Chapter 13 Bankruptcy

Chapter 13 Bankruptcy is known as a wage earners reorganization for those who owe less than $1,149,525 (as of 4/15) in secured debt and $383,175 (4/15) in unsecured debt. A Chapter 13 allows you to eliminate or restructure all of your debts through a three to five year chapter 13 plan. The advantages of filing Chapter 13 over a Chapter 7 are that:

  • You can additionally get out of family law equalization obligations;
  • Get out of tax debts;
  • Strip liens on your home that are fully underwater; and
  • If your car is more than 3 ½ years old, you can modify that lien down to the fair market value (FMV) of your car.

Chapter 13 Bankruptcy is used primarily for lien stripping but it also allows debtors who cannot qualify for Chapter 7 to keep their property. If you have a business or your home has equity, Chapter 13 also allows you to keep your business and your home. Chapter 13 also allows you to restructure your debts. For example: if you are behind on your mortgage you can cure it over three to five years.

Call our office for a free phone or in office consultation to see if you qualify for Chapter 13 and if it is best for you. Call to set up an appointment today at: 925-322-6902.

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David M. Sternberg, Attorney-at-Law

319 Lennon Lane Suite A
Walnut Creek, CA 94598

Phone: 925-322-6902
Fax: 925-932-6986