San Jose Bankruptcy Attorney Talks About Chapter 13 Bankruptcy
San Jose Bankruptcy Attorney Talks About Chapter 13 Bankruptcy
There are a few different options if you are someone who is thinking about filing for bankruptcy there are a few options. If you are unable to qualify for a Chapter 7 bankruptcy, there is a chance that you will file under a Chapter 13. Chapter 13 bankruptcy is more like a payment plan option. Instead of discharging your debts, under Chapter 13, you come up with a schedule that is feasible for you regarding when and how much you will be able to pay back. The plan has to be accepted by the creditors as well. The installment payments are over three to five years. If the debtor’s current monthly income is greater than the applicable state median, the plan is usually for five years. In no case may a plan provide for payments over a period that is longer than five years. The plus to this is that during this time the law forbids creditors from starting or continuing to collect the money. Therefore, those annoying phone calls and letters hounding you to pay will cease. For many, the silence alone is peace of mind enough to file for bankruptcy.
If you have a question regarding Bankruptcy please contact Sagaria Law at 1-800-941-6730 for a free consultation or visit us at www.sagarialaw.com. Our team of Bankruptcy Attorneys can assist you with all aspects of your case. We have attorneys in San Mateo, Monterey, Fremont, Salinas, Sacramento and San Jose.
