San Diego Chapter 13 Bankruptcy Lawyers
Helping You End Your Stress

When people are earning income but for several different reasons are simply unable to keep up with their financial obligations, most feel as though there is nothing they can do but continue to suffer through the stress, the turmoil and the constant anxiety that dominates every aspect of their lives.  Fortunately, there are options for people in this situation, and one such option is filing a Chapter 13 bankruptcy case.  Below you'll find a brief description of such a filing, and if you're ready to make your income work for you, contact experienced San Diego Chapter 13 bankruptcy lawyers immediately.

A Brief Overview of Chapter 13 Bankruptcy Cases

A Chapter 13 bankruptcy case is generally known as a ‘wage earner's' bankruptcy because it's generally the type of relief that's chosen by those debtors who earn income but cannot keep up with their obligations.  The reason this is generally the preferred form of relief for people in this position is because they basically need a reorganization of their financial pictures as well as a bit of help from the court to get their financial feet on the ground.

A Chapter 13 bankruptcy filing basically involves the filing of petitions and documentation that's similar to other forms of consumer bankruptcy, but instead of simply liquidating assets and paying a portion of the debts that exist, the debtor files a payment plan that apportions a percentage of his or her income that will be dispersed to the existing creditors over the life of the repayment plan, which usually lasts between three and five years.  When the payment plan has been completed, any remaining debts that were on the original petition are discharged by the court and thereby no longer exist.

Benefits of a Chapter 13 Bankruptcy

There are many advantages to choosing a Chapter 13 bankruptcy.  First and foremost, the debtor will not have to liquidate his or her assets under this chapter, which means that all of the things that the debtor has worked so hard to obtain will not be lost.  Vehicles, homes and the like can be retained.  In addition, there is immediate relief provided by the court in the form of an Automatic Stay that's issued when the case is opened.  This is basically an order issued to the creditors on the bankruptcy petition that requires them to stop with their collection efforts immediately.

How San Diego Chapter 13 Bankruptcy Lawyers Can Help

Of course, proceeding through this type of case is not as easy as it sounds.  The petitions need to be prepared meticulously, a meeting with creditors needs to be completed to make sure that the court approves the repayment plan and management needs to remain focused on seeing the case through the process so that the debtor can start anew when the case is complete.

If you have had enough of your financial struggles and you're ready to regain your peace of mind and your enjoyment of life, contact the San Diego Chapter 13 bankruptcy lawyers at the Golden State Law Group today to schedule a free initial consultation.