Our Ventura Bankruptcy Attorney Can Help You
What is Chapter 13 bankruptcy?
Chapter 7, Chapter 13 bankruptcy is another form of protection offered under the
Bankruptcy Code. Chapter 13 allows consumer debtors to commit to an affordable
repayment plan in an effort to pay back all owed debts over a certain
period of time. Chapter 13 is ideal for debtors who owe money, but have
the financial means to pay back all debts over time.
Your Debt Repayment Plan
Because Chapter 13 will require debtors to commit to a repayment plan,
debtors will need to establish an affordable and reasonable amount of
money to commit to paying every month. In most cases,
repayment plans involve a 3 to 5 year commitment of monthly installments. Our Ventura Chapter 13 lawyer can help determine your specific monthly
payment based on your unique financial obligations, income, and needs.
Filing for Chapter 13 bankruptcy – though beneficial – will
have its risks as well. Though it is true that bankruptcy will remain
on your credit report for up to 10 years, filing for bankruptcy protection
can also serve as the first step toward a financially secure future. We
can help determine if bankruptcy is right for you and determine how you
can begin to live debt-free!