{"id":22,"date":"2014-11-06T20:00:03","date_gmt":"2014-11-06T20:00:03","guid":{"rendered":"https:\/\/sonomacountybankruptcyattorney.com\/?page_id=22"},"modified":"2020-09-09T19:11:08","modified_gmt":"2020-09-09T19:11:08","slug":"chapter-13-bankruptcy","status":"publish","type":"page","link":"https:\/\/sonomacountybankruptcyattorney.com\/chapter-13-bankruptcy\/","title":{"rendered":"Chapter 13 Bankruptcy"},"content":{"rendered":"

Chapter 13 bankruptcy can be the best option for debt relief if you have high income or secured debts. \u00a0In chapter 13 bankruptcy you can repay delinquent mortgage or car payments while you keep your property. \u00a0Some second mortgages can be eliminated in chapter 13 bankruptcy and old car loans can be reduced to the fair market value of the car. \u00a0In short, chapter 13 bankruptcy can be the best option for certain clients. \u00a0To learn more about your chapter 13 bankruptcy<\/a> options call our attorney at (707) 583-9688<\/strong> for a free consultation.<\/p><\/blockquote>\n

The Basics<\/h2>\n

Many people file chapter 13 bankruptcy because they make too much money to file chapter 7 bankruptcy. \u00a0However, some people choose to file chapter 13 bankruptcy over chapter 7 bankruptcy. \u00a0In chapter 13 bankruptcy people can save their home from foreclosure or car from repossession. \u00a0Furthermore, property that would otherwise be sold in chapter 7 bankruptcy can be retained in chapter 13 bankruptcy. \u00a0Accordingly, chapter 13 bankruptcy can be the right option for debt relief if you have delinquent secured debts or considerable assets.<\/p>\n

Foreclosure & Repossession<\/h3>\n

Chapter 13 bankruptcy is the right option for saving property from foreclosure <\/a>or repossession. \u00a0By filing chapter 13 bankruptcy the automatic stay will stop the impending foreclosure of a home or repossession of a car. \u00a0However, the automatic stay is only temporary in practice unless you can bring your loan current through bankruptcy. \u00a0Fortunately, chapter 13 bankruptcy allows you to repay delinquent payments over 3 to 5 years. \u00a0Upon completion of this 3 to 5 year repayment plan you will be current on your loan, thereby protecting the collateral (house or car) from foreclosure or repossession.<\/p>\n

Saving Your Property<\/h3>\n

In chapter 7 bankruptcy non-exempt property is sold and the proceeds given to creditors. \u00a0In contrast, non-exempt property can be retained in chapter 13 bankruptcy. \u00a0The one hitch is that general unsecured creditors must get the proceeds from non-exempt property they would have received in chapter 7 bankruptcy. \u00a0In practice, this means that you can keep non-exempt property in chapter 13 bankruptcy as long as you pay general unsecured creditors the fair market value of your non-exempt property through the 3 to 5 year repayment plan.<\/p>\n

Free Consultation<\/h3>\n

To determine whether you should file chapter 13 bankruptcy you will need advice from an attorney. \u00a0The counsel of friends, family members and the internet is often incorrect. \u00a0More to the point, you will need to retain an attorney at some point to file chapter 13 bankruptcy, so take the prudent step of calling our attorney at (707) 583-9688<\/strong> for a free consultation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Chapter 13 bankruptcy can be the best option for debt relief if you have high income or secured debts. \u00a0In chapter 13 bankruptcy you can repay delinquent mortgage or car payments while you keep your property. \u00a0Some second mortgages can be eliminated in chapter 13 bankruptcy and old car loans can be reduced to the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"_links":{"self":[{"href":"https:\/\/sonomacountybankruptcyattorney.com\/wp-json\/wp\/v2\/pages\/22"}],"collection":[{"href":"https:\/\/sonomacountybankruptcyattorney.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/sonomacountybankruptcyattorney.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/sonomacountybankruptcyattorney.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/sonomacountybankruptcyattorney.com\/wp-json\/wp\/v2\/comments?post=22"}],"version-history":[{"count":4,"href":"https:\/\/sonomacountybankruptcyattorney.com\/wp-json\/wp\/v2\/pages\/22\/revisions"}],"predecessor-version":[{"id":117,"href":"https:\/\/sonomacountybankruptcyattorney.com\/wp-json\/wp\/v2\/pages\/22\/revisions\/117"}],"wp:attachment":[{"href":"https:\/\/sonomacountybankruptcyattorney.com\/wp-json\/wp\/v2\/media?parent=22"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}