Roseville Chapter 13 Bankruptcy Lawyers
What is the Chapter 13 Bankruptcy Process in California?
In contrast to Chapter 7 bankruptcy, which allows debtors to sell assets to repay creditors, Chapter 13 bankruptcy is about debt reorganization — a chance to set up a payment plan to pay back debts over 3-5 years. This can be an excellent choice if your debts are not dischargeable, such as recent income taxes. Chapter 7 bankruptcy liquidates debt to pay creditors as much as possible and give the debtor a fresh start. In contrast, no assets are sold (and all debts are liquidated) in the vast majority of Chapter 13 cases.
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Are you facing large arrearages in your home mortgage?
- Chapter 13 bankruptcy can give you the time you need to pay back past due home mortgage payments. Talk to a bankruptcy lawyer about negotiating a 5-year payback plan for the arrearages. Chapter 13 bankruptcy can give you the time you need to get your finances back on track. Additionally, if your home is underwater, you may be able to discharge and strip off the second lien on your home.
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Do you owe back taxes to the IRS?
- You cannot discharge some back taxes in bankruptcy, but you can negotiate for an end to the penalties and interest while you pay back your tax debt over a defined period of time. If interest and penalties keep piling up, there may be no end in sight for your tax debt. Talk to your attorney about stopping the interest and penalties and starting to pay back your debt.
Especially for homeowners with second mortgages that are underwater, Chapter 13 bankruptcy may be the right answer for dealing with overwhelming debt. Ask for a free bankruptcy consultation with a lawyer at Cecil Cianci Law, PC, in Roseville, California.
Contact (916) 675-3866 for a free bankruptcy consultation with an attorney.
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