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>\nSaving 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}]}}