Los Angeles Chapter 13 Bankruptcy Lawyer

About Chapter 13 Bankruptcy

For those who have a steady income from employment, whether self-employed or working for another company, Chapter 13 may be the best option for you.  This form of bankruptcy allows you to pay off your overdue obligations over a 3 - 5 year period, usually at a fraction of the original bill.  When filing Chapter 13, you have a good possibility of being able to address mortgage problems successfully and avoid foreclosure on your home.  Many banks begin listening when they realize that their client has now declared bankruptcy and is being represented by a Los Angeles bankruptcy attorney.  It serves them well to negotiate the mortgage at this point.  During the period in which the bankruptcy is moving through the system, there is a "stay" on all collection proceedings, allowing the client to seek alternatives to foreclosure.  Attorney Luke Jackson has extensive legal understanding and experience in bankruptcy filing and in alternatives that could be possible.

Bankruptcy Lawyer in Los Angeles

Many individuals in L.A. have been caught in the mortgage meltdown and now find themselves stuck with a mortgage payment that is too high to manage.  In some cases, they have a co-signer on the mortgage who will suffer should they file Chapter 7.  Chapter 13 is an excellent option for those in this situation, as it has a less detrimental effect on your co-signer, as you are not discharging debt as you do in Chapter 7, but making arrangements to pay it off over time in one affordable monthly payment.

Chapter 13 allows those individuals who have significant assets to have the opportunity to restructure their debts and pay them back over time, without the penalties and interest that they would normally face as debt mounts up.  Usually at the end of the period allotted for the payments, between 3 - 5 years, the individual pays far less than they would have had they tried to continue to struggle making payments and going deeper into debt. 

Contact a Los Angeles Bankruptcy Attorney from our firm to discuss Chapter 13 bankruptcy and get a free consultation.