Southern California Bankruptcy Attorneys - Chapter 7 Bankruptcy Southern California Bankruptcy Attorneys - Chapter 13 Bankruptcy Southern California Bankruptcy Attorneys - Bankruptcy Basics Southern California Bankruptcy Attorneys - Your Credit And Bankruptcy Southern California Bankruptcy Attorneys - Bankruptcy Basics Video Series Southern California Bankruptcy Attorneys - Stopping The Creditors Southern California Bankruptcy Attorneys - Contact Us Southern California Bankruptcy Attorneys - About Us Southern California Bankruptcy Attorneys - Frequently Asked Questions Southern California Bankruptcy Attorneys - Home
Free & Quick Evaluation
Please tell us a little about your situation and a consultant will contact you right away to schedule a free bankruptcy consultation.

Full Name:

Email :

Phone :

How much of each debt do you have?      
Medical Bills:
Credit Cards:
Tax Debt:
Auto Loans:
Total Mortgage Debt:
Are you currently in any of the following ? Total Mortgage Debt
Credit Cards
Tax Debt
Auto Loans
Medical Bills

Describe your situation:
Call Us, Toll Free

877.246.2745



Chapter 13 Bankruptcy: Reorganize, Restructure, & Get Back On Track
While most Americans associate the term Bankruptcy with Chapter 7, the Bankruptcy law has other options including Chapter 13. A Chapter 13 is a reorganization or restructuring of your debt. Major US companies do this all time. The basic concept of a Chapter 13 is that you will repay some of your debt through a re-payment plan. The amount of debt you repay will depend on the type of debt and your income.


The "Reorganization" and the "Payment Plan"
In a Chapter 13, a plan will be set up for the repayment of a portion of your debt. The Chapter 13 Plan will generally last between 36 months and 60 months. The maximum a Chapter 13 Plan can last is 60 months. Depending on your income and circumstances, the amount of your monthly payment may be very low. One very important aspect of a Chapter 13 is that your unsecured creditors (such as credit cards, collection accounts or personal loans) do not have to be paid in full. Once your Chapter 13 Plan is approved, all you need to do is make the monthly payments for the term of the Plan. At the end of the Chapter 13 Plan (and after all of the Plan payments have been made), the balance of the debt which was not paid off is discharged and you will no longer be obligated.
Saving Your Home From Foreclosure
In the current housing and foreclosure crisis, many Americans are struggling to save their homes. Faced with Notices of Default (NODs) and Notices of Sale (NOSs), homeowners only have 2 options. One is to plead with the Bank and hope that they work out a solution to save their homes and the other is to file Bankruptcy. When you file for a Chapter 13 Bankruptcy, the amount that you are behind on your mortgage can be paid back over 60 months in a Chapter 13 Plan. For example, if you are $20,000 behind in paying your mortgage and are facing foreclosure, you could repay the $20,000 through the Chapter 13 Plan at the rate of $333 a month. Thus, you could effectively be brought current on your mortgage payments and avoid foreclosure

Can I Eliminate My Second Mortgage In Chapter 13?
One of the most powerful tools available in a Chapter 13 is the ability to eliminate a second mortgage. This is called a Lien Strip. Under certain circumstances, a second mortgage can be "stripped" off of your home and converted into unsecured debt. Once the second mortgage is stripped and included in the Chapter 13 Plan as unsecured debt, all you have to do is make all of your monthly payments according to the Chapter 13 Plan. As long as you make all the Chapter 13 Plan Payments, your unsecured debts (including the second mortgage) are completely eliminated.

Do I Qualify For Chapter 13?
When you have had a free consultation with us we will make the determination if a chapter 13, or perhaps a chapter 7 would be best for you. If the determination is made that you would benefit from a Chapter 13, we would then need to determine if you qualify to file a Chapter 13. Whether you qualify for a Chapter 13 is specific to your situation and depend on your income and debts.

What Is The Process Of Filing For Chapter 13?
  1. Contact us to make an appointment for a FREE EVALUATION of your case
  2. Provide us with the information and documents we need to prepare your Petition
  3. We will enroll you in a required Credit Counseling Class (which you can take online from your home computer)
  4. We will pull your credit reports
  5. We prepare your Petition and review it with you to verify the information in the Petition
  6. We file the Petition with the Court
  7. You go to a 341a Hearing of the Creditors (along with one of our attorneys)
  8. Obtain approval from the Court to your Chapter 13 Plan.

    9. The entire process can be completed in a short period of time and our attorneys and staff will be with you throughout the entire process.

Proudly providing bankruptcy services to these and other cities in Southern California


Orange County

 

Los Angeles County

Riverside County

San Bernardino County

Allenbaugh Samini Ghosheh, LLP, is a federally designated DEBT RELIEF AGENCY as defined in the 2005 amendments to the US Bankruptcy Code. This law firm provides legal advice regarding the pros and cons of filing bankruptcy and represents people and small businesses in filing for bankruptcy relief under the US Bankruptcy Code. | Full Terms & Conditions | © 2010 All rights reserved.