Bankruptcy can happen to anyone. Whether a result of high medical bills, poor investments, or the loss of a job that results in overwhelming credit card debt, it’s all too easy to become stuck in a seemingly impossible financial situation. However, there is a way out. Filing for bankruptcy can quickly eliminate many types of debt or result in a repayment plan that can help you get your finances in order.
An experienced bankruptcy attorney in Livermore, California can help you file a Chapter 13 bankruptcy petition. The lawyers at the Law Offices of Melanie Tavare have years of experience helping debtors in Livermore file for bankruptcy to get their finances in order and start with a clean slate.
Filing a Chapter 13 Bankruptcy Petition in Livermore
It takes several months to come up with a repayment plan after filing a Chapter 13 petition, but immediately after you file for bankruptcy protection, the court puts into place an automatic stay. The automatic stay ends collection efforts from creditors and also puts a halt to foreclosure and repossession. It effectively pauses creditors from taking any adverse action against you for a period of time.
However, it’s important to understand that bankruptcy isn’t necessarily right for every situation. It’s important to look at how much a debtor owes, what type of debt it is, and current income and assets as this will determine what type of bankruptcy petition is filed and whether Chapter 13 is right for you. Because of the intricacies of bankruptcy law, it’s important to contact a bankruptcy attorney before filing a petition with the court to determine the best way to proceed.
How Chapter 13 Bankruptcy in Livermore can Help
The Law Offices of Melanie Tavare handles Chapter 13 bankruptcy cases in Livermore. Chapter 13 bankruptcy differs from Chapter 7 bankruptcy in that requires a debtor to pay off some or all debts under a three or five year repayment plan. The advantage of filing for Chapter 13 bankruptcy is that it allows a debtor to keep property such as homes or vehicles. Chapter 13 bankruptcy can also discharge junior liens on homes.
Once the debtor has made all the required payments under this plan, any remaining unsecured debt is forgiven. Chapter 13 bankruptcy is usually the better option for individuals with higher incomes and many assets that may be liquidated in Chapter 7 bankruptcy. A higher income is also necessary to qualify to file for Chapter 13 bankruptcy protection.
Contact an Experienced Livermore Chapter 13 Bankruptcy Attorney
If you’re drowning in debt, it may be time to file for bankruptcy. The first step is to contact an experienced bankruptcy attorney in Livermore. You can contact the Law Offices of Melanie Tavare online or by calling us at 510-255-4646. We are available to discuss the options that are available to you.