Chapter 13 Repayment Plan Lawyer in El Cajon, CA

Chapter 13 Repayment Plan Overview

Lower Your Monthly Payments Through a Court Ordered Repayment Plan

Individuals who do not qualify for Chapter 7 due to a means test or have a great deal of assets to protect often elect to file for Chapter 13 bankruptcy. In these harsh economic times, filing for bankruptcy is seen as an option to get out from under their crushing debt, and begin building a more stable financial future.

Thomas F. Miles, Attorney and Counselor at Law has more than 30 years of experience providing legal advice and representation to clients considering filing Chapter 13 bankruptcy. Chapter 13, unlike Chapter 7, is a debt repayment plan. A plan is designed based on your total debt and your income.

There are many aspects of Chapter 13 that should be noted, including:

• The plan must be three to five years long.
• The plan must represent your best effort to repay, but it also has to be feasible.
• An important aspect of Chapter 13 is foreclosure protection.
• You will still have to pay recent tax claims and the secured value of your vehicles.
• Chapter 13 allows for "lien stripping." Second mortgages or other subsequent liens on the home can be removed in certain circumstances.
• Certain older back taxes or arrears on your car or home can be rolled into the repayment plan.
• At the conclusion of the repayment plan, most unsecured debt will be eliminated.

The repayment process requires discipline and hard work on your part, but it is also a way out of the darkness of creditor harassment and financial troubles that threaten to overwhelm you. We encourage you to contact the office of Thomas F. Miles as soon as you begin to consider filing for bankruptcy. We can help you organize your finances, file the appropriate paperwork and begin working toward a fresh financial start.

Other Frequent Case Types

• Chapter 7 Bankruptcy Exemptions in El Cajon, CA

Areas of Practice

• Chapter 13 Repayment Plan
• Bankruptcy