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Fremont Chapter 13 Bankruptcy Attorney
Often, people take a negative view bankruptcy, seeing it as “giving up.” This often especially true for those with higher incomes, but these feelings are unwarranted. Even with careful financial planning, a steady job, and a high income, anyone can fall into nearly insurmountable debt. A down stock market or a bad investment decision can have devastating effects on those with higher incomes. That’s why there are different types of bankruptcy for those with more assets.
If you’re considering bankruptcy but don’t want lose your home or car, you might want to think about Chapter 13 bankruptcy, which is often a better option for Fremont resident looking to keep their assets after filing for bankruptcy. A Fremont Chapter 13 bankruptcy attorney can help you decide whether Chapter 13 is right for you.
Why File for Chapter 13 Bankruptcy?
While Chapter 7 bankruptcy allows a filer to quickly discharge debts after selling off many assets, a Chapter 13 plan involves paying off some debts. After filing for Chapter 13, a debtor submits to the court a repayment plan based on their income that lasts three or five years. Once the plan is approved, the debtor makes monthly payments for that period of time. One all payments are made, unsecured debts, such as credit cards, are discharged, and the debtor is not required to make any further payments on them.
Chapter 13 bankruptcy can useful for catching up on some debts and restricting finances. One major benefit of filing under Chapter 13 is that as soon as the petition is filed, debtors are barred from pursuing further methods of collection. This can avoid foreclosure of a home or repossession of a vehicle while a court reviews the repayment plan. But the biggest advantage of Chapter 13 bankruptcy is that it allows a debtor to keep nonexempt assets that he or she wouldn’t otherwise be able to keep after filing for Chapter 7 bankruptcy. Because it can be difficult to understand which assets are nonexempt under California law, a Fremont Chapter 13 bankruptcy attorney can assist with reviewing the law before filing.
What Debts Can Be Eliminated in Chapter 13 Bankruptcy?
High amounts of unsecured debt can be discharged after filing for Chapter 13 bankruptcy in Fremont. Some types of unsecured debt typically discharged in Chapter 13 proceedings include:
- Credit card debt
- Medical bill debt
- Utility bills, such as phone bills and electric bills
- Personal loans
- Junior liens, such as a second home mortgage
Contact a Fremont Chapter 13 Bankruptcy Lawyer
If you live in Fremont or in a surrounding area, the Law Offices of Melanie Tavare can help advise you about the bankruptcy process. We have years of experience helping debtors like you through Chapter 13 Bankruptcies. If you would like to schedule a consultation about your individual financial situation, you can contact us online or call us at 510-255-4646.
"Melanie is the best she very responsive and helpful throughout the process everything was taken care of smoothly. If you are thinking of going through bankruptcy she is the best attorney for you. I will forever be grateful having the chance to work with her. She is very honest too."
Sandhya.
"I can't thank Melanie enough for helping me through a challenging process and doing so with incredible knowledge, professionalism and tenacity! She went to great lengths to keep me informed, she responded quickly to my questions, and communicated in terms that I could understand. I highly recommend getting in touch with Melanie should you have the need."
Carrie.
"Choosing to work with Atty. Melanie has been one of the best decisions I've ever made. She was a very patient professional to work with and attentive while providing valuable solutions to all of my concerns. If you are searching for of an Attorney who is knowledgeable, transparent, and diligent - well that's Atty. Melanie."
Marwin.
"What I liked about working with Melanie was how prompt and easy to work with she was. She made the process clear and understandable with as little stress as possible. I would work with her again and recommend her to others."