Calabasas Chapter 13 Bankruptcy Lawyers Offer Plans That Work
San Fernando Valley attorneys deliver effective debt relief
Calabasas is one of the wealthiest cities in the United States, but the economic disruptions of the recent past have taken their toll on many San Fernando Valley residents. If you find yourself overwhelmed by mounting bills and at risk of losing your dream home to foreclosure, it might be time to consider Chapter 13 bankruptcy. The Law Offices of Michael Jay Berger provides highly professional and personalized bankruptcy services aimed at protecting your valuable assets as you work towards the debt relief you need and deserve. I have a strong track record of success in proceedings for debtors who want to maintain the lifestyle they’ve worked so hard to achieve. If you are looking for reliable bankruptcy counsel, my knowledgeable staff and I are here to deliver the help you need.
Reorganization of debt under Chapter 13
Chapter 13 isn’t a straight discharge but rather a reorganization of debt. Similar to a Chapter 11 business bankruptcy, the debtor restructures the debt according to a repayment plan approved by the bankruptcy court.
Chapter 13 may be appropriate if:
- You have a steady, reliable income
- You earn too much to qualify for Chapter 7 via the means test
- You have a home you want to protect from foreclosure
- You have a luxury vehicle you want to protect from repossession
With Chapter 13, I examine all of your financial information and draft a payment plan based on your monthly disposable income. Instead of paying your creditors directly, you make one monthly payment to the bankruptcy trustee, who distributes the proceeds to your creditors. Depending on your income, debt load and the size of your household, your payment plan can last from three to five years. When you complete the terms of your plan, the bankruptcy court discharges your remaining eligible debt.
Chapter 13 is especially helpful if you have a second mortgage and owe more on your home than its current market value. When you complete your plan, the bankruptcy court treats that second mortgage as an unsecured loan, discharging it along with your credit card debt and medical bills.
Even though it takes a few years to get your discharge, you can get immediate peace of mind. That’s because the bankruptcy court issues an automatic stay, prohibiting your creditors from contacting you to collect the debt during the Chapter 13 process. They cannot make harassing phone calls or send you threatening letters. For many debtors suffering under the emotional weight of their debt, this is a major benefit of seeking bankruptcy relief.
Visit my Calabasas, CA office for a free Chapter 13 bankruptcy consultation
The Law Offices of Michael Jay Berger provides highly professional Chapter 13 bankruptcy services for clients in Vista Point, Hidden Hills, The Oaks, Calabasas Park Estates, Calabasas Highlands, Park South, Calabasas Village, Bellagio, West Ridge, Mulwood, Mulholland Heights and throughout the San Fernando Valley. My Calabasas office is located at 22231 Mulholland Hwy. To discuss the specific facts of your case, please call me now at 310-271-6223 or contact me online for a free initial consultation. My staff is fluent in Spanish, Korean, Farsi, Armenian, Russian, Hebrew, Vietnamese, Khmer (Cambodian) and Mandarin Chinese.