Chapter 13 Bankruptcy Attorney

Chapter Thirteen is also known as a “wage earners plan”, it allows people with normal income to devise a plan to pay back all or portion of their loans. Not only will it impede a foreclosure and compel the creditor to accept a plan where you repay the missed payments over the course of time, but also “cram down” secured loans that are valued more than the asset that secures them.

Chapter 13 acts as a consolidation loan under which the person makes the planned payments to a trustee who then forwards those payments to all the lenders. Not sure where to begin with your own bankruptcy process? As qualified and experienced foreclosure attorneys, we at Rojhani Law Group can help you get started.

How To File For Chapter 13

Once you are positive that Chapter 13 bankruptcy is right for you, here’s what you will need to do next:

• Assess your debt – See if you will be able to qualify.
• Gauge your income – You must have enough funds to make regular payments under a chapter 13 plan.
• Value your property – Prior to filing, you must find out how much property you own and how much of it is exempt.
• Complete the forms – After establishing your eligibility, you must provide all your financial info on official chapter 13 bankruptcy forms and plan with the court to get the procedure underway.
• Attend two hearings – Lenders will take a look at your plan and negotiate the terms during these meetings.
• Make payments – You must begin making payments as per your repayment plan within a month. If problems arise, you may need to visit the court.

Who Is It Meant For?

Chapter 13 bankruptcy is ideal for all those individuals who are behind their mortgage payments and are facing foreclosure. In addition, it also enables you to get a brand new start with your finances, to cram down particular debts and to avoid judicial liens.

How Do You Qualify for Chapter 13 Bankruptcy?

As per the Chapter 13 requirements under the code of bankruptcy, a debtor must meet the following criteria:

• Only individuals and those filing together with their spouse can file for Chapter 13 Bankruptcy. Corporations and LLCs are ineligible.
• You must file a certificate of proof establishing that a verified credit counseling agency offered a minimum of 180 days of debt counseling before filing for bankruptcy.
• You must offer proof showing that you have filed federal and income tax returns for the last 4 years.
• Your debts must be less than $336,900.
• You must have sufficient income after subtracting all allowable expenses.
• You must be able to repay a particular amount of money to unsecured creditors.

To learn more about chapter 13 bankruptcy or to seek assistance with your filing, get in touch with Rojhani Law Group today and take advantage of our FREE foreclosure consultation.