bankruptcy: A Larger Toolbox

One way to look at bankruptcy is as a toolbox with a variety of tools to help you fix/repair your finances. If Chapter 7 bankruptcy makes the most sense, we will advise you to use that toolbox.

Chapter 13 bankruptcy is simply a bigger, better stocked toolbox. It can address unique issues related to debts like child support, spousal support, tax debt or student loans that are not dischargeable in Chapter 7. It may even halt interest and penalties on certain types of debt, making it the better option.

"Wage earner" bankruptcy or Chapter 13 follows these steps:

  • You create and submit a debt repayment plan.
  • After a creditor meeting and plan approval, you make payments for three to five years.
  • At the end, any remaining unsecured debt is discharged.

Perhaps the most powerful tool is the ability to remove a second mortgage. If your first mortgage is upside-down, you may be able to eliminate your second mortgage entirely. Similarly, you may be able to reduce the balance owed on a vehicle loan. If you owe $15,000 on a car or truck that is now only worth $8,000, your pay off amount could be reduced to the current value.

Schedule A Free Initial Consultation

Want to learn more about Chapter 13 and whether it could be right for you? Speak with our attorney about your situation. Call us at 707-304-5251, toll free at 866-965-2831, or send us a message to set up an appointment today.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.