California Asset Protection Lawyer
If you do not qualify for Chapter 7 following a means test, debt relief may still be available by filing for Chapter 13 bankruptcy. Chapter 13 is a longer process and places some of the financial burden on your shoulders, but it may end up being better for you in the long run.
I am Kendall Coffman, a San Mateo Chapter 13 bankruptcy attorney. I have helped clients examine their finances to determine whether filing for Chapter 13 is the best solution possible for their unique economic situation.
Why Should I File for Chapter 13?
Chapter 13 is more extensive, involves a longer process and requires a portion of your debt to be paid back before the remainder is discharged. These may seem like negative aspects, but in working through the Chapter 13 process, you have many benefits, including:
- A Chapter 13 filing helps you keep assets that you might lose filing under Chapter 7.
- If you have a house and have fallen behind on the mortgage, Chapter 13 allows you to stop foreclosure proceedings and put together a plan to make those payments.
- If you have a car with a loan against it, you may be able to keep your car and reduce your car loan payments.
- If you have a house with two loans, Chapter 13 allows for lien stripping to remove the second mortgage.
- If you owe back income tax, Chapter 13 lets you create your own payment plan so you do not have to follow an IRS-created plan.
If your house is in foreclosure and you are surrounded by a wall of debt, I encourage you to contact my office and schedule a free 45-minute initial consultation. Filing for Chapter 13 helps you keep assets you might lose under Chapter 7. I can explain the differences and nuances between the two most common forms of bankruptcy and help you choose the best solution possible for you.
Contact Me to Begin a Fresh Financial Life
Filing for bankruptcy can be frightening if you feel as if there is no one standing by your side. I am attorney Kendall Coffman, and I have provided representation and guidance in bankruptcy filings for more than a decade. Contact my San Mateo office either online or by calling 866-899-8561. I offer a free 45-minute consultation. Contact me to schedule an appointment.