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Posted On: December 1, 2010 by Scott Sagaria

Understanding Chapter 13 Bankruptcy Code

A San Jose bankruptcy attorney describes the Chapter 13 bankruptcy code.

Understanding the Chapter 13 Bankruptcy Code is important if you are considering filing bankrupting. Chapter 13 is for individuals who have monthly income with not enough money left over after paying their living expenses to pay all their credit card payments.

Under the Chapter 13 Bankruptcy Code, an individual can restructure their unsecured debt such as credit card or medical bills. When a person file Chapter 13, the court will look at how much their living expenses are to see if there are areas that could be reduced to help pay for their bills. Once the court has determined what is fair, a structured 5 year payout plan is ordered. The Bankruptcy Judge may even reduce the total amount of debt owed so the individual can pay off this balance in the five year period.

Will the Bankruptcy Court reduce my house payment or car payment? No, the court cannot reduce the monthly payments on your home or car. They are prevented by law in reducing debt that is secured by a lien. Your home and car falls under this category. File for bankruptcy under the Chapter 13 Bankruptcy Code made not be for everyone. Your debts maybe so out of control, your only option is to file Chapter 7 Bankruptcy. It is best to consult a bankruptcy lawyer to determine what would be in your best interest.

If you have a question regarding bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, asset protection, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

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Posted In: Chapter 13 Bankruptcy

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At Sagaria Law, PC we want to guide you on the path to financial freedom and realize this is not an easy task for most. We respect your devotion to better your circumstances even with financial hardship and thus are willing to guarantee that if you retain us, we will do everything we can, legally and ethically, to help you become debt-free.

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